View Full Version : Decent sounding new cash ISA
If you're going to join the ISA gold-rush before the end of this tax year, or will need something for the next tax year, A&L's new ISA looks pretty decent.
Pays 3% above BoE base for 12 months, so currently 3.5%.
http://www.alliance-leicester.co.uk/savings/flexible-isa.aspx
(Rate becomes poor after 12 months, so make sure you transfer the money to another ISA at that time.)
cjanderson
24-02-2010, 09:05
okay for new funds, can;t transfer old ones in.
I'm hoping Lloyds offer another fixed rate deal, last years was 3.75% after being 6.5% the year before. alot of people have got 30k+ in there so they would lose a ton of cash if they lowered the rate too much.
So, I can't transfer my NatWest ISA in (fine) but thought I could open this and fund it separately (up to my £3.6k limit) but the first stage of application says that I can only open 'if I haven't contributed to another ISA this tax year'.
Is that true? I've only ever had one ISA and have transferred it around over the last couple of years. Thought there was some discussion/grey area over whether you can actually have 2 ISAs?
Well, I guess there's not long to go until the new tax year starts but not sure if this account will be around till then!
My current ISA is not with A&L and I was lazy this year and hadn't funded one yet. I'll be opening one of these and I don't believe there is any issue with doing so.
If I'd already put, for example sake, £1 into another cash ISA in this tax year then I'd certainly not be able to take out this A&L ISA this side of April. But I haven't, so I can.
(Sorry CJ - I thought I'd put that you can't transfer in, but obviously not.)
DVDWotcha
24-02-2010, 10:44
You gotta watch A&L, once your first year is up they will drop your rate to near zero. So make sure you transfer. A&L paid me 0.3% last year :lol: that'll teach me to let things fester !
BTW I'm moving mine to Halifax 2 year fixed at 3.5% (It allows transfers).
farmroad38
24-02-2010, 11:27
So, I can't transfer my NatWest ISA in (fine) but thought I could open this and fund it separately (up to my £3.6k limit) but the first stage of application says that I can only open 'if I haven't contributed to another ISA this tax year'.
Is that true? I've only ever had one ISA and have transferred it around over the last couple of years. Thought there was some discussion/grey area over whether you can actually have 2 ISAs?
Well, I guess there's not long to go until the new tax year starts but not sure if this account will be around till then!
You can open as many ISAs in a year as you want, but you can only pay NEW funds into one of them. You can transfer existing ISA funds around as much as you want.
So assuming you've already paid into an ISA this year: what you want to do is transfer any existing ISAs around before April, then open the A&L one after April.
Yeah will probably leave it until April now - have paid into my NatWest one this financial year so no go there and will lose a month of the bonus by opening now and leaving it empty till April.
Hope it's still around until then! I'm actually getting a reasonable rate on the NatWest one - about 3% (although their website has two different tables with two different rates in!).
CrumpetMan
25-02-2010, 19:05
Regarding having more than one ISA but contributing to only one, I am sure in a previous year I opened a new ISA with a one pound deposit but then they dropped the rate before I had a chance to put more money in so I opened another one and put the rest of the years allowance into it.
Churchmouse
25-02-2010, 19:21
Either you didn't get caught or because you only had a quid in the first one HMRC couldn't be faffed to chase you up about it.
richie-t
09-03-2010, 16:48
ive gone for one of these, cant knock it really
This sounds good. I've already got an ISA for 2009/10 earning 2.50%, so would it be best to leave this and open up this ISA for 2010/11?
welshmatt
26-03-2010, 12:57
I was just in the A&L looking to open one up for 09/10 before the end of the tax year, and the guy I spoke said he had heard a rumour from head office that this may drop to 3.25% early next week.
KennyVader
31-03-2010, 23:39
So as of April 6 we can all put up to £5100 in our cash ISAs for 2010/11, not just old fogeys?
neilalford
01-04-2010, 07:41
Yep, £5100 next tax year for everyone. And yep, also heard that the A&L ISA will be dropping to 3.25% as of next Tuesday.
3.2% to be precise
Alliance & Leicester (http://www.alliance-leicester.co.uk/savings/flexible-isa.aspx?cm_mmc=mybank-_-ibh-_-listflexibleisa)
or
Santander (http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237855061169&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2)
Uncle Nick
01-04-2010, 14:13
So assuming that you put the full £5100 in next week as opposed to now, you'll be getting £15.30 less interest next year. I'm not sure that people with £5100 lying about ready to put into an ISA are going to be *that* bothered about £15... ;)
rbullivant
01-04-2010, 20:31
Wife opened one of these today so she got the 3.5% as she had a prebooked appointment. I currently have a Nationwide with £50 in it which I am emptying when the interest is added (there was more in it earlier in the year before we got married).
Will top hers up if it remains the best rate or open one of my own if something comes up better in the new tax year
R
Wife opened one of these today so she got the 3.5% as she had a prebooked appointment. I currently have a Nationwide with £50 in it which I am emptying when the interest is added (there was more in it earlier in the year before we got married).
Will top hers up if it remains the best rate or open one of my own if something comes up better in the new tax year
R
My good lady checked her Nationwide ISA this evening. Interest has just been paid for the 2009 tax year.
The rate of interest you ask?
0.25%. Ace.
rbullivant
03-04-2010, 16:13
So assuming that you put the full £5100 in next week as opposed to now, you'll be getting £15.30 less interest next year. I'm not sure that people with £5100 lying about ready to put into an ISA are going to be *that* bothered about £15... ;)
Well yes and no, you assume that you don't put anything in next year, by putting £3600 in this year and £5100 you get a fair bit more
R
KennyVader
03-04-2010, 17:07
Can someone remind me, if I bung £5100 in my existing Nat West ISA later this week, I know I can't then put any more in, but does that preclude me from transferring to a better ISA later in the year, i.e. do ISAs exist that I can transfer all my current ISA balance to (so probably three years' worth of allowance)?
cjanderson
03-04-2010, 21:16
yes, that works fine kenny
however, there are 2 things.
1) the best rate isa for 10/11 may pay say 4%. but it may not allow transfers in
2) the best transfer in isa may pay 3.5%
So if you stick it all in nat west and then transfer the lot, you will have to have it all at 3.5%. if you look for the best 10/11 one, you could get 4% on that money and 3.5% on the rest.
However, 0.5% on 5k is £25 over a year so you may not care too much and go for having it all together for ease :)
KennyVader
03-04-2010, 22:30
Many thanks. I'll decide what to do soon!
Sammy709Sony930
05-04-2010, 11:30
My good lady checked her Nationwide ISA this evening. Interest has just been paid for the 2009 tax year.
The rate of interest you ask?
0.25%. Ace.
Why are you not keeping an eye on the rate?
Why are you not keeping an eye on the rate?
It's not my account!
That said she thought it was 1% (not brilliant but 300% better than she was actually getting!) and we were looking to shuffle stuff about at the start of the 2010-11 tax year.
I have a Halifax cash ISA at the minute which interest has just been paid into, but this years rate seems a bit poor. I'm easily confused when it comes to banking so is it best to transfer it to a better one and if so which is the best cash ? Also what do you do first transfer or top up ?
Thanks.
The best payers (Santander, Barclays) don't offer transfer in so you can't move your Halifax one to these. But there's probably better on offer which do accept transfers, but you should check the exact % you're getting and compare - most seem to be less than 3%, more around 2.5-2.7% ish.
I've just applied for the Santander 'tracker' type ISA for the new tax year but will fund it with new money. My NatWest e-ISA from last year is still there and it didn't seem to include a '12 month bonus' or anything so I'll just leave that earning 2.75% (or 3% - can't tell from their website!) and have two ISAs but only putting new money in the Santander one.
MSE have a prominent 'best buy' guide to ISAs at the mo - you're after one which accepts transfers in. Birmingham Midshires or Nationwide (although you need to have a current account with the latter).
http://www.moneysavingexpert.com/savings/best-cash-isa
Thanks for the info, went into Halifax today and they are doing one at 2.6%.
Nationwide are doing a Champion ISA (http://www.nationwide.co.uk/savings/cash_isa/championisa/default.htm) which looks quite good...
Every month we find the five highest branch based cash ISA interest rates from a group of 8 high street banks. The rates are sourced and verified by Moneyfacts.
The average of the five highest rates becomes the Champion ISA core interest rate for the next month. This means you don't have to keep looking around for a competitive savings rate, because we do it for you.
But that's not all - Champion ISA also pays a fixed bonus of 1.35% gross p.a. until 30 June 2011, giving your savings an extra boost – and because it's an ISA, any interest you earn will be tax –free. Please note the bonus is calculated daily and is not earned for any day that your balance drops below £1,000.
KennyVader
12-04-2010, 13:48
Sounds good but looks like it doesn't support transfer-in from existing ISAs at other places unfortunately, otherwise I'd move all my old accounts there straight away. I've sent them a message to get clarification anyway.
Sounds good but looks like it doesn't support transfer-in from existing ISAs at other places unfortunately, otherwise I'd move all my old accounts there straight away. I've sent them a message to get clarification anyway.
The Isa accepts transfers.
http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=502107&in_page_id=7
THROBACK
12-04-2010, 20:36
I went for the M&S one. It's 2.65% and accepts transfers. Plus you get store card points.
Looking at transferring my old ISA to a higher rate one and I'm looking at the Nationwide ones as I bank with them. Is there any real difference between the e-ISA and Champion ISA they do apart from the rate? Will they both go up if rates change as they are variable, or just the Champion one?
Was thinking of doing the e-ISA one as it's manageable through my online banking, or does anyone have any better suggestions?
Looking at transferring my old ISA to a higher rate one and I'm looking at the Nationwide ones as I bank with them. Is there any real difference between the e-ISA and Champion ISA they do apart from the rate? Will they both go up if rates change as they are variable, or just the Champion one?
Was thinking of doing the e-ISA one as it's manageable through my online banking, or does anyone have any better suggestions?
I think one of the main differences is that with the Champion ISA you can only have one penalty-free withdrawal each tax year (further withdrawals have 60 days' notice or loss of interest) whereas the e-ISA has no withdrawal limits or penalties.
Also one problem with the Champion ISA is that it bases the rate on the 5 best branch-based cash ISAs, which tend to have lower rates than online.
cjanderson
22-04-2010, 07:04
having got a rubbish offer from Lloyds for my fixed rate isa (was 6.5% , then 3.75%), i realise that 2.75% for a transfer in isa is not too bad. no where else high street does better.
for this years money, shockingly barclays at 3.1% is only 0.1% off the best ones and on £5k, thats only a fiver different, and much easier than obscure branch based accounts. Hopefully i can open the account online if you already have a barclays current account (i did last time)
I think the Champion ISA from Nationwide offers 2.8% and allows you to transfer funds in. Can confirm at the weekend.
This ISA accepts transfers in.
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