What should I do with my cash ISAs?

d712

I've just looked up the Coventry Building Society 2.25% ISA - its fixed until 30th Nov 2018 but 'Transfers of previous years' ISA funds and subscriptions in future tax years' are not permitted'

masonic

Correction: the Coventry account doesn't accept transfers, so wouldn't be any good for you, but there are some alternative ISAs which do.

masonic

d712 wrote: »

I've just looked up the Coventry Building Society 2.25% ISA - its fixed until 30th Nov 2018 but 'Transfers of previous years' ISA funds and subscriptions in future tax years' are not permitted'

Yes, was just correcting myself when you posted.

d712

Thanks masonic


If you put to one side all the things I mentioned above and it was entirely up to you, what would you do if you were in my position?

d712

I'm leaning towards the Halifax 2 year fixed rate ISA at a miserable 1.6%


I remember opening a Halifax 4 year fixed rate ISA at 6.2%.


Those were the days...

masonic

d712 wrote: »

If you put to one side all the things I mentioned above and it was entirely up to you, what would you do if you were in my position?

It is no secret that all my ISA money is in S&S. But if I had no experience investing in S&S I probably wouldn't be confident enough to put all of my cash ISAs into S&S.

So I would probably transfer the cash ISAs to S&S and put £15k of new money into the best available cash ISA and save the 2015/16 money outside of an ISA and put it in just before the end of the next tax year.

I'm hoping that P2P ISAs will materialise this tax year, if so I'd use the 2015/16 allowance for that.

d712

Would you recommend peer to peer lending? I briefly considered it.

masonic

d712 wrote: »

Would you recommend peer to peer lending? I briefly considered it.

The only thing currently putting me off is having to report the income to HMRC. Obviously there is some risk involved, so I would be using P2P to replace some of my bonds in my S&S ISA rather than some of my cash savings.

colsten

d712 wrote: »

I'm leaning towards the Halifax 2 year fixed rate ISA at a miserable 1.6%

.

Santander is supposed to be 2% for 2 years (123 and Select customers only) from next week, and Punjab National Bank is something like 2.15% but is branch only. Both allow transfers in.

enthusiasticsaver

masonic wrote: »

If I was intent on keeping the cash ISAs in cash ISAs I'd probably go for the Coventry BS 4 year fix @ 2.25%. The money can be pulled out with an interest penalty if rates really do shoot up, but I think it's very unlikely they will.

I don't believe the Coventry BS will accept transfers in from previous isas to their 4 year fixed rate so no good for maturing isas.