Where's my interest?

david78

I see. If you intend to use your allowance this year as well, then it is probably worth it. You should shop around to see where you might get the best interest and transfer to the account. Have a look at the "best isa" thread stuck to ths board.

Lauren_ander88

Would you say that is best after I have received some interest or will I get it before I transfer?

LittleVoice

Lauren_ander88 wrote: »

I only opened the e-isa 2 days ago, but I want to transfer the money to a better interest easy access isa so that's why I was wondering if it was worth putting it in last minute

It does mean that whatever you put in on Friday is now "protected" in an ISA. If you had waited till Saturday you would have lost the 2012-13 ISA allowance.

rb10

Lauren_ander88 wrote: »

I only opened the e-isa 2 days ago, but I want to transfer the money to a better interest easy access isa so that's why I was wondering if it was worth putting it in last minute

It was definitely worth it.

You have an annual ISA allowance - this is the maximum amount of money that you can pay into an ISA per tax year.

Since you paid in on Friday, that counted for last year's allowance. And you now have £5,740 that you can pay in this tax year.

Had you waited until Saturday to open the ISA, then anything you paid in would have counted as part of the £5,740.

Forget about when interest is paid. It won't be much on this account, as you'll only have had it open for a short while. You won't lose out though.

Just focus on moving it to a better account. There's a comprehensive list here - pick the best that suits you, open it, and fill in a transfer form. Make sure you pick from the list that permits transfers in.

Lauren_ander88 wrote: »

I am looking for the best deals now actually. I need a new current account for my wages and I want to open a new account for my start up business, were I am not earning very much. Struggling to find any that don't have a minimum monthly deposit amount

I don't know how much you'd be paying in each month, but if you don't meet the minimum requirement you can just transfer some money out to another account and then back in - this is an easy way to meet funding requirements.

Some ideas are:

Santander 123 (pay in £500/month) and get cashback on bills, and interest
Nationwide FlexDirect (pay in £1k/month) and get 5% interest. If you don't pay in £1k, you just don't get the interest - there's no actual penalty.
Halifax Reward (pay in £750/month) and get £5 cash reward. Like with the Nationwide account, there's no penalty for not paying in £750, you just don't get the £5 that month.

Lauren_ander88

This is brilliant, and I am focusing on switching my account now. I have been with HSBC for over 15 years and I can't say when I have received any decent amount of interest from them, even in the flex saver account. I have wasted all my time with them. Thanks for your help.

Lauren

anoncol

Lauren_ander88 wrote: »

This is brilliant, and I am focusing on switching my account now. I have been with HSBC for over 15 years and I can't say when I have received any decent amount of interest from them, even in the flex saver account. I have wasted all my time with them. Thanks for your help.

Lauren

I've also been with HSBC for years. I originally had a Natwest account that turned into my student account for a discounted rail card.

Its time for a decent current account for you and me both. Just need to convince my wife of the change.