new better ISA rates

[mutantpoodle]

Coventry B soc have just issued new easy access ISA at 4.9%

The LEEDS attempt to compete by making their best rate 4.8% BUT BUT

The Leeds do not increase rates for current customers

you must apply for the new 'issue'..........then transfer from previous issue

or stay on lower rates

***

any takers for a bet on them holding the rates for existing customers when rates drop and lower rates apply???

[Laughton]

OK, I know they don't pay the very best rates but the reasons I quite like the Marcus ISA are that they pay the same rate as their "regular" Easy Access Savings Account, they credit interest monthly and, so far, it's really easy to operate.

Current interest 4.6% including bonus.

[mutantpoodle]

OK, I know they don't pay the very best rates but the reasons I quite like the Marcus ISA are that they pay the same rate as their "regular" Easy Access Savings Account, they credit interest monthly and, so far, it's really easy to operate.

Current interest 4.6% including bonus.

agree totally thats very useful bonus

BUT...they do not accept transfers in....so only help with a currrent year choice

[puffster]

The LEEDS attempt to compete by making their best rate 4.8% BUT BUT

The Leeds do not increase rates for current customers

They do increase the rates for about a month (this is an estimate based upon my experience, but the time period doesn't seem to be written down anywhere) for variable rate accounts after you open a new account.

Regards, Puffster

[mutantpoodle]

The LEEDS attempt to compete by making their best rate 4.8% BUT BUT

The Leeds do not increase rates for current customers

They do increase the rates for about a month (this is an estimate based upon my experience, but the time period doesn't seem to be written down anywhere) for variable rate accounts after you open a new account.

Regards, Puffster

sorry I dont uderstand your comment!
I have issue 62 getting 4.45% (ISA)....this is/was a better rate than their new offer of issue 63 which opened but immediately closed due to rates

I dont have info on issue 64
but as I said isssue 62 remains at 4.45%...so existing customers do not get new rates...only new customers...or open new and close old accts

[puffster]

They do increase the rates for about a month (this is an estimate based upon my experience, but the time period doesn't seem to be written down anywhere) for variable rate accounts after you open a new account.

Regards, Puffster

sorry I dont uderstand your comment!
I have issue 62 getting 4.45% (ISA)....this is/was a better rate than their new offer of issue 63 which opened but immediately closed due to rates

I dont have info on issue 64
but as I said isssue 62 remains at 4.45%...so existing customers do not get new rates...only new customers...or open new and close old accts

I opened a limited issue 47 online account (not an ISA) which paid 4.45% (might have been 4.50%) on opening and now pays 4.65% (looking online at my account) without me doing anything. The interest rate is no longer changing and so it isn't at the latest 5.10% on offer so I will be doing the new account shuffle shortly...

Regards, Puffster

[Nimrod103]

OK, I know they don't pay the very best rates but the reasons I quite like the Marcus ISA are that they pay the same rate as their "regular" Easy Access Savings Account, they credit interest monthly and, so far, it's really easy to operate.

Current interest 4.6% including bonus.

I got warned against the Marcus ISA on the grounds that they really make it difficult to withdraw money.

[Laughton]

OK, I know they don't pay the very best rates but the reasons I quite like the Marcus ISA are that they pay the same rate as their "regular" Easy Access Savings Account, they credit interest monthly and, so far, it's really easy to operate.

Current interest 4.6% including bonus.

I got warned against the Marcus ISA on the grounds that they really make it difficult to withdraw money.

Oh. I hadn't heard that and I've not tried taking money out of the ISA. I do have a regular savings account with them though and have never had a problem transferring money from that to my linked current accout (at another bank). Transfers take place pretty much immediately.

[Maroochydore]

I got warned against the Marcus ISA on the grounds that they really make it difficult to withdraw money.

Not at all difficult. Hit the 'Move Money' button and send funds to your linked account.

Only difficulty is if you want to withdraw more than £20,000 where you have to phone. Part of their anti-fraud regime

[Nimrod103]

I got warned against the Marcus ISA on the grounds that they really make it difficult to withdraw money.

Not at all difficult. Hit the 'Move Money' button and send funds to your linked account.

Only difficulty is if you want to withdraw more than £20,000 where you have to phone. Part of their anti-fraud regime

Sorry, I meant the specific warning was about moving the ISA from Marcus to another provider, while maintaining the tax status of the money transferred. Apparently they did everything to make the process as difficult as possible.

Obviously this warning is just hearsay, but I really don't like the way ISAs are managed by the banks and BSocs, with generally lower interest rates, and all kinds of unnecessary complexities.

[richlist]

I make a point of only using cash ISA providers who are signed up for electronic transfers. Otherwise trying to effect a transfer to another provider can be a very lengthy exercise. Marcus.......I don't believe they use electronic transfers.

The Cynergy bank website carries a list of providers who use the BACS electronic transfer service.

[Lanark]

I make a point of only using cash ISA providers who are signed up for electronic transfers. Otherwise trying to effect a transfer to another provider can be a very lengthy exercise. Marcus.......I don't believe they use electronic transfers.

The Cynergy bank website carries a list of providers who use the BACS electronic transfer service.

I'm currently waiting for a transfer between two companies who are on that list, currently 5 weeks and no indication of when it will complete!

[richlist]

Yes unfortunately very few things in life are perfect.
Whilst using ISA providers who are not on that list is extremely likely to result in longer transfer times there are also some who do us electronic transfer who are also very slow.
One that springs to mind is Virgin who have various systems that can delay transfers and I'm sure there are others. I wouldnt touch Virgin with your bargepole.

[Urbandreamer]

This is very strange to me.

A Brief history, I started investing in"ISA's" when they were actually PEP's. After a few years of contemplating the complications of CGT and the tax upon dividends by the state/government I decided that as long as I complied with some simple rules, they would forgo the tax, or worse the accounting for it.

Of course we shall have to wait for the statement on ISA's, but I doubt that the likes of I will like it!

I have made significant amounts by "investing in the means of wealth production". Socialists, who I have significant respect for, may point out that the government of the day, sold the family silver (state businesses), hence needed a ready market. The government had an Idea of high street "share shops". for their "share holder democracy". It didn't happen, but people do what they want.

I happen to like the idea of a share holder democracy. For goodness sake what exactly does the term "company" mean if it doesn't mean a collection of people?

[Stompa]

Sorry, I meant the specific warning was about moving the ISA from Marcus to another provider, while maintaining the tax status of the money transferred. Apparently they did everything to make the process as difficult as possible.

Well FWIW they say here:

https://www.marcus.co.uk/content/dam/mo ... cument.pdf

"We’ll send your money and the supporting information for the transfer to your new ISA manager within five
business days of receiving the transfer request".

but who knows whether that's what actually happens.