17 year old needing help choosing ISA

Baldur

sta0612 wrote: »

Sorry for the complication/change in direction, but I was just thinking could I not transfer my existing ISA into one of the aforementioned and then open a new ISA with say National Counties, who have the highest Cash ISA interest rate yet do not (yet) allow transfers in?

Yes, you could.

As for Principality, is there any guarantee of the rate staying X% above the BOE Base Rate as I read in the Newcastle info. sheet that their rate is guarenteed to be no less thn 0.50% above the BOE Base Rate until Feb 2009?

Not as far as I'm aware.

sta0612

Wasn't that Scarborough who had the 30 days notice charge? Newcastle's website states that "Withdrawals or transfers out can be made at any time without notice or penalty." Nonetheless, I may opt to go with Principality instead as they're a local branch (I live in Cardiff). Either way, what should I go about doing first, opening the new ISA we have been discussing or transferring my existing ISA to National Counties? How do you rate National Counties out of interest?

Baldur

sta0612 wrote: »

Wasn't that Scarborough who had the 30 days notice charge?

Yes - see my edited post, afraid that you'd confused me with all of the different institutions that you'd thrown out.

Nonetheless, I may opt to go with Principality instead as they're a local branch (I live in Cardiff). Either way, what should I go about doing first, opening the new ISA we have been discussing or transferring my existing ISA to National Counties? How do you rate National Counties out of interest?

The transferred funds are going to earn the most interest, if you have a £3, 600+ balance, so I would prioritise the transfer - I've had no dealings with National Counties, so can't comment on them.

If you go for the Principlaity for your new Cash ISA, it should be a very simple process, especially as you live in Cardiff.

sta0612

Haha, yes I thought I probably would have. I'm applying for a Principality ISA as we speak so just to clarify, I can transfer my 2007/8 ISA here aswell as starting a new ISA with National Counties?

Baldur

sta0612 wrote: »

Haha, yes I thought I probably would have. I'm applying for a Principality ISA as we speak so just to clarify, I can transfer my 2007/8 ISA here aswell as starting a new ISA with National Counties?

Yes, transfers don't count as 'opening' a new ISA - just make sure that you DO NOT pay any 'new money' into the Principality one this tax year.

sta0612

Do I still go about applying for the account in the same way? What about the £1 minimum deposit, does that count as 'new money'? Do I want to transfer from an External ISA or a PBS ISA?

Baldur

sta0612 wrote: »

Do I still go about applying for the account in the same way? What about the £1 minimum deposit, does that count as 'new money'? Do I want to transfer from an External ISA or a PBS ISA?

ANY new money paid in (i.e. not transferred from your previous ISA Manager) would be from this year's allowance, so would prevent you from opening another ISA elsewhere - you would have to pay the remaining £3,599 of this year's allowance into the Pricipality.

It's an external ISA that you wish to transfer.

You may be better advised to go into a branch, if the online process demands that you pay £1 into the account, as that would reduce your options (as above).

sta0612

All right then . Thanks for all your help, I'll let you know how I get on.

sta0612

Looks like I won't be able to open another new ISA after all. Principality requires a deposit into the account, as does Abbey and A&L and I just found out that Newcastle is 18+ (only through attempting to apply may I add, there was no mention of it in their Terms). As far going into a branch, I'm afraid that won't be possible as it's an e-ISA and applications can only be done online. Thanks again.

Baldur

sta0612 wrote: »

Looks like I won't be able to open another new ISA after all. Principality requires a deposit into the account, as does Abbey and A&L and I just found out that Newcastle is 18+ (only through attempting to apply may I add, there was no mention of it in their Terms). As far going into a branch, I'm afraid that won't be possible as it's an e-ISA and applications can only be done online. Thanks again.

The Principality Ts & Cs, say that transactions must be carried out online but do not specifically say that you can't apply at a branch.

I've transferred into both Abbey and A & L Direct ISAs (via branch applications) in the past year without paying in any new money.

You could look at Julian Hodge Bank's fixed rate ISA, which accepts transfers, I've had good service from them in the past and have one of their 6.5% FRISAs maturing later this year - the rate currently offered is 6.15% fixed for a 1 year term