best thing to do?

charlotte1989_2

Hello!

Just wondering what would the best thing for me to do in terms of my ISA's.

I currently have £3296 in a Nationwide e-ISA that was opened for the 2011-12 tax year but the bonus expiry dtae is 31st august 2012 and my bank statement says the current gross interest rate is 3.10%.

I also have £5502 in a Barclays ISA that was opened in the 2011-12 tax year.

I don't know if I should wait for the Nationwide bonus in august and then transfer both the Barclays and the Nationwide into 1 new ISA? Which ISA would be the best?

I would also like to open a new ISA and deposit the new allowance of £5640.

But then I would need one ISA account where it is ok to withdraw as I will need to withdraw about £3000 in the summer.

Sorry if I've mad no sense, ISAs confuse me!

Thanks,
Charlotte

charlotte1989_2

I've just seen the Santander 3.3% ISA.
Would it be best for me to open that account, transfer the 2 ISA's in and then deposit the new allowance into that account?
Or is that not the best idea. Or even allowed?

Zekko

Santander have an ISA paying 3.3% which accepts 'transfers in' and penalty free instant access, so you could consolidate all your ISA's into this account, and receive a bit more interest compared to what you're currently getting from Nationwide (not sure what rate your Barclays ISA is paying).

nearlyretired2004

Sorry - just realised I posted rubbish and dont know how to compltetely delete a post!!

charlotte1989_2

Thanks, think I'm going to open the Santander and transfer my 2 existing ISA's from the last tax year.

nearlyretired2004- the Barclays ISA was a new ISA opened last April, I deposited the full allowance in one and that's just the interest taking it up.

Would the AA 3.50% be a good shout for my new allowance?

nearlyretired2004

Yes I realised that as soon as I posted - hence my correction above! ...(Sorry!)

Zekko

charlotte1989 wrote: »

Would the AA 3.50% be a good shout for my new allowance?

Can you afford to lock the 2012/13 money away for a bit longer, say 2 years?... then Birmingham Midshires (4.05%), or Santander (4.0% + potential 0.1% bonus if a certain golfer wins a major) may be a better bets. There are however penalties applied if you need to access the money before the 2 years are up.

Nationwide are also offering a 4.25% instant access ISA (with conditions):

This account is available to individuals aged 18 or over who hold a Nationwide FlexAccount with a Visa debit card (not a cash card+) and:

• have been paying in £750+ (excluding internal transfers) a month for the last three months;
or
• complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last four months
and
• who continue to hold a Nationwide FlexAccount with a Visa debit card (not a cash card+) and deposit at least £750+ per month into the FlexAccount (excluding internal transfers).

fiesta04

Did you really open them both in 2011-2012 Tax Year???

charlotte1989_2

I opened a new account with Nationwide and transferred in an old ISA and opened a Barclays one and added with the new allowance.

charlotte1989_2

Decided to go for the Santander ISA as I will probably need access to money when I return to uni.

In the santander declaration, it says-

I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA; and

so does this mean I can't open the Santander ISA to transfer 2 old ISAs into and open the AA ISA for the new allowance?

sorry!

nearlyretired2004

err .... is this not exactly what you said you did in 2011 in post number 9? (transfer old ISA and subscribe to new )

Subscribing is NEW money an refers to your £5640 allowance ... transfers can be done at any time subject to any specific penalties in the Ts and Cs of individual accounts.