cash isa 5 years old

paul2louise

i have a cash isa with northern rock and it is now 5 years old. Do need to do somethig else with it or can i continue adding £3000 to it each year. I f i do need to do something any advice welcomed

louise

jimclark1967

Have you been adding to it each year?

If so, then you can continue to add £3000 a year until ISAs cease to exist in 2010

If not, you'll need to "reapply" - contact Northern Rock to ask how to do this. Or just open one with a different bank.

:j

bazhance

It would appear that you may have lost out on quite a bit of interest,if you have a mini cash isa then its only paying 3.75% and you can get between 5.25% with sainsbury and up to 5.4 or so with alliance and leicester.So I would pick a new isa and then transfer the northern rock one.But don't draw the money out it must be transfered or you loose your tax free status.

chubbybrown4real

So have £9k in an cash isa built up over the years.
So I can open another account with a higher interest and transfer the lot over to the better Cash Isa account ?
Cheers and thanks in advance
R

jimclark1967

Yes, you can transfer to any provider you like as often as you want. The new provider will normally organise this.

paul2louise

thank you i have just opened a new cash isa with abbey national postal isa and transfered it from the northern rock