Have isa with rbs but want with NS&I

roryp15

I currently have a instant access ISA with RBS. I have £0 in it as i dont really use it as i can always get access to my money through online banking so what ever is in there always get withdrawn as i can get access. Im wanting to move it to the NS&I. a few main reasons, i hold premium bonds with them and would like to hold savings with them in ISA aswell, i cant get immediate access to my money ( takes a few days ) and all money is 100% secure not just the first 85000.

The only problem is ive put so far £636 into my ISA with rbs but ns&i dont accept tranfers so how do i go about getting one with the NS&I ? Am i right in saying that because i have already deposited in one this year i would need to cancel the one with RBS then open a new one with the NS&I next april as i cant deposit into 2 ISA in any year or is there any other way around this ?

Thanks

Rory

le_loup

No, you are stuck if NS&I do not accept transfers in.

badger09

roryp15 wrote: »

I currently have a instant access ISA with RBS. I have £0 in it as i dont really use it as i can always get access to my money through online banking so what ever is in there always get withdrawn as i can get access. Im wanting to move it to the NS&I. a few main reasons, i hold premium bonds with them and would like to hold savings with them in ISA aswell, i cant get immediate access to my money ( takes a few days ) and all money is 100% secure not just the first 85000.

The only problem is ive put so far £636 into my ISA with rbs but ns&i dont accept tranfers so how do i go about getting one with the NS&I ? Am i right in saying that because i have already deposited in one this year i would need to cancel the one with RBS then open a new one with the NS&I next april as i cant deposit into 2 ISA in any year or is there any other way around this ?

Thanks

Rory

If NS&I don't accept transfers, then as le loup says, you can't transfer anything to them. However, you could transfer to another provider (eg Santander Direct ISA 9 @ 3.3%) and keep paying into that.

Its not clear from your post whether you have paid any money into your RBS ISA since 6th April 2012. If you haven't, then you can open an NS&I ISA for this year's money.

NS&I are only paying 2.5% though, so you're losing tax free interest because you can't resist withdrawing your savings. Just be strong and control your urge to spend

roryp15

i have deposited £606 since april but theres nothing in it any more. I know its only 2.5% with ns&i and can get better rates , 3% etc plus even a bit more if i loxk it away but im wanting it make sure all of my money is safe not just the first 85K and ns&i are 100% secure so eould prefer to take thet hit.

As i hae premium bonds just now i might just put money in tgem then come april put the full isa allowance for next year then start saving tge year after allowance in bonds so alway put full allowance in at the start of the year.

Linton

Why are you concerned about the £85000 compensation limit when you only have a few hundred pounds to invest? Even if you paid in the maximum into an ISA each year it would take you say 15 years to exceed the limit.

As people have said, you cant get an NSI ISA this year but can next. You wont need to cancel your RBS ISA. Each year is effectively a separate ISA, you cant add money to a previous year's ISA but you can leave it to continue gaining interest.

Suggest you exercise some will power and leave the money to gain the interest. If you are just using it as a current account why have an ISA?

le_loup

roryp15 wrote: »

I currently have a instant access ISA with RBS. I have £0 in it as i dont really use

roryp15 wrote: »

im wanting it make sure all of my money is safe not just the first 85K and ns&i are 100% secure so eould prefer to take thet hit.

Great plan ... for when you have more than £85,000!
Some years off, I think.