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New ISA rate from 17/02/12 - £1000 + for new and existing customers.

You will need to hold or open a Nationwide card account to apply (excludes Regular Savings)
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zippy22 Avatar
zippy223y, 6m agoFound 3 years, 6 months ago
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S23 3 Likes #21
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...
radionotme 3 Likes #22
Why is everyone so down on having to have a card account? Mine sits with zero balance, unused, quite happily, just so I can get the rate. Was no more hassle to setup than the ISA alone.
Koma Toes#23
punkstoner1
My gold coins have returned about 15% over the last year :)

Not until you have sold them they haven't... :)
cubed#24
very good
k9plus1 1 Like #25
S23
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...


the whole point of an ISA is that it's tax free. You'd have to pay the taxman interest if your money was in any other acct.
automatic1 1 Like #26
S23
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...


You are allowed to access the money..."unlimited withdrawals" !

Why is there no point? Its tax free savings....Do you spend every penny you have? *confused*
willym2k#27
S23
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...


maybe because (given your numbers) it's not £35, it's £95.91-287.74 of interest over 3 years.

some people actually have surplus money, that would likely generate tupence in a current account otherwise.

when you have larger savings, e.g. the full annual allowance, built up year on year, then having a 3.1% account that accepts transfers of past allowances actually makes a significant difference to say a 2.9% account.

thanks for posting. i've voted hot because it's the highest rate that allows transfers. i'll still wait until the new tax year before opening a new account though.
Anarchistbanned#28
S23
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...


Because the alternative, is to leave your cash in a current account where you receive the attractive rate of 0% interest for 3 years or so of saving.

Given the choice of £100 or £0, I know what I'd rather have.
DreamerV#29
S23
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...


I don't understand where your information is from? You can put in any amount up to £5340 into a cash ISA (some have minimum amounts but not all require at least 1k as you suggest, and none as far as I know limit to 3k). Why would you only earn £35 - ah you mean if you put in £1000 at 3.5% interest? Ok, but at this same rate in a savings account, some of your £35 would be taken as tax if you are a taxpayer. So the point is, you get a tax free account which you can keep for the future (if you want). I now earn £1 a day in interest because I have built up a few ISAs. I enjoy seeing it pile up tax free, knowing I can use it in lean financial times or else when I retire one day. Oh also where did the 3 years come from? You can choose accounts which don't have penalties for withdrawals, and hence you could withdraw even the next day. If you did this, you'd lose the tax free status, so it's not as flexible as a current account, but is still fairly flexible.
kiorhassan#30
God, I was reading this to be 10% (not 3.10%) ISA and was wondering why I couldn not find it on NWs website.
batista#31
people who don't want the bother of opening a card a/c , have a look at marks and spencers ISA

straight 3%, none of this bonus business
and
£100 min deposit or £25 / month

plus if you have a m&s card you also get 1000 points worth £10
sammy4567 2 Likes #32
waltsalt
They have had this same rate since last October.

I think you previously needed £25,000 to qualify for the 3.10% rate.
jrw#33
KPGrimmy
Doh, thought that rate was gunna be for mortgages for a moment, lol.

Nationwide also do mortgages at 3.1% if you have a 75% LTV.
Brodel#34
Thanks, think I'll go for this. Currently have mine in a Nationwide e-ISA and find it easier to stay with them than chase around the best deal for a few tenths of a percent.
wilson1973#35
Coventry building society offer a fixed rate ISA at 4.10 % p/a fixed until 31.05.2016
matures on the 31st May 2016
You do have to invest your full allowance of £5340 in one go though
I'm sure you dont have to have an account with them to have the ISA

Edited By: wilson1973 on Feb 19, 2012 22:50: extra detail
HSC#36
I bank with Nationwide anyway so find it's so easy being able to transfer in via online banking rather than having to send cheques that take ages to clear to other organisations. Getting money back out again if I needed to would also be a lot quicker. I like Nationwide's ethos but for those looking at the comment about M&S above, they had great customer service when I had my first ISA with them and were nice to deal with and helpful even when I left them - unlike ING who were trying to convince me to stay with them even when their rate was going to be a third of the one I was moving to!
HSC#37
radionotme
Why is everyone so down on having to have a card account? Mine sits with zero balance, unused, quite happily, just so I can get the rate. Was no more hassle to setup than the ISA alone.


I think people worry about unused accounts still being a black mark on their credit rating? I think the general advice from the credit rating agencies like Experian is to close any accounts or credit cards you don't use because these are seen by lenders as a possible way of running up debts in competition with the credit you are wanting to take up with them.

Edited By: HSC on Feb 19, 2012 22:49
Musicrab 1 Like #38
Stick "ISA" in title please.
Besford 1 Like #39
S23
Seriously, can anyone explain to me the point of ISAs?

You put in £1k-£3k that you're not allowed to touch for a good portion of your life (3 years or so), to only earn a measly £35 or so and then usually place it all back into another ISA...


You really don't have a clue what you're talking about do you?
simonspeakeasy#40
You can get 3.2% with Birmingham Midshires in an easy access savings account if you deposit £50k.
Here are the other current best buys
http://www.savingschampion.co.uk/best-buys/tables/easy-access/


Edited By: simonspeakeasy on Feb 20, 2012 00:06

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