|Isa ? Nisa What to do ?

Rayz

Hi,
I have a couple of Isa's that have matured.
I'm not sure what to do, it seems I have a few options.
1. Leave the money where it is.
2. Withdraw and close the account.
3. Transfer into an Nisa.


There may be more options, but that's all I know..
Any help much appreciated.


Thanks

YorkshireBoy

Rayz wrote: »

Any help much appreciated.

How much cash?
What are your plans for the money?
Over what timescale are you looking at?
How much per year are you currently saving?

Rayz

About 15k.
No plans as yet - still have mortgage though ?
2 - 5 Years.
Not saving much at the minute....


Looking forward to your reply..

jimjames

Rayz wrote: »

Hi,
I have a couple of Isa's that have matured.
I'm not sure what to do, it seems I have a few options.
1. Leave the money where it is.
2. Withdraw and close the account.
3. Transfer into an Nisa.


There may be more options, but that's all I know..
Any help much appreciated.


Thanks

A nisa and ISA are exactly the same thing. Any ISAs automatically came under the new rules as of 1st July so you don't need to do anything.

You can get far better rates outside an ISA though.

YorkshireBoy

jimjames wrote: »

You can get far better rates outside an ISA though.

OP, what this means is if you have a partner you could get 5% AER on the entire £15K for the first year* by using high interest current accounts. That's 4% after basic rate tax.


What's the best NISA rate you can find for the same instant access?




* It'd drop ever so slightly in year 2.