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change from isa to savings account?
gillybilly
Posts: 5 Forumite
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?
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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 taxRemember the saying: if it looks too good to be true it almost certainly is.0
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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?0 -
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-ISAs0
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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.0 -
Where have you found Oakland bank?
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#oneyearfixed0 -
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.0 -
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.0 -
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 century0
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