ISA 0.6% is this right?

QlimaxUK

QlimaxUK

QlimaxUK

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had my ISA letter today and i have calculated the interest i got as being about 0.6% is this right??? if so is there a better alternative?

don't want to say how much i have but its a 'good' amount so i should be getting more?

my saving are in good standing but am on a LOW income so don't get good rates on standard saving accounts, so what do i do?
 
a) If you've not changed your ISA recently yes, it may have reverted to a poor rate after the promotional rate ends.

b) You don't need to be a high income to get a decent rate on a savings account?
 
ah so its like that advert with the fish hook? they reel you in then lower the rate

as for general savings i have been told before the only way to get good rates on a savings account if to 'put away' a certain amount each month into the account which is much higher then what i earn
 
Theres a few good cash ISAs giving you ~3.3% interest on the first year atm but you might have to watch transferring the cash so as not to get hit with tax/fees not sure on the details there sure someones better able to advise.

Personally I'm not a fan of esavers or stocks and shares ISAs with the current economy outlook.
 
You really need to be checking every 12 months that you're still on a good rate with your ISA.

I recently went through this with my Mum as she wanted to move hers to get as much interest as possible, I found the MSE forums to be very helpful for this. They have a guide on the site as well that covers most of the stuff you need to know.

I believe currently you can get somewhere in the region of ~3.5% if you are prepared to shop around.
 
You can get 3.1% with Nationwide, which includes a 1.35% bonus until 31 August 2012.

So in October 2012, you'd need to be looking to move your money to the best payer at the time.

If you need to transfer your money from an existing ISA, DO NOT withdraw the money into cash or your normal bank account. If you picked an ISA which lets you transfer previous ISAs in, they will have a transfer form for you to complete and money will be moved for you.

MSE guide to moving ISAs
 
oddjob62 said:
I had a similar issue with Santander when they took over A&L. (see other people in the same boat http://commission.bnbb.org/banking/yourstories/santander-isa-pays-01)

I am in the process of moving to anywhere else, even if it mean storing it in a box under my bed.
Click to expand...

Do an ISA transfer.
Do not withdraw the money and reinvest it.
Doing so loses you a years allowance, transfers are allowed.

Anyone with an ISA should be making a single account transfer each and every year to make sure they have invested in the best transfer ISA.
Any new money can then be placed into a new ISA account which offers the best and most attractive rate for a new investment each year and then add this to your transfer account at the end of year if the rate drops.
 
Worth mentioning that in some cases Transferring an ISA may not be worth the hassle if the rates are very close, as there have been horror stories of slow transfers and subsequent lost interest (although I think the regulatory bodies have been clamping down on this over the past year or so).

Another consideration is carpetbagging, if you currently have funds in a mutual and think there might be some kind of merger/takeover/demutualisation on the cards. Haven't been many of them lately however :/

Obviously in the case of the OP however 0.6% is a bit on the low side.
 
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