waiting fpr April 13 or moving my Isa

mandarine09

Hi,
I had an Isa with Santerder which expired 2weeks ago. I went to bank and the lady didn't advise me very well. She said that I had 2 options:
-wait until Apr 13 and tranfer the money on a new Isa as the interest will be attractive
-open a 1yr saving account at 2.3%

My husband is advising me to transfer the money into my current account as I only get 0.5% interest at the moment. I can not transfer into this year Isa as I opened by mistake a fixed rate one.

The lady from the bank advised me not to move my money into a saving account as I will pay tax... and therefore to wait until Apr 13.

What do you advised me as for the monent my money is only sleeping in my account?

Thanks for your help

Lokolo

OK you can transfer ISAs whenever you want. However there may be restrictions on where you can move to, and whether or not there are penalties for moving (if in a fixed term account there is usually penalty interest).

What you must do is find an ISA that allows transfer in. You then open the account with £0 balance (so you don't deposit any money). You then fill in an ISA transfer form with the new provider.

The best ISAs currently available can be found here.