best isa for our money

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
10 replies 1K views
vodka-queenvodka-queen Forumite
20 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
hi, hope someone can help, my husband and I want to put £3,000 each into an isa or another high interest saving account, but we are unsure of the best bank to use? any advice would be gratefully recieved and also is it best to have £3,000 each or £6,000 together in one account?
Many Thanks

Vodka

Replies

  • well do you use the internet for your banking?

    i use http://www.ybs.co.uk/savings/index.jsp which is 5.15% its not the best but i like the website for banking:cool:
  • is it best to have £3,000 each or £6,000 together in one account?
    Many Thanks
    Vodka

    I think the I in ISA stands for Indivdual ( S savings A Account ).
    i.e. You can not have £6000 in one account.
    ..
  • yep, £3k max pp in any one financial year. best buy is nsi. (or it was when I last looked).

    check martin's savings and investments page.

    hope this helps.
    miladdo
  • CypherCypher Forumite
    440 Posts
    I'd say £3000 each into seperate ISA's your interest is then Tax Free. If you group it together and put it in a standard high interest savings account you will have to pay tax on the interest, so ISA's are definitely the way to go unless one of you is a non tax payer.

    Other things to consider are do you need to get at the money and do you want your Interest paid monthly or annually.

    The NS&I Direct ISA is a good payer 5.55% and guaranteed to stay 0.55% above the base rate until at least 5 April 2008

    Personally I went for the Bradford and Bingley eISA as I wanted monthly interest so I could see it working. They however didn't pass on the full 0.25% interest rate rise so I wish I had gone with NS&I now. :(
  • gil13gil13 Forumite
    297 Posts
    If you are don't mind a postal account then I would recommend go for Kent Reliance Direct ISA, which is 5.46% from Dec 1st. We are going to transfer ours over to them soon from Nationwide. They seem a good bet, have so far within a month followed the BOE increases up and you have a possible carpet bag opportunity. If you are just starting with ISA's then you could consider NS&I which offer 5.55% but do not allow transfers in. The difference in interest is not that great and you have the chance of future windfall if KR do go for some corporate action.
  • maypolemaypole Forumite
    1.8K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    Hello

    NS&I pay 5.55%, one of the best rates around AND they put up the rate almost as soon as the Bank Rate went up. You can't transfer in other years ISAs though, which is a shame. I think it is only available online.

    Maypole
  • wow, thank you for all your responses! my head is spinning im not very good with figures! but i think i will chat to hubs about ns&i that seems to be the one thats coming up more, thanks for all your help!
  • gil13 wrote:
    If you are don't mind a postal account then I would recommend go for Kent Reliance Direct ISA, which is 5.46% from Dec 1st. We are going to transfer ours over to them soon from Nationwide. They seem a good bet, have so far within a month followed the BOE increases up and you have a possible carpet bag opportunity. If you are just starting with ISA's then you could consider NS&I which offer 5.55% but do not allow transfers in. The difference in interest is not that great and you have the chance of future windfall if KR do go for some corporate action.


    oh dam!! i just done an application form for yorkshire bs isa @ 5.15% today

    mind you if i dont send my application form in writting? then it auto cancels anyway

    i like the sound of 5.46% and its a Kent where i live as well

    where do i find details of this isa? do they transfer excisting years isa's as well?
    he!he! i feel like rodney in only fools and horses now
    Oh well we only live once ;-)
  • gil13gil13 Forumite
    297 Posts
    http://www.krbs.co.uk/directisa.aspx

    Ignore the 5.21%, from December it goes to 5.46%.

    Yes, they allow transfers in, part of the attraction...

    The only higher payer allowing transfers in that I can think of is perhaps only Ruffler bank at 5.75%, but they just upped minimum balance to 15k, with one branch.
This discussion has been closed.
Latest MSE News and Guides

Students - apply for uni funding NOW

If you plan to get a place via 'clearing'

MSE News

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides