Ing isa and NSandI???help please

amritajay

only started saving this year in ISAs with an INGdirect ISA, fixed at 6.05% until september 30, 2007. Have £1636 in isa at present which is completely due to earnings in this financial year(07-08)...

I need to switch isa before end of sept as rate falls to 5.13%..

My question is:

Do i need to transfer the isa from ing direct to nsandi ??(i am aware nsandi does not accept transfers).

Since i started saving only this year, can i not just close ing isa and take the money out and put it in nsandi???

Will i still have £1385 balance of isa entitlement???

pls help, very confused...

david78

No. You cannot just close the ISA and open another one this year (even if you only intend to put in what is left of your £3000 allowance). You will need to transfer the ING cash ISA to another one if you want to improve on the 5.13% rate.

You can't transfer to the NS&I direct ISA, but there are others you can transfer to. There's a list here somewhere of the best ones that can be opened by a transfer.