Advice pls as Natwest has reduced cash ISA to 1%

jumbopants

Hi All,

Been with Natwest cash ISA for a few years it started at a few percent but is now down to 1%, I have 42K in there plus I want to put in the new allowance so a further £9060, Can anyone advise on where I can move/transfer the 42K plus add the 9060 to make just over 51K to keep it all together and achieve better than the 1% that I'm now getting at Natwest ?

Many thanks in advance for any advice/reply's

ViolaLass

http://www.moneysavingexpert.com/savings/best-cash-isa?_ga=1.239473603.1392107778.1374676840

Archi_Bald

ViolaLass wrote: »

http://www.moneysavingexpert.com/savings/best-cash-isa?_ga=1.239473603.1392107778.1374676840

For unknown reasons, the referenced article doesn't mention the First Direct ISA. 2% on balance > £40,000, and accepts transfers in.

tsmiggy

I think with the First Direct ISA,it involves opening a current account with them,and having at least £1000 in it at all times

jumbopants

thanks guys, gona open the first direct and get the 2%..:beer:

Archi_Bald

tsmiggy wrote: »

I think with the First Direct ISA,it involves opening a current account with them,and having at least £1000 in it at all times

Yes, you need their current account but no, you do not have to keep anything in it, or pay anything into it, or use it in anyway. You just need £1 in one of their normal savings accounts, e.g. the Everyday e-Saver one to avoid monthly charge of their current account. This is published on their website and people have been using this for years.

tsmiggy

Thankyou for that information,maybe worth a look


cheers

bigadaj

....though obviously most of the money could be placed into a range of current accounts paying 3-5% as an alternative.

moxter

That would take all the money out of the tax-free wrapper though. If ISA interest rates rise considerably, or if the OP wanted to explore S&S ISAs in a major way, suddenly it would take several years to put that 50k back into ISA format again.

roxy28

Archi_Bald wrote: »

You just need £1 in one of their normal savings accounts, e.g. the Everyday e-Saver one to avoid monthly charge of their current account.

The cash ISA is also one of the savings accounts which counts, so no charges.