I opened my National Savings Cash mini ISA in January 2002 with just £10 (the minimum payment).
A mini cash ISA allows you to pay in up to £3000 a year, and the interest you earn on it is tax free! At the time of writing, the interest rate on my National Savings ISA is 4.15%pa, and the interest earned is paid out annually.
Accessing the account is relatively straightforward. Money is paid in by post, telephone (with a debit card), at the post office (and lets face it, post offices are pretty common), at any bank/building society or by standing order.
Withdrawals are made by post or telephone.
Statements are sent out every three months, but you can register to use telephone banking and have a detailed balance given over the phone (after a rigourous security check!).
I opened this ISA as a set aside for small amounts of money and have watched it grow, even over just six months. Ok, it may not have the highest interest rate out there, but at least with a name like National Savings you know your money is safe!
The only real disadvantage I have found with this account is that it cannot be accessed online but hopefully National Savings will consider this in the not too distant future.
As well as ISA's, National Savings can offer Premium Bonds, Ordinary and Investment accounts, Childrens Bonds, Income Bonds and Savings Certificates, to name but a few.
I would definitely recommend National Savings to anyone who was looking for a hassle free, safe way of saving.
How helpful would this review be to a person making a buying decision? Rating guidelines
Advantages: Easy to use. Constant reasonable interest rates. Disadvantages: You can find better interest rates if you're prepared to put some time and effort into it.
Advantages: A safe investment which is particularly advantageous for the higher rate taxpayer. Disadvantages: Rates of interst paid are not generous but are partly inflation-linked.
Advantages: A safe investment which is particularly advantageous for the higher rate taxpayer. Disadvantages: Rates of interst paid are not generous but are partly inflation-linked.
Jun 8th, 2002
very helpful by (72%):
helpful by (28%):
