Cash ISA minefield - help please!!

Bryan_Herron

Hi Guys,

Bit of a novice where ISAs are concerned so would be grateful for some guidance as the deadlines approach:

Last year(march 2010) I took out 2 cash ISAs for my wife and I for the full £3600 each with the alliance and leicester at a bonus rate(2.5% i think) for the fisrt year only....I'm not sure where i go to from here & any help is appreciated...

Should i transfer to another provider with a better interest rate now? Or should i wait until after April 1st?

If i transfer now what happens to the interest I have accrued over the last tax year? Do i lose it or does it transfer also?

Thanks in advance for help

Cheers

Funkyfreddy

Bryan_Herron wrote: »

Hi Guys,

Bit of a novice where ISAs are concerned so would be grateful for some guidance as the deadlines approach:

Last year(march 2010) I took out 2 cash ISAs for my wife and I for the full £3600 each with the alliance and leicester at a bonus rate(2.5% i think) for the fisrt year only....I'm not sure where i go to from here & any help is appreciated...

Should i transfer to another provider with a better interest rate now? Or should i wait until after April 1st?

You can transfer at anytime provided you are no longer restricted by any "minimum term" (which at a guess you are not).

You need to check what the current rate of interest is to compare to other offers on the ISA market but check the conditions of any ISA you look at that it allows transfers in. Some of the better "headline" rates are for new money only for the current tax year but regardless of that if your current ISA rate has dropped you should still be able to find something with a better rate.

You may want to waite a litle longer now though as the end of the current Tax year comes closer you may see some slighter better offers coming along to tempt you.

Don't forget you also have this years allowance to make use of if you can, up to £5,100 (if you havn't already). This could be deposited in the ISA you mention or a new one.

Check Kazaa current "best ISA" thread, the first post of which is updated on a regular basis:

https://forums.moneysavingexpert.com/discussion/401374

Bryan_Herron wrote: »

If i transfer now what happens to the interest I have accrued over the last tax year? Do i lose it or does it transfer also?

Calculated to the date closed, added to the balance and transfered.

FF

Bryan_Herron

Thanks for your help - much appreciated