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Best Alternative to TSB Cash ISA?
Marvqn1
Posts: 642 Forumite
I've got a TSB Cash ISA with about 13k.
The interest rate I get is only 0.20% AER. I got a letter in November last year saying that the interest rate is reducing in December 2015 from 0.50% AER to 0.20% AER.
Is Coventry BS the best alternative option to this? According to MSE, they pay the joint highest easy access rate at 1.4% AER.
One part im confused about, is where it says "Transfers of previous years' ISA cash are not allowed". What does this mean exactly? Does this mean you can't transfer money from another ISA account?
The interest rate I get is only 0.20% AER. I got a letter in November last year saying that the interest rate is reducing in December 2015 from 0.50% AER to 0.20% AER.
Is Coventry BS the best alternative option to this? According to MSE, they pay the joint highest easy access rate at 1.4% AER.
One part im confused about, is where it says "Transfers of previous years' ISA cash are not allowed". What does this mean exactly? Does this mean you can't transfer money from another ISA account?
0
Comments
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Yes, you can't transfer in.
Is there any reason in keeping that isa, you could be getting a minimum of 3% and an average of over 4% by using current accounts and regular savers, have a read around the forum if you are interested.0 -
Yes, you can't transfer in.
Is there any reason in keeping that isa, you could be getting a minimum of 3% and an average of over 4% by using current accounts and regular savers, have a read around the forum if you are interested.
I had a read on MSE about current accounts that have a higher interest rate. However, it seems they all require a minimum amount to be payed in each month. I just want a savings account where I don't need to pay a minimum amount in each month.
So it would seem that an ISA is the best option.0 -
I had a read on MSE about current accounts that have a higher interest rate. However, it seems they all require a minimum amount to be payed in each month. I just want a savings account where I don't need to pay a minimum amount in each month.
So it would seem that an ISA is the best option.
No reason you can't do this manually or by standing order, rotating the sum through a number of accounts in turn, it's what I do.0 -
No reason you can't do this manually or by standing order, rotating the sum through a number of accounts in turn, it's what I do.
How many accounts would you need to do this?
The problem with that option is, the main account would need to continously have withdrawals each year. Wouldn't this effect the interest rate?0 -
You could get an effective 2.7% with one account, four current accounts and a regular saver would take your £13k and extra regular savers would increase your average interest rate over time. https://forums.moneysavingexpert.com/discussion/5374614How many accounts would you need to do this?
Why do you think that?The problem with that option is, the main account would need to continously have withdrawals each year. Wouldn't this effect the interest rate?Eco Miser
Saving money for well over half a century0
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