ISA help please

stolt

Hi I've asked several questions on this forum and always received good advice so here goes.

I opened a ING isa last year with 3000.00 and Ive seen the comments regarding the A&L 5.2% which I was going to open for myself and my wife this year (which we will put 3000.00 in each)

is it best to keep the ING open or can I open the A&L and then transfer the ING isa into it, or have i got that bit messed up ,

also is the A&L the best isa to have, i seem to see every other thread about this isa but not sure if it is...

thanks

magentadreamer

At the moment the A&L ISA is paying out one of the best rates at 5.2% -this includes a 0.7% bonus up till April 07 ( correct me please if I've got the bonus period wrong) You would be able to transfer your ING ISA into the A&L account - but do not close the ING ISA first as that would lose the tax exempt status of your money the transfer form comes with the welcoming pack from A&L and it's a straight forward procedure of sending it to ING who'll then sent A&L your money.

stolt

thanks very much for the reply, can I then when the next isa's are allowed, I'll have my 3000.00 in the A&L from transferring it from the ING account can I also add another 3000 to it.

thanks

magentadreamer

The allowance for a cash mini ISA is £3K per financial year so you will be able to transfer and carry on saving up to £3K per financial year.