Keep current acc & ISA together?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
6 replies 755 views
Rebekah24Rebekah24 Forumite
544 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Is it best to keep your ISA with the same bank as your current account?

I have current with Abbey, parents opened ISA when I was a kid at Nationwide(which I dont use or have the book for). My student account is with Lloyds.

Would it be best to stick with Abbey for ISA? I have current & savings accounts with them

Did do a search but couldnt find anything
OU Law student
May Grocery challenge
£30/ £11

Replies

  • edited 30 October 2009 at 10:41AM
    BaldurBaldur Forumite
    6.6K Posts
    edited 30 October 2009 at 10:41AM
    Your ISA is probably earning next-to-nothing at the moment, especially as it is with Nationwide and has been open for some time.

    You must have been at least 16 when the ISA was opened (if it is an ISA), as under-16s are not eligible for ISA allowances.


    <Edit> The best place to have your ISA is nothing to do with where you hold your current account.

    Whichever provider offers the best rate for your needs (easy access/variable/fixed rate, etc.) at any particular time is the best place.

    Check out current Cash ISA 'best buys' shown in this post.
  • Thanks
    just wondering for practicality but also if its negative to have accounts all over the place??

    Will check out the thread :)
    OU Law student
    May Grocery challenge
    £30/ £11
  • LokoloLokolo Forumite
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    Why is it bad to have them all over the place?

    It's not! Just wondering why you think it might be.
  • The_EnforcerThe_Enforcer Forumite
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    It might be bad to have lots of low-rate or dormant accounts, because certain providers only make market leading products available to new customers.
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  • PrimrosePrimrose Forumite
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    It doesn't make the slightest difference whether you keep your current account and your ISA account with the same provider or not. If you're happy with your current account being where it is, keep it there. If your ISA is paying zilch interest, move it somewhere else where you can get a better deal.
  • GoldenyearsGoldenyears Forumite
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    The only one slight negative with multiple accounts is that if you move home must remember to update your address details with all of them. Your credit score (if you need one) is reduced if there are discrepancies. It's easy to forget one that becomes dormant.
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