2010 allowance advice

amictus · 4 March 2010 at 1:58PM

I currently have an IF isaver account (2.75%) and an IF ISA account (2.5%), each with about £8000 in. In April, I was planning to planning to move my full £5100 2010 ISA allowance immediately from my savings account to my ISA account. However, I have noticed the Santander Flexible ISA account (3.5%, 12 month, new money only), so am considering opening one of these accounts for my full 2010 allowance instead. As I won't need access either my existing ISA money or my 2010 allowance, would it be better to group both amounts into a higher paying ISA account that aaccepts transfers in? Are there any other options that I should be considering?

Thanks!

Simon11 · 4 March 2010 at 2:21PM

I'm in the same boat as you. Great rate from Santander there, but can't transfer in old money:(

I'm personally going to give it a week for all the ISA deals to come out. Then make a choice.

Could possible put new money into the santander 3.5% and set up another ISA to deal with exsisting isa cash as rates going down to 0% on it:(

KingL · 4 March 2010 at 4:00PM

3.5% is the best (shortish term) deal around, so you could pay 2010/11 into that* and transfer the other 2+ into another that accepts transfers in and has a decent rate. Presumably you aren't planning on accessing the money in the older ones - how about a fixed rate (or notice account) for a year or two.

You don't have to wait until April to do the transfers. Unless you want to (e.g. in expectation of better market offerings)

See kazzas list here

* assuming it's still being offered after 6th April, which most people think it will be
+ assuming it doesn't break the terms and conditions of your existing ISAs

amictus · 5 March 2010 at 10:26PM

KingL wrote: »

3.5% is the best (shortish term) deal around, so you could pay 2010/11 into that* and transfer the other 2+ into another that accepts transfers in and has a decent rate. Presumably you aren't planning on accessing the money in the older ones - how about a fixed rate (or notice account) for a year or two.

Yup this sounds sensible to me, I think I'll do just that. I'm just debating whether it's worth the effort of transfering my current £8000 from a 2.75% account to a 3% account (which seems to be the best 1 year transfer account). Hmmm... for the sake of £20 I'll probably just take the lazy option and leave it where it is

2010 allowance advice

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