Savings Advice ..

G-Raffe

Looking for some advice on moving some savings to get a better rate.


I understand that standard savings accounts seem to have the best rates at the moment, but wanted some input from folk in the know prior to withdrawing stuff from my old ISA..


So current situation is I have an old ISA from several years back which hasn't been paid into in this financial year with a total of £32k in it.


I also have a Help to Buy ISA which I opened in May 16 and have been paying in the maximum possible each month since then.

I also have £10k in premium bonds.


So I want to move the £32k in the old ISA to somewhere paying a better rate with instant access (currently I am getting 0.2%!!) and something like a post office savings account at 1.27% looks the best bet. I don't want to move the help to buy ISA money as I'm looking at buying a house in the next 6 months. I also don't want to move current accounts until after the house purchase for credit rating purposes etc.


So what's my best option? move the premium bonds and old ISA money into a new savings account, or if I do this am I risking not being able to pay the ISA money back into another ISA that may come up soon offering a better rate? Is it possible to open another better ISA and transfer the £32k into that and also carry on contributing to both a new ISA and also the help to buy ISA ?? in short I'm looking for the best return in the next 4-6 months whilst no locking the money away for too long and also ensuring I can still get the 25% bonus from the help to buy ISA for an impending house purchase... have I missed anything? any advice gratefully received!


Cheers

G

G-Raffe

Anyone out there want to chip in with some advice? be greatly appreciated, ta!

Eco_Miser

A cash ISA paying better than the current best savings account is unlikely to appear in the next six months, and if it did, you could pay £20k into it.
Also the difference in interest between the top savings account and this hypothetical improved ISA over a period of just 6 months is not going to be a great deal, even on £32k (£160 if the difference was a whole 1%, held for the full 6 months).
So don't worry about that.

According to the Top Savings Accounts link Birmingham Midshires 1.3% is the best rate for easy access, and considering the poor reviews the post office gets for ease of withdrawals (search this forum), I'd definitely go for BM.

surreysaver

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surreysaver

Eco_Miser wrote: »

considering the poor reviews the post office gets for ease of withdrawals (search this forum), I'd definitely go for BM.

The Post Office is okay when it works (although it takes one working day for withdrawals), when it doesn't work its hit and miss if you get someone who knows what they're doing at the end of the phone.

G-Raffe

Thanks for the input people, much appreciated