Thinking of Coventry 2.25%

pana37

Hi all i have £5k to invest before 6th april 2015
i see that you need to keep the money in the account for 3 years to get 2% at least.

what happens in 2015-16 tax year i take it i cannot transfer the coventry a/c so i just open a new ISA from 7th april 2015 ?

jimjames

Have you already filled the current accounts at 5%? If not that's almost double the ISA rate.

pana37

no i havent, i guess even after tax i would still be better off?
which current a/c offers 5% for £5k?

countrydj

The Santander 123 account pays 3% of balances between £2000 - £20000 plus commission on various standing orders/direct debits. This is better than their cash isas.
As far as I know, only TSB offers 5%, but that is on balances up to £2000

pana37

hi all can someone answer

what happens in 2015-16 tax year i take it i cannot transfer the coventry a/c so i just open a new ISA from 7th april 2015 ?

jimjames

pana37 wrote: »

hi all can someone answer

what happens in 2015-16 tax year i take it i cannot transfer the coventry a/c so i just open a new ISA from 7th april 2015 ?

ISA transfers aren't part of the annual allowance so you can open any ISAs as of 6th April to put new money into.

As above though, for £5k you'll get a much better rate elsewhere with instant access.

pana37

jimjames wrote: »

ISA transfers aren't part of the annual allowance so you can open any ISAs as of 6th April to put new money into.

As above though, for £5k you'll get a much better rate elsewhere with instant access.

thanks i settled for post office 1.5% i didnt have much time left sadly

jimjames

pana37 wrote: »

thanks i settled for post office 1.5% i didnt have much time left sadly

That's a shame, there was no rush as current accounts don't have deadlines.

At least you can still move it into a better paying 5% account once you've done some research - there are threads all over the forum about it.