Many ISA's or just one?

kitlovesmolly

Hello,

I am not the richest or cleverest money making person in the world but I do have a wee bit saved up. I am after some advice on whether I am doing the right thing with my money. The situation is this I have various small savings accounts and the aim of the money is to create a bigger deposit for when we move house. This won't be for at least two years as I am about to go to uni so no income equals staying put. So my money can be tied up more easily.

Would I be better putting my bits and pieces together and having a bigger amount in one place or should a stay as I am?

Here's what I have:

£2700 ISA with Furness BS
£2300 ISA with YBS
£2000 ISA with Britannia
£600 ISA stocks and shares ISA with Invesco perpetual

Regular payment being made into LV ISA (stocks and shares) of £100 a month- had this for a year and payment will be reduced to £30 when I become a student. This is something I view as a longer term investment.

Also I have a savings account linked to my bank account that I can transfer money from quickly when needed in emergencies of £1500.

This question came to my mind when I had my mortgage review with the bank today and the number of accounts I have made the man smile and mention money laundering!

Thank you,

Molly

david78

kitlovesmolly wrote: »

Would I be better putting my bits and pieces together and having a bigger amount in one place or should a stay as I am?

Hi Molly,

There's not much wrong with what you are doing. You might want to consider transfering all of the cash ISAs into one account to get a better interest rate. Also consider moving some of your emergency fund into a cash ISA for this year (if you have any of your £3000 allowance left): you can just as well have your emergency fund in a cash ISA as a standard savings account.

For your Invesco Perpetual and Liverpool Victoria stocks and shares ISA you should consider moving these to a cheaper provider when you have a bit more saved up and can save more each month (after Uni?). One of the discount brokers fund supermarket accounts would be ideal.

kitlovesmolly wrote: »

... the number of accounts I have made the man smile and mention money laundering!

He's having a joke. Don't worry: you can have as many accounts as you like.

Aegis

My personal rule for ISAs would have to be to go where the rates are best. If I have a situation where my money is in 2 different places because one offers the best rate for new money while the other offers the best rate for transferred money, I'm happy, but I'd also happily transfer to get a better rate, assuming the transfer out penalties weren't too bad anyway!