Top up existing ISA (ING) or open new (Cheshire)?

gelato_cat

Hi all

I have an ING ISA which is paying 3% interest until September this year.

If you were me, would you put this year's contributions in and switch in September when the rate drops, or secure the Cheshire (or another) 2.6% rate for 12 months from now?

I need easy unlimited access to the money so am not looking at long fixes etc.

TIA

Suze

cwal

If ING allow further payments in to the ISA then you could put more money in to that, however the risk with this is you are hoping that a decent ISA rate will around in September when you need to transfer. A lot of the best rates at the moment are for new money only and don't accept transfers in, except for Leeds BS and Santander (which drops on Monday) It may be safer to secure a good rate now for your new allowance this year and then look around in Sept for the best rate allowing transfers to move your ING balance to.

david78

I would put money from this years allowance into the Cheshire at 2.6%. Then transfer the ING account out at the end of September to the best account you can find.

KonkyWonky

david78 wrote: »

I would put money from this years allowance into the Cheshire at 2.6%. Then transfer the ING account out at the end of September to the best account you can find.

Likewise, no point making guesses about what will be available in September. All you can do is chase the highest rate you can get at the time.

Stompa

Suzey wrote: »

or secure the Cheshire (or another) 2.6% rate for 12 months from now?

I'd be interested to know where you expect to find 2.6% for 12 months?

KonkyWonky

Stompa wrote: »

I'd be interested to know where you expect to find 2.6% for 12 months?

Coventry BS

http://www.coventrybuildingsociety.co.uk/savings-and-investments/cash-isas/cash-isa/cash-isa.aspx