Transferring ISA - No New Money

cemeterybird

Sadly late last year I was made redundant and have little chance of getting another job, being a 61 year old woman - so my only income now will be my state pension:-(

This means there is no way I shall be able to save any new money for the forseeable future and most probably will have to dip into my savings just to get by.:(

I transferred my ISA's to a Santander one last year, of course, only expecting to get a decent interest rate for the one year and sure enough, I have just received a letter stating that, as an existing customer, I will only continue to get a decent rate if I have at least £14K invested (which I haven't), so I guess I shall have to transfer again.

Can anyone offer any advice as to which one is the best to transfer to in my circumstances? The two accounts from which I transferred to Santander last year are Nat. West and National Savings, both account being left open with small amounts still in place.

Thanks for any help......

seven-day-weekend

cemeterybird wrote: »

Sadly late last year I was made redundant and have little chance of getting another job, being a 61 year old woman - so my only income now will be my state pension:-(

This means there is no way I shall be able to save any new money for the forseeable future and most probably will have to dip into my savings just to get by.:(

I transferred my ISA's to a Santander one last year, of course, only expecting to get a decent interest rate for the one year and sure enough, I have just received a letter stating that, as an existing customer, I will only continue to get a decent rate if I have at least £14K invested (which I haven't), so I guess I shall have to transfer again.


Can anyone offer any advice as to which one is the best to transfer to in my circumstances? The two accounts from which I transferred to Santander last year are Nat. West and National Savings, both account being left open with small amounts still in place.

Thanks for any help......

Hello, I can't help with your ISA but just to say that if your income is low enough you may be eligible for Pension Credit. This will top up your income to a minimum amount and will also qualify you for Council Tax Benefit and full help with rent (if you rent). Take a look here:
http://www.direct.gov.uk/en/moneytaxandbenefits/benefitstaxcreditsandothersupport/on_a_low_income/dg_10018692

cemeterybird

Hi - I thought that having savings would negate me from getting any benefits plus I have a younger partner who is still working, which would also put the blocks on claiming benefits?

seven-day-weekend

The partener's income will be taken into consideration. If as a couple you have less than £209 a week from all sources, then you should be entitled to Pension Credit.

I think savings have to be less than £10k.

cemeterybird

Thanks 7Dwkend - I checked out the Pension Credit calculator and there is no way I would be entitled, what with my Partners income, my savings (including Premium Bonds) which would take me over the £10K.

seven-day-weekend

Yes, we are in the same postion.

Oh well, it was worth a try I suppose.

Hope you get some advice about your ISA.

cemeterybird

Thanks again - I posted the same question on the ISA's forum (wasn't sure which would be best - so chose both - hope that's allowed?) and the majority seem to think the Halifax ISA Direct Reward would be best in my circumstances. Not the highest interest but I don't seem to fulfil the requirements of some of the higher rate ones..... so I am in the process of 'trying' to open a Halifax account but Firefox crashed on me half way through, so I have to start again!!! The joys of computers lol!!!

ViolaLass

cemeterybird wrote: »

The two accounts from which I transferred to Santander last year are Nat. West and National Savings, both account being left open with small amounts still in place.

Did you have a reason for leaving them open and not having all your money in one place?

cemeterybird

ViolaLass wrote: »

Did you have a reason for leaving them open and not having all your money in one place?

No reason - just didn't know any better!! I never know whether it's best to close accounts down when withdrawing money or to leave open with a small amount in them. I guess I tend to think the latter, probably dating back to when there were a lot of takeovers and if you had an account you used to get bonus payments..... hasn't happened for a lot of years though!

I have just opened a Halifax account to use for transferring my old Santander ISA funds - haven't done that yet though..... so do you advise closing down all unused accounts?

cemeterybird

Having just taken advice from the ISA forum, I have now printed out three Halifax Transfer Forms which will enable me to tidy up my finances, close down my previous accounts (there is an option on the Halifax Form which states: 'Please close and transfer all of my ISA').

Thanks everyone for your contributions :-)