dave
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Post by dave on Mar 7, 2024 9:32:35 GMT
(first post on here in a looong time, so appologies if it is wrong place)
Can anyone recommend somewhere [1] to put my AC isa money? It needs to be instant access. 4% + is fine, I am not that greedy.
I have tried using Zopa, but cannot get them to accept the transfer - could not find anyone there with the right combination of authority and initiative The summary of my last month chats with them (via the horrid phone ap the insist you use)
"me: how do I get AC added to list of ISA's you can transfer in from" "them: they need to be on the list, sorry"
Desk currently has head shaped depression in it
Dave [1: they also need to accept ISA transfers from Zopa, when I pull my last 20k out in April]
www.shawbrook.co.uk/savings/cash-isas/. accept AC Cash ISA. as I transfer money over twice a month You will need to manually fill out a form online (download and Print) but you can take a photo of the completed for and E mail it to them. A step by Step guide is here www.shawbrook.co.uk/savings/articles/how-to-transfer-an-isa-to-shawbrook-bank/Thanks - that looks promising, as I needed FSCS protection. I was also thinking of going back to Virgin, where I used to have an ISA. But todays news has put the end to that idea (as I already have too much in Nationwide) best regards Dave
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Post by bracknellboy on Mar 7, 2024 9:45:53 GMT
Thanks - that looks promising, as I needed FSCS protection. I was also thinking of going back to Virgin, where I used to have an ISA. But todays news has put the end to that idea (as I already have too much in Nationwide) best regards Dave I would imagine that in the short term at the very least they will continue to operate using separate separate banking licences, and therefore have separate FSCS protection. There are plenty of cases where different brands under the same group have different banking licences and therefore separate protection. EDIT: I have not always found it easy to check whether two banks are under a single or separate banking license, although I believe I have previously found a source but then lost it again. If anyone knows of the official uptodate source please advise. In the meantime, this one looks good to use: Who owns who and banking licences
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benaj
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Post by benaj on Mar 7, 2024 10:32:36 GMT
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Post by overthehill on Mar 7, 2024 10:47:38 GMT
I will keep banging on about this but if you want to protect yourself and check out anything financial before you commit or after you commit but before it's too late then MSE is king. Never used anywhere else for 20 years.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 7, 2024 11:20:19 GMT
Correct. Its not ownership, its the banking licence they operate under. Unfortunately a lot of websites conflate the two. Technically you need to check the FCA register to be sure but it doesnt make it easy - eg Lloyds is listed a trading name of BOS but has a separate licence. MSE checker is usually the best & less clunky than FSCS
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benaj
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Post by benaj on Mar 7, 2024 11:24:09 GMT
FCA register? 😅 How do we know they are up to date? or different rules and speed when it comes to banks paying FCA fees.
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Post by bracknellboy on Mar 7, 2024 13:24:13 GMT
FCA register? 😅 How do we know they are up to date? or different rules and speed when it comes to banks paying FCA fees. its the banking license. If they do something which loses their banking license then its curtains for them as a business.
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Post by bracknellboy on Mar 7, 2024 13:28:10 GMT
Correct. Its not ownership, its the banking licence they operate under. Unfortunately a lot of websites conflate the two. Technically you need to check the FCA register to be sure but it doesnt make it easy - eg Lloyds is listed a trading name of BOS but has a separate licence. MSE checker is usually the best & less clunky than FSCS yes, that is what I said. The link in my post gives list of banks/BS's, their ownership, the name that brand's banking license is under, and also any other brand that also operates under the same licence. I had forgotten the MSE checker, although that list above is quite useful to scan. I've used it this morning to quickly check off something like 30 banks to make sure I haven't inadvertently 'double counted'.
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Post by bracknellboy on Mar 7, 2024 13:36:56 GMT
link(The link I posted above) Natwest and RBS are under separate licences and therefore both are separately protected. But NW International and RBS International operate under the same banking license. Bank of Scotland and Halifax operate under the same license.
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benaj
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Post by benaj on Mar 7, 2024 16:17:08 GMT
I didn’t realise some banks update their rates after new budget. Atom 5.25% fixed 1Y now drops to 5.0%. Would we see bank of england delay rate cut like other countries?
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Post by df on Mar 7, 2024 16:56:58 GMT
I didn’t realise some banks update their rates after new budget. Atom 5.25% fixed 1Y now drops to 5.0%. Would we see bank of england delay rate cut like other countries? They update them all the time. I'm with 48 providers and there wasn't s single month in the past few years when I didn't receive at least a couple of notifications of rate changes from various banks/BSs. I don't think 'new budgets' are playing a significant role in banks adjusting rates for their products. Reading what experts are predicting it is likely that the base rate will drop to 5% by the middle of this year. Short term predictions are usually correct.
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benaj
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Post by benaj on Mar 8, 2024 15:22:31 GMT
Just got in contact with Lloyds and BOS, ended up talking to the same person and was informed if you close the Club Lloyds Monthly Saver. Lloyds Regular Saver or BOS Regular Saver you can't take out another account of the same type until the anniversary date of the account. I checked this online and it does say for all 3 accounts If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.However I was told that this does not apply to the Halifax Regular Saver (same person dealing with Lloyds, BOS and Halifax). This is not a good look treating new customers better than current customers and is banned for car insurance. When you phone a bank and ask them t&c related questions they will just read from the sheet. In reality you can close them early and open a new one straight away. I've done it with all three, Club Lloyds, ordinary Lloyds and BoS on several occasions. This is what you need to do: 1. Go to "more actions" and click on "renew account". 2. Change it to one of them 'easy savers'. 3. Log out and login again (you will see the interest added to your 'renewed' account). 4. Open a new regular saver. Very simple and quick process. Just wondering what's the best time to renew regular account this year. I suspect the rate will drop when it mature.
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Post by df on Mar 8, 2024 22:30:21 GMT
When you phone a bank and ask them t&c related questions they will just read from the sheet. In reality you can close them early and open a new one straight away. I've done it with all three, Club Lloyds, ordinary Lloyds and BoS on several occasions. This is what you need to do: 1. Go to "more actions" and click on "renew account". 2. Change it to one of them 'easy savers'. 3. Log out and login again (you will see the interest added to your 'renewed' account). 4. Open a new regular saver. Very simple and quick process. Just wondering what's the best time to renew regular account this year. I suspect the rate will drop when it mature. No doubt the rates will be dropping, but with regular savers it tends to be a slower process than with other savings accounts. Some of them, like RBS/Natwest for example, have never changed their rates since the launch in Sept 2020. Few months ago I was wondering whether to "renew" my Club Lloyds or not, decided against early renewal, it matured 3 days ago and I opened a new one at the same 6.25% that will last for another year. There's no right or wrong strategy because the changes are unpredictable. One thing to bear in mind is that renewing a regular saver brings you back to your initial monthly allowance.
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 10, 2024 10:22:18 GMT
Santander reducing it's Easy Access account rate by a full 1% to 4.2% on 20th May. Me thinks my money will be on the move by then.
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aju
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Post by aju on Mar 10, 2024 15:34:59 GMT
Santander reducing it's Easy Access account rate by a full 1% to 4.2% on 20th May. Me thinks my money will be on the move by then. So I've spent a little while today marking the dates as this change affects both Mrs Aju and myself. To be fair it's more me than Mrs Aju at present. Will keep an eye out for any new opportunities that might give us more interest than this one nearer the time. (Yes i am aware of other accounts that may have better rates but am also trying to keep tax payments down too so am targeting ISA rather than ordinary a/c's. Also am trying to keep some funds available for large purchases without triggering bank rules penalties etc. Mrs aju also wanted to get our garden sorted out so we are having some major work done too. Our PB's seem to to be ok too - fingers crossed we get another hit like Mrs Aju had a few months back... (Wish thinking perhaps but it all counts towards things)
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