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change from isa to savings account?

As a pensioner,I have a 1 year fixed rate cash ISA due to expire soon with a good sum in it. I see I can get a better interest rate if I put this into a bank savings account..ie: Oakland Bank. Have had and built up this ISA for years and am reluctant to let it go. Not interested in bonds or investment savings. Please advise?

Comments

  • jimjames
    jimjames Posts: 17,966 Forumite
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    You dont say how much it is but I'd get the best rate you can. Cash ISAs are pretty pointless long term, far better to use for investments to protect against tax
    Remember the saying: if it looks too good to be true it almost certainly is.
  • xylophone
    xylophone Posts: 45,230 Forumite
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    How much is in the ISA?

    If you move it to to non-isa account what difference will the interest make to your personal savings allowance situation?
  • tiz
    tiz Posts: 107 Forumite
    Pick a flexible ISA, transfer it to that and then take the money out and put it in the savings account, then put the money back in the ISA before April and you'll keep your built up ISA. You can take it back out again after April (it just has to be back in there for the end of the tax year). Flexible ISA info here: http://www.moneysavingexpert.com/savings/flexible-ISAs
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    gillybilly wrote: »
    As a pensioner,I have a 1 year fixed rate cash ISA due to expire soon with a good sum in it. I see I can get a better interest rate if I put this into a bank savings account..ie: Oakland Bank. Have had and built up this ISA for years and am reluctant to let it go. Not interested in bonds or investment savings. Please advise?

    Where have you found Oakland bank?

    There are some bonds quoted which aren't savings accounts but have risk of capital loss, be very careful with any institution you aren't familiar with.
  • eskbanker
    eskbanker Posts: 33,590 Forumite
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    bigadaj wrote: »
    Where have you found Oakland bank?
    My money would be on a typo, although San Francisco Bay has its attractions....

    http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#oneyearfixed
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    eskbanker wrote: »
    My money would be on a typo, although San Francisco Bay has its attractions....

    http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#oneyearfixed

    A straight Mis quote rather than a typo methinks.
  • soulsaver
    soulsaver Posts: 6,264 Forumite
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    edited 6 July 2017 at 7:49PM
    The amount of dosh you're looking for a home for may influence the recommendations.. because assuming you wanted to stay in cash, you'd get all the high interest current ac first..
    ...but assuming you have already, or don't want to, and assuming you're at your comfort level in stocks & shares already etc..

    I like the FISA idea above :) and/but also consider:

    Al Rayan Bank offers 2.02% one year; 2.11% 2 year fix FSCS protected and beats OakNorth's (I think OP meant..) 1.86% 1 yr fix IIRC.

    And you could consider peer to peer, some offering cash ISA - not FSCSd though.
  • Eco_Miser
    Eco_Miser Posts: 4,755 Forumite
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    I'm sure you're aware you can have £1000 of interest at zero % tax (the PSA), but if your pensions aren't too big you can have up to a further £5000 interest also zero tax (the Starting Rate for Savings). If this applies to you in full, then you could be getting 2% on £300,000 with no tax on the interest.
    I'd still put £2500 plus £500 per month with Nationwide at 5% first.
    Eco Miser
    Saving money for well over half a century
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