Best way to combine all ISAs in one account?

kalsha

I am getting fed up of opening different ISAs with different banks every year. There are all the account numbers, passwords, user names, memorable information, security questions etc etc to remember!
The idea was to combine them all in one place eventually, even if they started off in diff places but it isn't working out! I just want a simple life with less paperwork etc.
I can't get my head round how to do this in the best way.
I am looking to put in this year's allowance (2013/14) and then maybe 2014/15.
I have some in Virgin which expires in Nov 2014.
I have some in Halifax which expired in Nov 2013 but I never got round to doing anything about it and is earning peanuts now.
I opened the Virgin one as it allowed transfers in but I didn't realise that I had to do it in 30 days. I had planned to lump everything there but I misunderstood that there was a time limit in which to do the transfers.
I am now looking at Halifax 18 months fixed at 2%. But that means that it will expire some time in Sept 15 when there might not be good deals around. Should I be looking at Halifax 2yr fix at 2.05% so that it expires aroung March/April time?
Any suggestions?

Archi_Bald

It is unlikely to be wise to leave your money in old ISAs since all of them will most likely pay totally pityful interest. You should review your ISAs anually and get them transferred (by the new provider, not by yourself) to an ISA that pays better interest.

Not all ISAs will allow transfers in, so your ideal of having all your cash in one cash ISA might be nirvana. However, if you were investing in S&S ISAs, you could have everything in one. S&S ISAs are only sensible if you have a good cash emergency pot, and a 7-10 year outlook for the investment.

kalsha

I'm not brave enough to go down S&S route yet! Will stick to the cash ISAs for the time being. What I was hoping to do was to try and transfer all the diff ones into one that is a paying a reasonable rate. So I would have to stick to the ones that allow transfers in and get the timing right! That is why I am pondering over whether to go for the 18 month one or 2years. And am I correct in thinking that when the fixed term ends, it will attract low rate of interest, so if I leave it there for a month or two till I find a new home, I will lose very little interest. Please put me right if I have not understood the whole transfering thing. Thanks.

kalsha

I have decided to go for the cash ISA route - not ready for the S&S route yet!
Narrowed it down to Halifax 2yr @2.05% or maybe 18mths @2%. Many people are considering the Virgin one @2% - that is is the one that doesn't exist on their website but people have managed to open one via the link given here.
Is there any reason why people are not going for the Halifax at the same rate as Virgin? Am I missing something here? I will want to put in next years allowance in the same one as well.
Grateful for any suggestions. Thanks.

t0rt0ise

I am in a similar position. I have three ISAs at the moment. The trouble is that two are due to mature at different times and the third is a variable. I would like to bring the three together into a fixed and open a variable for the year's gradual savings. I have lots of research to do first though. The Halifax fixed looks fine but it may not be available when I'm ready for it.

libra10

I managed to combine three ISAs into a Nationwide Flexclusive ISA a year or so ago, and it did make less paperwork.

However, the sum (along with other accounts) brought me near to the FSA compensation limits, and I recently asked Yorkshire Building Society to transfer the ISA into their 18 month fixed rate bond, paying 2% interest rate. I don't think this offer is still available.

Like yourself, I wanted fewer accounts to work with, but you need to consider the FSA compensation rates.

hgt

kalsha wrote: »

Is there any reason why people are not going for the Halifax at the same rate as Virgin? Am I missing something here? I will want to put in next years allowance in the same one as well.
Grateful for any suggestions. Thanks.

I think the main reason are going for the Virgin 1-year fix is simply because it's paying pretty much the same rate as Halifax, but for a much shorter term, so your cash isn't tied up for as long... which could be a good thing if rates do eventually rise.

For me personally if I had a choice between a 1-year fix at 2% and a 2-year fix at 2%, I'd go for the 1 year option. I think the way things are looking at the moment (rates have to rise eventually) - I don't think you'd have much trouble finding another short term fix playing 2% plus in a years time.