Cash ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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redginger44redginger44 Forumite
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Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I would appreciate some help I have a cash ISA which has just matured would I be better to take the money out and just put into my Santander Bank Account which is paying better interest or should I hang onto the ISA status and transfer into a new ISA ?

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  • QueenJessQueenJess Forumite
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    That depends on how much it is and whether you will reach the personal savings limit for tax (search for the personal savings allowance on mse - I can't post links yet). Also worth considering how much you expect to save in the future and for how long as if you put it back in an ISA it will use up a future years ISA allowance and eventually interest rates should increase which will decrease the value of the personal savings limit.
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  • jimjamesjimjames Forumite
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    If you're thinking long term then a S&S ISA might be a better option. If you're looking for short term emergency funds then using bank accounts paying much better rates than any cash ISA is better if you want most interest
    Remember the saying: if it looks too good to be true it almost certainly is.
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