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where should i put my money

sanchez_saver
Posts: 27 Forumite
hi need some help. my isa is pants so where could i put that money to make the most of it?
thanks
thanks
0
Comments
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Your cash ISA? Your stocks and shares ISA? How much is in it? Who's it with? In what way is it "pants"? Low rate? Poor service? Lack of access? Some other form of inflexibility? Branch recently closed? Internet service is unreliable?
I'll assume it's a cash ISA for now, but it really helps if you provide a bit more information when you post, because you will get little or no help if people don't have a reasonable understanding of your situation.
Use a site like www.moneysupermarket.com/savings to identify better alternative ISA offers.
If your money was saved in to cash ISA in previous tax years you need to find a provider offering an acceptable rate and access for your cicumstances who will accept transfers in. Do not withdraw the funds yourself to move them as this will lose you previous years' ISA allwances - get your new chosen provider to do all this.
I went for the Halifax ISA Direct Reward because the rate is fixed at 3% and while I doubt I'll withdraw it does allow me the opportunity to dip in 4 times a year if needed. Others prefer the higher rates and better access of places like Abbey or Nat West. But their rates are variable and I expect them to fall within a few months. Some of the higher paying ISAs don't accept transfers in.
Lots of choice out there.0 -
You'll be better off with a fixed rate ISA as they always offer better rates (Around 3%). Variable rate ISAs offer around 0.5% generally, so even if interest rates do go up during the year, I don't see them hitting the 3% mark in that period of time!Northern Ireland club member No 382 :j0
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thanks guys, Its about£10k and it is with A&L but getting a crappy 2.5% would a high intrest bond or something be better even though you get taxed?0
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A 2.5% interest rate isn't bad! The max rate around at the minute is around 3.5%. But bear in mind that interest on the ISA is tax free, while a bond will be taxable. So the 2.5% is probably the better option!Northern Ireland club member No 382 :j0
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sanchez_saver wrote: »thanks guys, Its about£10k and it is with A&L but getting a crappy 2.5% would a high intrest bond or something be better even though you get taxed?
Natwest e-ISA - 3.51% I think. May as well leave it in an ISA as tax free and interest rates aren't going to stay low for long.0 -
sanchez_saver wrote: »thanks guys, Its about£10k and it is with A&L but getting a crappy 2.5% would a high intrest bond or something be better even though you get taxed?
You would loose your tax free status forever if you withdraw your funds from the ISA, and while this may look like the best option now - longer term when things pick up you won't have the tax free part of your savings.
Perhaps transferring it to a better rate ISA or fixing the rate as above would be a better option for you? links to best buy ISA's attached (check "transfers in" section - you should be able to get around 3 to 3.5% for a variable rate and around3.1% for a fixed rate ISA), depending on how much you deposit.
http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1"Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0
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