So confused

justin1972

H there,

Am new tho this forums, so here goes nothing.

I have 3 accounts presently. 17k in ING Direct Savings, 3k in Halifax ISA & 5k in First Direct Current Account.

I am a little annoyed that ING are only offering me 2.75% but new investors 5%. I would like to move my cash as I really think they are taking the P but I don't know what the best option is. I would like to add to this lump sum every month. Any suggestions?

As far as the ISA goes, it was fixed until the end of this week. The renewal rate isn't good and I can get better elsewhere but am I entitled to move this elsewhere and still have my yearly allowance for another 3.6k for this financial year?

Any advice would be greatly appreciated.

Thanks, Justin

Baldur

justin1972 wrote: »

As far as the ISA goes, it was fixed until the end of this week. The renewal rate isn't good and I can get better elsewhere but am I entitled to move this elsewhere and still have my yearly allowance for another 3.6k for this financial year?

Your Halifax FRISA should revert to a variable ISA account on maturity (check your Terms & Conditions) and can then be transferred to a different provider.

If you have not subscribed any new money to a Cash ISA (the Halifax one or any other) since 6th April 2008, you have this year's £3,600 available to deposit in a new Cash ISA, the transfer is irrelevant as far as that entitlement is concerned.

justin1972

Thanks for the reply Baldur.

That is a great help.

Theoretically, are you able to move ISAs from bank to bank intra financial year? Not that I want to, but I am just wondering whether this is allowed

Baldur

justin1972 wrote: »

Theoretically, are you able to move ISAs from bank to bank intra financial year? Not that I want to, but I am just wondering whether this is allowed

Cash ISAs can be transferred at any time, I made 4 transfers of Cash ISAs last financial year, in order to consolidate them into a high rate FRISA account.

rb10

justin1972 wrote: »

Theoretically, are you able to move ISAs from bank to bank intra financial year? Not that I want to, but I am just wondering whether this is allowed

Yes, as long as it is a 'transfer'. Don't go into Halifax, withdraw the cash/cheque, and take that money to open the ISA. If you want to transfer, open an ISA at the new bank, saying you want to transfer funds from a previous provider. That way it won't lose it's tax-free status and you will still have £3.6k for this year.

Your Halifax ISA is probably a variable rate ISA now paying a pitiful 0.15%!!! So at least while you decide what to do with it, phone up or go into a branch to change it into an ISA Saver Direct (telephone and internet access only), where you'll get 2%.

justin1972

Thanks for your help rb10 & Baldur! Much appreciated