Could someone confirm this is right (new/existing ISAs)

akiller

Hi,

Being extremely busy finishing Uni and working I've not yet had time to sort out my ISA this year. I figure I should probably do it now before it's too late.

I have £3,000 in an NS&I ISA from last year; I assume it's still there, I haven't touched it so fingers crossed . I want to transfer that to a new provider and also want to invest the full £3,600 allowance into a new ISA for this year's allowance.

From reading the ISA guide am I right in thinking my best options are to go for the Barclays Tax Haven ISA orHSBC Cash e-ISA for the new money? (I'd probably favour the HSBC if I can manage it on-line).

For the existing ISA the IceSave Easy Access ISA appears to be the best but I've been reading that some people are a bit concerned with them should anything go wrong - is this justified?

I'm fairly sure I won't need access to any of this money so not having instant withdrawal shouldn't be a problem.

Thanks .

oliver_m_2

akiller wrote: »

From reading the ISA guide am I right in thinking my best options are to go for the Barclays Tax Haven ISA orHSBC Cash e-ISA for the new money? (I'd probably favour the HSBC if I can manage it on-line).

The rate with Barclays and HSBC is variable. If you want something fixed then Bradford & Bingley is offering 6.25 % fixed for one year. Minimum deposit £3,600 - so it would work for your new money.

akiller wrote: »

For the existing ISA the IceSave Easy Access ISA appears to be the best but I've been reading that some people are a bit concerned with them should anything go wrong - is this justified?

The Post office is offering a cash ISA account with a variable rate of 6.25 % (including a bonus for one year). You can transfer money from your previous tax years. Minimum deposit is £1.00. If you are happy to leave your money for one year there and then swap to better a rate, then the post office offer might be a good deal for you (beating IceSave's 6.1 % for one year but doesn't come with a guarantee as IceSave).

akiller

Thanks, Oliver. As I'm opening it in the middle of the year will it matter too much if it's fixed? Won't that effectively mean I won't be able to touch them until this time next year, and therefore won't be able to take advantage of all the offers in April with this money?

McKneff

I read this week somewhere that Leeds and General are offering 10% for a fixed 2 year term. havent seen anything better than this if you dont need your money for a while

LittleVoice

akiller wrote: »

Thanks, Oliver. As I'm opening it in the middle of the year will it matter too much if it's fixed? Won't that effectively mean I won't be able to touch them until this time next year, and therefore won't be able to take advantage of all the offers in April with this money?[/quote]

In April next year you will have a new ISA allowance so this year's ISA funds can still be tied up if that is what you do.

oliver_m_2

anniehanlon wrote: »

I read this week somewhere that Leeds and General are offering 10% for a fixed 2 year term. havent seen anything better than this if you dont need your money for a while

It would be a fantastic rate if that would be true. Could you provide a link or a reference please?
I've visited
www.legalandgeneral.com/investments/isas
but I couldn't find the offer you're refering to.

But looking at the other ISA products of Legal & General the offer will probably come with a risk, right?

Ups, I've just noticed: You're talking about Leeds and General. Never heard of them. I've only
found Legal & General...

akiller

anniehanlon wrote: »

I read this week somewhere that Leeds and General are offering 10% for a fixed 2 year term. havent seen anything better than this if you dont need your money for a while

Sounds like a great offer but unfortunately I have no idea where I'll be in two years time (or whether I'd need the money), it does sound tempting though.

LittleVoice wrote: »

In April next year you will have a new ISA allowance so this year's ISA funds can still be tied up if that is what you do.

I guess it will be fine then, I was just slightly cautious in-case I ended up missing out on some good deals in April because I was locked into a deal with someone else.

Hmm actually, I just logged into my NS&I account and it turns out I opened it on 15/09/2007, as far as I'm aware it's not a fixed ISA (their website is terrible) so should I still be free to transfer it (I'd probably wait until after the 15th just in-case though)?