Where to put my savings?

elnana

Hi everyone

Over the last year I've saved about £4000 in a Cash ISA with Scottish Widows. However the interest rate is now terrible and I'd like to move my savings somewhere else.

Obviously I can't put it all in another cash ISA because its too much to put in in one go. I've thought about maybe splitting it and putting £1000 in a higher rate cash ISA and putting the rest in a different type of savings account or doing something else with it.

Has anyone got any ideas? These are the only savings I have as I only graduated last year etc. I'm not really sure what I want to do with the money... I guess I'm saving for a rainy day really - I'd like to go travelling one day, or put it towards something else, which is why I'm not keen on putting it in a fixed rate 2+ year savings account or whatever.

I'm not very good at these things so some help would be much appreciated!!!!

Thanks

Ellie

Baldur

elnana wrote: »

Over the last year I've saved about £4000 in a Cash ISA with Scottish Widows. However the interest rate is now terrible and I'd like to move my savings somewhere else.

Obviously I can't put it all in another cash ISA because its too much to put in in one go.

Of course you can transfer the whole £4,000 to another Cash ISA - just select a new provider that accepts ISA transfers, complete their ISA transfer form and let them arrange the transfer. I have transferred an ISA worth in excess of £25,000 in the past.

ISA transfers have no effect on your annual ISA allowance.


<Edit> See the below links for ISAs that accept transfers (scroll down the page on the 2nd link):
http://www.moneyfacts.co.uk/money/savings/9/isa-transfers.aspx

http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1