Transfer or new ISA?

boomish

I wondered if I could get some advice I have a Golden Barclays isa I opened in Dec , we have some money from an endowment this year and were looking for a place to keep it until next year, so was thinking about opening a Nationwide isa as it's recommended as the top rate at the mo.
I have a NAtionwide account that I use now and again for their cheap debit and credit cards abroad.

Should I transfer my existing Barclays isa to Nationwide then add some funds? or just open a new isa as the Barclays might not be top but am still getting 2.55 Tax free PA

I was then thinking of getting another isa for my wife and possibly whats left in their stocks and shares isa's?

We don't want to lock it away as we might invest in a house next year for our daughter to use while at uni.

Many thanks for any help

PS I did go into the branch of Nationwide but all the advice I got was what House insurance he could sell me

KingL

Up to you. The extra interest on £5k of principal would be about £10 per annum.

You might lose a weeks interest while it goes through the transfer process, that'd be about £2.80 on a principal of £5k

boomish

yes that why I wondered if it was worth it especially if I have another 5k ready to invest..at the mo sitting in an account earning nothing.
Thanks for the reply..

missile

If you decide to transfer, I would suggest you open a seperate ISA with your new money. This will avoid the delay in setting up and give you flexibility should you need to close one ISA.

Mikeyorks

boomish wrote: »

...........and possibly whats left in their stocks and shares isa's?

......................................................................PS I did go into the branch of Nationwide but all the advice I got was what House insurance he could sell me

Take the latter as a caution against the former! If you want to put some money in Funds etc in a S&S ISA then don't use a Bank facility. Go to Hargreaves Lansdowne or similar.

boomish

OK thanks Mickey yes of course, I checked Money supermarket for the cash isa but forgot the stocks & shares, trouble is I don't want to manage buying shares, we already have £6000 now worth £1000:( just somewhere else to put the £10k left over to invest somewhere..how safe are these things, maybe I'm better off with a E-savings account for now.

Mikeyorks

boomish wrote: »

..how safe are these things, maybe I'm better off with a E-savings account for now.

....... if in doubt, I would stick with what you know and trust. I was actually thinking more of Funds in the S&S ISA ....... as they have less volatility than shares in a single company. Having said that, all the markets have been a bit dire since late April. So now could be a good time to put some money into Funds. On the other hand - it could be a false bottom!