Advice please

susiejq

We (me and hubby) currently have a cash ISA each with the Halifax earning 3%.
We also have a Nationwide flex account (joint) so should qualify to open the new 4.25% in branch ISA for this year but it doesn't allow transfers in.
We don't have any loose cash to put in at the moment but my questions is - is it worth taking out the maximum from each of our Halifax ISAs and putting it into Nationwide to earn the 4.25% for the whole year?
Can anyone see any disadvantages in this other than the fact that we can't then add anymore if we have some more savings to save (if you know what I mean). Not sure we will have, as hubby has very little work and DD is off to Uni in September and doesn't qualify for any grants only the basic maintenance loan and tuition loan so we will have to support her.
Anyone have any advice? I know what a brainy lot the forumites are.
Thanks:o

innovate

If you are quite certain that you won't have additional money for your ISAs this financial year, withdrawing from the Halifax and paying the money into Nationwide ISAs might well be the best option for you.

Depending on what flexibility you need, you could also consider transferring some or all of your ISA money to a fixed term plan - this should give you 1%+ better interest, and still keep your options for new ISAs this year open.

psychic_teabag

You could hedge your bets a bit by moving the money over gradually, over a few months, rather than all at once. Or half now, half in 6 months time.

Could also transfer ISA to Santander to get 3.3% (or not, based on your experiences with Santander). Or just a partial transfer to hedge some more.

susiejq

Thanks to both of you. I was considering a part move or the Santander 3.3%. We have our mortgage with them as well and don't have too much problem with their service so far. If we move everything to Santander then we would still have the option of adding extra savings should we manage to find any.
Advice appreciated:beer: