Organising little amount of savings - basic help please

redrabbit29

Hey guys,

This is my situation. I have:

1 nationwide e-savings account with £1300 in it - a lot of money to me!
1 halifax savings account with £10 in it - still a lot of money!!!

Anyway, as I'm sure you are aware nationwide savings offer a really good rate. However, I make about £60 a year interest, and lose £10 in tax, so was thinking about an isa.

I really like the organisation of nationwide and the simplistic accessibility they offer, especially transfering money from flexaccount to e-savings

can anyone recommend an instant access ISA with a really good interest rate. Preferably with halifax or nationwide. I don't really want to move bank just for the sake of 0.1% interest.

Are nationwide isa's any good? Or are halifax better?

Thanks

debbie42

They both have a decent fixed rate bond, but their standard offering is around 0.5% lower than the market leaders. I wouldn't take a fixed rate atm, personally.

If you took an NS&I ISA at 6.05%, then over a year, with £1300 invested you'd be around £7 better off than at the Halifax. The Halifax is certainly easy to fund and transfer etc., IME, but I wanted a better rate so moved mine recently.

sparklymessygirl

Hi there,

I went with NS & I Direct ISA - open with £1000, has the highest rate along with Egg I think. You can contribute online or by phone but I think the minimum deposit after opening are £250 (or £100 by standing order). Very easy to use online.

Sparkly

redrabbit29

It would have to be easy enough to get the money, as the only money I really have is the savings, which I'm trying to build up a bit. So transferring it to a current account within, say, 5 days would be neccessary.

I assume the NS & I would allow that?

redrabbit29

The other question is, is it worth moving from nationwide e-savings where I am happy and comfortable, to another bank for some extra % interest?

Jonbvn

redrabbit29 wrote: »

It would have to be easy enough to get the money, as the only money I really have is the savings, which I'm trying to build up a bit. So transferring it to a current account within, say, 5 days would be neccessary.

I assume the NS & I would allow that?

NS&I allow you to withdraw money out of their Direct ISA online. You have to transfer to your nominated current a/c. I have never used the facility, but I believe they do so via BACS, which usually takes 3-4 days.