MSE News: Got a best buy Isa last year? Act now as rates have plummeted

Consumerist

thela1 wrote: »

Ok - time for me to ask a really stupid question.
I have just shy of £10k in a Santander ISA which I got last year - the one with the 3.3% rate.
When does the interest get paid on it, and when should I move it to a new ISA (probably the new 2.5% one also offered by Santander?
If I move it too early, will I not lose the interest earned.

Interest is normally paid a year after opening the ISA (on the account anniversary). The interest rate will probably drop like a stone after the first year is up so that's probably the best time to transfer it. Interest will be paid up to the date of the transfer and will be included with the transfer.

You may need to go to a Santander branch to transfer from one Santander ISA to another. Check with Santander to make sure.

Gordon_the_Moron

Might be an idea to transfer to the new one now, even if you have got a few weeks left on the old deal. If you wait the new deal might have been pulled in the mean time. Your call but worth considering!