Which ISA is better?

freckle

I've had an RBoS ISA for several years now. They offer tiered interest of 4.65 on my investment which is about £20,000 now. Is it worth changing to an Alliance & Leicester ISA at 5.2% or is the gain only a few quid!

I'm hoping that someone will be able to help calculate the difference for me - I can't make head nor tail of the formula that other folk have posted. Apologies for being so thick - I just want to make sure I make the most of my money.

ReportInvestor

It's £110.

Not bad the half an hour's work it might take to switch .

This does assume that A&L will maintain the difference for a full year, which is unlikely IMHO.

freckle

Thanks ReportInvestor. Given that I am a Public Sector worker who is about to lose pension rights then I had better grab every penny I can get for my old age.

Thanks for your quick calculations.

loulou41

I have an ISA bond with the Nationwide from the beginning, I think, it is worth at least 25k. I always bank with Nationwide and am wondering whether it is worth the hassle to change to A&L. What do you think, Reportinvestor? Thanks.

ReportInvestor

The same calculation for you is £87 pa.

I might not bother switching. But the majority on this site probably would.

You say you bank with Nationwide. If you do decide to switch, make sure that you retain continuous membership, as this members ISA bond depends on 3 years continuous membership should you wish to switch back.

And the tectonic plates are currently shifting in the building society world, so it isn't a smart idea to give up membership rights at any of them, "just in case".