best option

niftyfifty_2

We have always used all our tessa & isa allowances since they started and now have £53,000 in toissa,s & isa,s .This year we will invest in another isa each making our pot £60,000. Would like some info on best deals. We have never touched the interest so this has accumulated,however we are nearing retirment and may need to dip in every so often. Would it be poss to split the pot allowing us to have access to some if ness but leaving the balance to grow ,maybe in a yearly best isa/toissa acc for growth ,and putting this years £6,000 in a seperate isa which we could draw on if ness,hope I have made this clear,would appreciate any thoughts and BEST DEALS.
With thanks (S)

Reaper

There is no need to split off part of your ISA/TESSA to draw from. You can simply take out any money you want whenever you want.

Best deal for this year's ISA is First Direct at 6.25% fixed BUT it expires on 6th October after which it will drop to 4.35% (or whatever their rate is at that time). So if you go for it I suggest you transfer it on that date to another provider.

Note that First Direct will not allow you to transfer your existing £53,000 to them.

Strangely they will let you transfer £3000 of it (actually that's a simplification - read the First Direct thread if you want the actual rules but I warn you it's very confusing!)