Have cash ISA from previous years

littlerichard · 4 July 2009 at 12:57AM

I have saved an amount of money in a cash ISA over a few years at Nationwide, about 10K. As at the moment the cash ISA rate is something like 0.25% I was wondering where I could put this money so it would make more interest than I am getting at the moment.

I have set up a new cash ISA at Barclays for this year, is it worth withdrawing £3,600 (not transferring) and placing it into the Barclays cash ISA for this year or leave it where it is?

Or should I set up the e-savings plus account at Nationwide, which has a rate of 2% and put say 5K into that?

I am enquiring as Nationwide are pushing their Guaranteed Combination Plan, but this ties my money up for 6 years and I don't really want to do that.

So basically, would I make more interest leaving my cash ISA (so far, not using this years allowance) at Nationwide and keep adding to my new ISA at Barclays. Or withdraw around 3K and put that into a higher cash ISA at Barclays. Or leave it alone and add monthly to my new cash ISA?

Any help would be appreciated.

Thanks

daily_2 · 4 July 2009 at 1:16AM

It isn't earning much where it is, and withdrawing 3600 will lose your previous years tax free allowance forever, so find a better paying isa elsewhere, and transfer the lot

http://www.moneyfacts.co.uk/money/savings/9/isa-transfers.aspx

PinkPig · 4 July 2009 at 2:58PM

You've restricted your options unnecessarily - open another ISA that does accept transfers in and transfer (must be an ISA transfer, not a withdrawal) the 0.25% ISA over to it.

Then, use the "new money only" Barclays ISA to add new savings when you can afford to do so.

Have cash ISA from previous years

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