HELP! I'm totaly confused!

cadgaboo

OK I opened a cash ISA 2 yrs ago with alliance & Leicester (this is an online acc which was a stipulation at the time)
Each week for the last 2 yrs a set amount of money has been paid into it from my RBS acc.
I have read through Martins summary on ISA's but I'm still not sure what I'm supposed to do to ensure I'm getting a top rate of interest.
I have just had a look at the ISA (in A&L) and as of 6th April 2010 no interest has been added since January this yr. will I not get any interest for the end of the tax yr added now on that ISA?
Should I tranfer that ISA and open a new one with A&L as they pay the highest cash ISA rate.
I really don't know what I should be doing with this money to gain a higher rate.

GlasWolf

The A&L historic rates are here - chances are you're making a whopping 0.1% on your cash but check what account/issue you have. The 3.2% Flexible ISA doesn't allow previous years' money to be transferred in, so if you want to stick with A&L you'll have to transfer it to their 2% Direct ISA. The quickest way is probably to do this by phone. You can do better though (2.7% at Birmingham Midshires); you'll need to open an account with them and request via them to transfer your old A&L ISA money across.

Don't withdraw the money from your old ISA directly as you'll lose the tax-free status.

steveksullivan

You need to check exactly what issue ISA you had - was it a fixed rate and for how long?

It may have been fixed for a year and have subsequently dropped to a dire rate as suggested ......

Important part of Glaswolfs post is that, whoever you choose as your NEW provider, should send you an ISA TRANSFER FORM - unless you transfer your ISA using this you will lose the tax free status of the money....