Natiownide FTSE All Share tracker isa

lowis

As some of you may remember I have had to open the above mentioned ISA as part of securing an interest only mortgage with the Nationwide. I have initally agreed to pay a derisory £20 a month into it just to get the ball rolling.

It seems I may possibly be fortunate enough to save a bit more than this each month now (minimum £50). I believe this Nationwide equity ISA is not the best available so am wondering just how easy it would be to transfer or close it down and open up something that is a better performer?

I am completely new to ISAs so am completely unaware of what the process is, whether I pay penalties, lose my tax free allowance, transfer the ISA or just close it an open another one etc etc.

lowis

Thank you Alex, I have been trying to do my own research and trying to educate myself on this subject and (I may be wrong here) this vehicle seems fine for now and my current circumstances. I took a look at websites such as Fidelity and New Star but they all seem beyond my understanding, and beyond my financial capabilities too (most want at the least £50 a month, if not £100).

Anyway, I think if I have any spare cash I would rather make mortgage over payments, I guess that would make more sense in the long term.