I want to transfer matured ISA and open a new one for this tax year: Best options?

english_bass

Hello,

My old Golden ISA matured (£3600) back in April and I haven't got round to moving it yet. So I'm looking for the best place to dump it.

I also want to open and fill up a new ISA for this tax year with the full £5100

So what are my best options for both? I see the Post Office does the best rate for full amount fixed term, but I don't know if I should use that for my new account or old one.

So some advise would be great! Thank you!

fairtrade

The post office fixed rate is attractive and you can transfer your old ISA into it. The only downside is it is provided by an irish bank and is not covered by the compensation scheme.

english_bass

Hi there,

Thank you, but if I transfered my old ISA into it, can I then add this years allowance into the same account? So £3600 from last year + £5100 from this year?

fairtrade

Yes. ISA allowance is for this tax year for new money. Old money can be transferred in. Alternative covered by the scheme C&G 2.7%, includes a bonus of 1.7% in the first year, so transfer again after a year.

english_bass

Thank you, good advice!

Just need to choose an account now. I'm indending to put the full amount in and not touch it, so Post Office is best rate, but not covered by UK. Not that I'm sure thats a huge issue?
hmmm

fairtrade

english_bass wrote: »

not covered by UK. Not that I'm sure thats a huge issue?

The European Central Bank has stated no new bail outs for banks in the Eurozone and all debts are to be repaid today. You have to weigh up whether the slighlty better rate is worth the risk to your capital.
This was a projection from late last year -
http://www.economywatch.com/economy-business-and-finance-news/12-worst-economic-craches-in-2010-11-11.html