best place for £1300 to grow

st

My wife has an Isa with Halifax( was opened with Bank of Sctoland) it made £51 interest in the year to 30 June 05.

Is there any where else we could move this that would give a better tax free return or shoulc we just leave it?

ReportInvestor

Hi st,

If you have got the Halifax / BoS ISA Saver Direct (which can be opened in a branch) you are getting 5% interest, which is very good . So if you have a different Halifax account one option is to transfer it across to this one. If the £51 gross interest was for a whole year on £1300 held for the full year, then that is just 3.9%, and would be a different Halifax account.

If you absolutely want the best rate then you may have to jump through the transfer hoops and open an account an Alliance & Leicester Direct ISA Issue 2 that pays 5.2% and allows transfers in.

But it's a lot of extra hassle for £2.60 annual interest (even assuming A&L maintain the differential).

Your call.

Paul_Varjak

The Halifax ISA Saver Direct is the top-paying no-strings-attached mini cash ISA at the moment.

I had a book-based Halifax moni-cash ISA bit switched to the ISA Saver Direct for the higher interest rate.

There are two mini cash ISAs from other institutions that pay a higher rate of interest at the moment but their rates include bonuses and there may be penalties if you switch out.

theJudge

You could always try shoving it in an equity-based ISA. My unit trust ISA made 28% last year. Obviously what goes up can always come down again, however.

BLACKHURSTM

The best deal at the momment for that amount of money is the 5% halifax online.The A and L 5.2% includes a 0.7& extra for a short term this then reverts to there current 4.5%.
Therefore you should make the move as it is not just what you get extra this year you could find you will not have to move it again,this based on Halifax's history of being one of the best payers on a clean ISA.

You should never think is it worth it, every penny counts,if you do small savings on 100 different things a year you will have even more to go in your ISA.
Remember these sort of changes are normally for long term not just what you will save this year.
Example being Car,house and holiday insurance,you might only save £5 or £10
but you will save this every year going forward as you have spent a bit of time on research and found the best current deal,if they are the best today there is a good chance they will be in the top 3 year on year.

ST cast your mind back to 2004 when your posted "suggestions for warm sunny break" this will pay for your next one.