ISA advice transfer or close

flopsy1973

my mum opened a fixed rate isa some years back with her money in my name as she had utilised her allowance. This is now maturing and we are wondering what to do should she transfer it to another ISA or close it ?. If she closes the tax wrapper is lost, but as it is in my name and i will not ever use the allowance myself. Am i missing something here maybe and would it just be better to keep the isa status in my name as it currently stands ??

thanks

enthusiasticsaver

Most isas pay very low rates at the moment so your mum could probably get a higher rate in a high interest current account instead. You need to look at the interest rate she is getting and then decide if she can get a better one. If it is in your name you will need to either close it or transfer it back into her account. As the isa allowance is now £15k per annum it should not be a problem to regain the tax status at some point in the future if isa rates ever get reasonable again.