Moving accounts

WaxiesDargle

I have £17000 in my Halifax ISA (or is it NISA) which has just gone down to 0.5%....any advise what to do with this to get better interest rates? I would like instant access. Thanks

jimjames

You'd get 3% in Santander 123 account

WaxiesDargle

Thanks Jim, I'll check that out

I know next to nowt about NISA's be honest apart from being tax free and the £15240 allowed each year

Have I missed the deadline or would I be able to transfer the £17000 from this Halifax ISA to another higher interest ISA and still be able to deposit the money allowed in this new financial year?

The Santander account sounds tempting though I must say. Cheers

jimjames

There's no deadline for transferring accounts, you can move when you want. Transfer does not affect allowance either.

bowlhead99

WaxiesDargle wrote: »

The Santander account sounds tempting though I must say. Cheers

It should, because you will end up with a lot more net interest if you earn 3% at Santander and then pay 20% tax or even 40% tax, than if you earn 0.5% or 1% or 1.5% in an ISA and don't pay tax.

badger09

OP

Just to be clear, the '3% in a Santander 123 account' mentioned by jimjames, is not an ISA .

It is one of many current accounts which pay much higher interest than ISAs, even after tax is deducted. However, they all come T&Cs which you need to understand before you apply.

With a bit of effort you can achieve 3% - 5%, and up to 6% in Regular Savers:)

WaxiesDargle

Thanks Badger...I've just opened a 123 current account