Changing my ISA account?

JTT_2

Should I cash in my ISA which is with royal london, I am currently 3 years in on a five year plan. Are there better offers out there? I have £8000 saved, are there better offers out there?

Bargain_Rzl

Don't know about specifics, but don't "cash it in" unless you need the cash! If you want to transfer it to another ISA, you can keep the cash - both capital and interest - tax-free, but if you simply cash it in you will never be able to re-apply previous years' ISA allowances to it.

What are the interest penalties on your current ISA if you transfer out before the 5 years are up?

JTT_2

I am not sure. My concern is that I am not making the most of my investment. Are there better deals out there, currently I receive about 5%, but this is dependent on stocks prices, should I switch to a cash ISA.

Walletwatch

You seem to currently have a stocks-ISA, and you are looking at moving to a mini-cash ISA. The best mini-cash ISAs available today are the Abbey postal ISA which offers 5.35% variable, and the Abbey 1-year fixed rate ISA, offering 5.5%.

Paul_Varjak

Your current ISA is a Stocks and Shares ISA. Stocks and Shares ISAs and Cash ISAs are NOT interchangeable. That is, if you switch out of your existing ISA, you can only switch to another Stocks and Shares ISA.

Without knowing what the penalties are for switching out of your current ISA, I think it would be hard to offer any guidance.