ISA question

lovingfreefilms

For the last couple of years I've had an ISA with Halifax (now have £6000 in it) - started off paying 5% but think its now dropped to 4.5% - in April I want to put another £3000 in but obvoiusly want to get the best interest rate.

If I was to open an ISA with a different bank/building society would I just put £3000 in at the beginning of April or would I be able to transfer the £6000 from the Halifax ISA as well so I'd have £9000 taking advantage of the higher interest rate?

Many thanks for advice

SalsaDanca

Most ISAs allow you to transfer in your existing ISA, but there are some exceptions (such as NS&I).

When you open your new ISA, amongst the paperwork you will find a transfer form that you should fill in with the details of your old ISA. I think you have to return the transfer form to the bank where you have your new ISA. Do not withdraw the money from your old ISA, as it will lose its tax-free status.

jem16

lovingfreefilms wrote:

For the last couple of years I've had an ISA with Halifax (now have £6000 in it) - started off paying 5% but think its now dropped to 4.5% - in April I want to put another £3000 in but obvoiusly want to get the best interest rate.

Which ISA is it you have with the Halifax? If it's the ISA Saver Direct it's now 5.25%.

lovingfreefilms

panic over! thanks jem - just double checked and mine has gone back up to 5.25% - so thats ok for now - will keep a close eye on it.

my new year's resolution is to keep tighter control over my savings.