ISA Transfer- I have no clue please help!!!

berrimak

Hi,

Can someone help?

I have an ISA with a few years savings in it. Just found out my current bank has dropped my intrest rate to 0.75%.

They have advised me to move it to another bank if I want a better rate, which I am happy to do, but...

If I move now, will I still get interest on the 31st March/1st April with the new bank at the better rate?

I am saving for a house deposit and I really need to get the most for my money. I was looking at A&L or Santander ISA, as I do not want a fixed.

Please Help I am such a novice at this and have no idea what I should and should not be doing!!!!

dazeruk

berrimak wrote: »

Hi,

Can someone help?

I have an ISA with a few years savings in it. Just found out my current bank has dropped my intrest rate to 0.75%.

They have advised me to move it to another bank if I want a better rate, which I am happy to do, but...

If I move now, will I still get interest on the 31st March/1st April with the new bank at the better rate?

I am saving for a house deposit and I really need to get the most for my money. I was looking at A&L or Santander ISA, as I do not want a fixed.

Please Help I am such a novice at this and have no idea what I should and should not be doing!!!!

You'll get interest up to the day of the transfer from the old provider. This plus the current balance will be transferred and you'll start earning interest on both when they reach your new provider.

Baldur

berrimak wrote: »

If I move now, will I still get interest on the 31st March/1st April with the new bank at the better rate?

Interest is calculated daily, so you'll receive interest @ 0.75% from your current bank until the date of transfer, when the account is closed and the balance, including interest earned up to the date of closure, is forwarded to the new provider.

You begin earning interest at the prevailing rate when the funds are received by the new provider. Remember to keep an eye on the rate, especially with A&L/Santander-type offers which include a 12 month bonus.