Transfering Cash ISA's

Touser

Hi,

I have a Cash ISA with National Savings & Investments but the interest rate is low compared to others, so I was thinking of transferring to another provider.

When is the best time to do this, before the end of the current financial tax year 5th April 2009 or at the beginning of the new financial year 6th April 2009 after when my interest has been calculated and added to my existing Cash ISA Account?

Regards & Merry Christmas...

jem16

Any time is good. However may be best to avoid March/April as so many people open on at that time so it's busier.

Interest will be marked up on transfer so you won't lose out.

Touser

Thanks for the reply jem16.

I have another question regarding ISA's.

I have been interested in investing in shares and notice that there is a ISA Share scheme, but when I have done a bit of research on the internet I never seem to find much info on how you go about it, I'm a complete novice when it comes to shares.

I take it it is not as easy as going to a bank and opening a Cash ISA?

Baldur

Touser wrote: »

When is the best time to do this, before the end of the current financial tax year 5th April 2009 or at the beginning of the new financial year 6th April 2009 after when my interest has been calculated and added to my existing Cash ISA Account?

As jem16 said, you can transfer at any time. Any interest accrued up to the date of closure of the old Cash ISA account on transfer to the new provider will be added to the amount transferred, so the 'normal' date of interest calculation/payment is irrelevant.

jem16

Touser wrote: »

Thanks for the reply jem16.

I have another question regarding ISA's.

I have been interested in investing in shares and notice that there is a ISA Share scheme, but when I have done a bit of research on the internet I never seem to find much info on how you go about it, I'm a complete novice when it comes to shares.

I take it it is not as easy as going to a bank and opening a Cash ISA?

The last place you would want to go to open a S&S ISA is a bank.

Most people use funds inside a S&S ISA as it will spread the risk more than single shares. However you do need to do a lot more research to decide which funds to put inside the wrapper. So yes it's not so easy.

Touser

In order to decide which funds to put inside the wrapper would it be best to get in contact with a Independent Financial Adviser and do it through them?

Like I say I have no experience when it comes to stocks & shares.

Regards...

jem16

If you have no experience then using an IFA would be sensible.

Touser

Well I need to see a IFA to discuss my Pension options anyway, so I might as well kill two birds with one stone...