ISA transfer / Current Account interest

delmar39

Hi


I have two questions. I have recently opened a Nationwide Regular Saver ISA 2.33%. I have £4.5k sat in another Nationwide ISA at 1.5%. I would like to transfer the £4.5k into the better rate ISA over time, but the rules say I cannot do this. If I transfer the money into my flex or better still into an external current account and then into my better rate ISA will anyone actually know? Perhaps a daft question, but just thought I'd ask.


Secondly, I've maxed my current accounts (hence why I have ISAs) and wondered what people did with their interest? Transfer to savings account, mortgage overpayments etc? I'm currently transferring mine into the 2.33% Nationwide ISA - get the 4% then bonus of a further 2.33%.


Thoughts and comments welcome.


Cheers

Archi_Bald

delmar39 wrote: »

If I transfer the money into my flex or better still into an external current account and then into my better rate ISA will anyone actually know? Perhaps a daft question, but just thought I'd ask.

Not a daft question but the smart way to do it if you aren't maxing your ISA allowance this year by other means. Nobody will know, and even if they did, you are not doing anything wrong.

delmar39 wrote: »

Secondly, I've maxed my current accounts (hence why I have ISAs) and wondered what people did with their interest? Transfer to savings account, mortgage overpayments etc? I'm currently transferring mine into the 2.33% Nationwide ISA - get the 4% then bonus of a further 2.33%.

If you have maxed all current accounts (some £45,000), there is nothing much else about that pays you more than inflation. Do you need that much in ready cash or could you look at investments for some of your money?

delmar39

Archi_Bald wrote: »

If you have maxed all current accounts (some £45,000), there is nothing much else about that pays you more than inflation. Do you need that much in ready cash or could you look at investments for some of your money?

Sorry slightly misleading on my part, I've maxed 2 x TSB Classic and 1 x Nationwide Flex Direct. By no means all CAs so apologies. For one reason or another I want to transfer the remaining £4.5k into my higher rate ISA, although am considering opening two TSB Classic joint a/c with it.


Just interested to know what people did with the interest they generate on current accounts.


Apologies again for the misleading info.

B_G_B

delmar39 wrote: »

Just interested to know what people did with the interest they generate on current accounts.

Put it into more current accounts.:j