Please advice on best NISA account

Cpu2007

Hi everyone,
I have read the articles about the NISA accounts that are available and would like some advice as a few things are confusing to me.

I understand that now I can top 15k each year.
Some accounts, such as lloyds, offer 4% or more (nationwide) interest,these aren't NISA accounts right?

If I have 5k, what would be the best account to go for and why?
I currently have 5k in virgin isa(it's been more than a year since I have this money there) and the interest rate is quiet low there(i believe it's 1.25 or 1.50)


Thank you in advance.

Archi_Bald

How much new money are you planning to put into an ISA before April 6 2014? When do you expect to need to spend your ISA money?

Cpu2007

April 6 is already over right?
I have 5k in virgin isa account and would like to move to another isa account with better interest rate, I can leave the money for a year but easy-access will be beneficial(like in my current isa account)

Cornucopia

The best interest rates after tax are not ISAs. Have a look at the interest paying current accounts.

Archi_Bald

Cpu2007 wrote: »

April 6 is already over right?
I have 5k in virgin isa account and would like to move to another isa account with better interest rate, I can leave the money for a year but easy-access will be beneficial(like in my current isa account)

Ooops, sorry, I am in a timewarp.....I meant April 6 2015. It sounds like you won't get anywhere near the £15,000 limit this financial year, so you might as well forget about ISAs alltogether. Tax-free interest doesn't mean it is always preferable since you might be able to get more in taxable interest.

Open a couple of TSB Plus accounts, and may be also a Nationwide FlexDirect. They all pay 5% AER, which is 4% after basic rate tax, over double what you can get in any instant access ISA. The FlexDirect rate only lasts one year but TSB are advertising that their rates aren't just for a year.

There are other current accounts that pay more than ISAs do, and there are threads about all these accounts on the forum.