New year ISA - Stick in old account or new account

k18dan

So.. I have an ISA that I open at the beginning of the last tax year, it came with a interest rate + bonus amounting to 3.50% until 30/10/13

Now I would like to make a deposit of this years ISA allowance - however do I put it in in my old ISA account and get a good 3.50% for 5 and a bit months and hope the rate doesn't drop really low after the bonus

OR

Do I start off a new ISA elsewhere and get approx 2.5% for the whole year?

innovate

Your decision.

k18dan

Your correct it is.. but would be interested in what other people would do.

saintalan

Well first you need to check if you can still add to that ISA as it may be closed to new money.

If you can then you could add to it until it reverts to low interest and then find somewhere with a better rate to transfer the whole amount to.

Alan

typistretired

Or do what myself and others have done on this site. Open an ISA which allows transfers in, with a decent rate. Fill in a transfer form with them to transfer £100 from your previous year isa to them. A month before your isa matures in October fill in another transfer form for them to transfer the rest of your isa from the 30th October 2013. Make sure you tick the box which says not to transfer until notice period etc. I and others on here have topped up our isas which lose their bonus in September and October with this years subscription and hope to move all of it then if possible. We are just keeping our options open incase decent rates disappear.

Networth

If I opened and filled a 2012/13 Santander ISA in August 2012 at 3%, this rate is guaranteed until July 2013.

Can I transfer my 2011/12 ISA into this account and have that benefiting from the 3% also until July 2013?

ANGLICANPAT

Is this by any chance the Cheshire ? Mine has a 3.50% rate finishing that date, but they have told me no, I cant add this years to it.

Networth

Not the Cheshire.

Halifax at 3% finished 2/4/2013 now on 1.95% until I can figure out somewhere to transfer it to.

Have the Santander 3% until July 2013. Interestingly my Santander online account suggests that I can contribute a further £5760, does that mean I'll get to open this year's ISA allocation with Santander at 3% until July 2013?

ANGLICANPAT

Sorry Networth, I forgot to put in the quote. It was poster No1 I was replying to.

brick

ANGLICANPAT wrote: »

Is this by any chance the Cheshire ? Mine has a 3.50% rate finishing that date, but they have told me no, I cant add this years to it.

*If* the same account, there seems to be different understandings:-

VodkaSorbet wrote: »

Yes you can - I called and asked as I have the same account.
You can't transfer in but you can pay in the new 2013/14 allowance.

Don't know what is correct. Perhaps even both correct on respective dates.

ANGLICANPAT

Werhay! Ill ring up the head office tomorrow, .My previous contact was at the local counter . I originally did think this may be the case, but hopes were shattered following the visit to my branch l:(
Does seem too good to be true though. Thanks for the heads up Brick.