abbey drops postal ISA rate to 4.9% from 1st sept

blinko

abbey drops postal ISA rate to 4.9% from 1st sept

buffers

blinko wrote:

abbey drops postal ISA rate to 4.9% from 1st sept

Thanks, 'blinko'. Time to look around methinks!!!:money:

blinko

yeah it seems like a tidal wave !! BOE drops there rate and everything else falls too

buffers

blinko wrote:

yeah it seems like a tidal wave !! BOE drops there rate and everything else falls too

That's life in the 'money lane':mad:

mary

I've got a couple of ISAs with Postal Issue 1 and a couple with First Direct, which is about to drop in October. So who hasn't yet dropped their rates, as I'm looking to move on!

YorkshireBoy

mary wrote:

I've got a couple of ISAs with Postal Issue 1 and a couple with First Direct, which is about to drop in October. So who hasn't yet dropped their rates, as I'm looking to move on!

Moneyfacts has Halifax, Bank of Scotland, and Bradford & Bingley at the top of their table with 5%.

Because Halifax & BOS have only recently cut their rates from 5.1% to 5.0%, I've gambled and moved our IF ISA's (which had reduced from 5% to 4.55%) to Halifax in the hope that they don't cut again.

http://www.moneyfacts.co.uk/savings/search/savingsearch.asp?investment=1000&monthlyInterest=0&noticedays=30&instantAccess=1&noFixedTerm=1&age=0&accounttype=3&next.x=13&next.y=6

blinko

see im not going to bother to move for 0.1 % its usually so much hassle to move ISA's its a wind up !!

purplegirluk1

So do you think that it isn't worth moving these ISA'S? I opened one last year and am a little annoyed that it has changed but I am not too sure if I should move it or not, what does everyone else think?

Voyager2002

blinko wrote:

yeah it seems like a tidal wave !! BOE drops there rate and everything else falls too

Abbey gave the decline in base rate as the reason for cutting their rate. Except that base rate (and my mortgage) fell by 0.25%, while the Abbey rate has fallen by nearly a half percent!

When Abbey was my mortage lender I swore I would never give them any more business. I should have stuck to that resolution.

muddyfox470

But the takeover by Santander or whoever just made things look pretty bleak for those of us with the Postal ISA's

I am not going to move it for the sake of 0.1%, but have a look around at local building societies etc, i am getting 5.15% now on my National Counties BS Guaranteed ISA (was 5.5%)

Thats the problem with the bigger banks they have the power and the advertisements / brand that other companies dont have. Some of the other building societies offer better rates (to be more competitive or get more custom) or they have better friendlier customer service.

Remember tho that your money is guaranteed by the FSA so just check the small print before hand.

Ian

dawny10

Has anyone had a letter from Abbey telling them about the interest rate change? I thought they were meant to inform you within 30 days but I haven't heard anything......