Should I stooze?

sniperpenguin

Ive read the articles so I know the procedure to do through, but Im not sure whether the hassle is worth it. Here's my situation:

• No Debt
• £5K in a bog standard HSBC Mini-Cash ISA
• Already in posession of an Egg money card (passing money through it for the 1% cashback offer)

I apologise if Im asking some obvious questions, Im just looking for peoples (friendly!) opinion!

P.S - I know I should move the ISA, but all of our accounts are HSBC based (to make transfers instant), and their Internet banking is one of the best I've used, so for now I can put up with the naff rate on the account.

Gordon_the_Moron

It depends on how good your credit rating is, applying for a no-fee card like Norwich and Peterborough and then just transferring the balance to Egg Money then paying the minimum back monthly then paying it all of in the last month. Profitable and how much effort?

Gordon_the_Moron

You could significantly increase the return from your ISA by moving it. Even Natwest would pay 0.75% more on the sum of £5000. Open a current account (no minimum deposit, no fee) and an ISA. Equally instant access to what you have now.

Alternatively you can get even better rates elsewhere, Bradford and Bingley if I remember rightly is the best that allows transfers in. NS&I is the best but no transfers in, you could use it next year though.

Gordon_the_Moron

Sorry just checked, 5.15% from Bradford and Bingley and 5.21% from Kent Reliance but the Kent one is branch/postal only.