First ISA

robert32

Hi,

I am ready to open my first ISA. I have ~£2,700 to invest at the moment, but have just taken out a 10 month interest free credit card so will be able to top up to £3,600 without problem before the end of the financial year.

Obvious question, which one should I go for. I've spent a good while reading the monesavingexpert.com pages, discussing with friends, etc. but the longer I wait the longer I am not accruing interest.

I would like something fixed rate, given the current financial climate.

However, I don't know whether to go for something that won't let me access my savings for 2-3 years (which I am quite happy to do whilst I save for a mortgage) or something that will allow me to transfer between ISAs each year, allowing me to get the best interest rate each year.

I would be very grateful if someone could recommend a suitable approach (non-access ISA or transferable ISA), and a specific bank/building society to go with.


Thanks,

Rob.

Scrapper

But what happens when the interest free period on the CC ends?

masonic

Fixed rate ISAs are looking so appalling at the moment, one can only hope that the banks have overreacted to the falling base rate and that variable rate accounts will fare better. There are certainly no fixed rate ISAs available at present that I'd be tempted by.

robert32

So are you recommended to go with a variable rate ISA, if so which one?

masonic

robert32 wrote: »

So are you recommended to go with a variable rate ISA, if so which one?

A list of the best ones can be found here. Do check the rates, though, as a lot dropped today and that list hasn't been updated at the time of my post.