Cash Isa In Ni

[talksalot81]

I am presently with Ulsterbank with my cash ISA but their rate has dropped and dropped and is now below 5%. The market leaders seem to be Natwest and RBS, unfortunately neither of these are any good to me since you need to go to a branch. So who is the next best? Is it post office at 6.25%?

I am a bit peeved at having to change at all - Ulsterbank is linked to RBS, so why do we get a really crap offer compared to the parent company!?

[Ulidia]

I am a bit peeved at having to change at all - Ulsterbank is linked to RBS, so why do we get a really crap offer compared to the parent company!?

Yes - Ulster Bank is part of the RBS Group and, furthermore, underwent an extensive integration programme in 2006 so now uses RBS systems i.e. the Cash ISA product is held on the same system as that of RBS.

That said, Ulster Bank retains its own responsibility for interest rates (of savings and loans) i.e. the pricing decisions are taken in Belfast so that's the reason for the disparity. In actual fact, the disparity may not be so significant as I think the higher rates for RBS / Natwest ISAs include an additional one year bonus of 2% (only applies to ISA funds transferred in, rather than new business).

The Post Office's 6.25% rate is probably the best in the marketplace.

[Belfast Boy]

The Post Office's 6.25% rate is probably the best in the marketplace.

I think if you read the small print that ISA is with the Bank of Ireland.

[Ulidia]

I think if you read the small print that ISA is with the Bank of Ireland.

Its a Joint Venture between the Post Office and the Bank of Ireland. By all accounts, its proving to be very costly for BoI with limited upside potential. Therefore, it was no surprise that BoI refused to tender for similar services to An Post last year.