Tessa Isa

Ken68

I have a £12000 tessa isa maturing within a few weeks with Leeds and Holbeck.
I'm thinking of transferring this to Nationwide Toisa paying 6.15% one or two year contract. This suits as it has a local branch (Leeds does not) and my other accounts are with Nationwide.
Would you think this a bad move. Can leave it in for up to three years.Am on the borderline of paying income tax. Regards Ken...edit. not sure if should mention age..72.

McSaver

Ken68 wrote: »

I have a £12000 tessa isa maturing within a few weeks with Leeds and Holbeck.
I'm thinking of transferring this to Nationwide Toisa paying 6.15% one or two year contract. This suits as it has a local branch (Leeds does not) and my other accounts are with Nationwide.
Would you think this a bad move. Can leave it in for up to three years.Am on the borderline of paying income tax. Regards Ken...edit. not sure if should mention age..72.

Move it to nationwide as you suggested, the ISA still remains under the Tax-Free wrapper. Even if you do start paying income tax again, you dont have to pay any tax on your ISA.

Ken68

Thank you Mac.....thought about the 6.4% Coventry, but a local branch is the tipper. B*gger, I've been branded. <laugh>

Old_Slaphead

Another possibility - you can leave it with Leeds and get 6.10% fixed for 3 years (+ 25% penalty free withdrawal facility). The slightly lower interest rate might be offset by the approx. 1 week's lost interest on transfer to Nationwide.

Ken68

Yes Old Slap.....seems a fiddle somehow. The Nationwide is 1 or 2 year contract and have advised Leeds and NW to process it before the end of the month but not after as 90 day penalty on the default Leeds Toisa rate.
Curiously the same money has earnt me quite a bonus over the years.
In the main it was originally carpetbag money from Alien and Lester and Bradford and Bingley. Plus £250 compensation for messing up a transfer to Halifax and £250 from Halifax for the same mess up and on transfer to Leeds, would you believe they lost the documents. Got an interest upgrade for that. You couldn't make it up.