Moving £10k from a low-performing ISA...

badger09

TristramShandy wrote: »

Thanks for the reply. Won't my help-to-buy ISA prevent me from paying into any other ISA? Or are you permitted to do a one-off transfer from one ISA to another without that penalty?

Yes it will stop you paying new money into another cash ISA.

However, there is no rule against transferring previous years ISA money to another ISA.

You must ask the new ISA provider to do this though. Don't just move the money yourself.

Albermarle

Thanks for the reply. Won't my help-to-buy ISA prevent me from paying into any other ISA

As already said due to a change in tax on interest rules , most people do not need to save in a cash ISA, and would be better off not doing , so this question is not relevant .
If you have qualms about Marcus , there are plenty of other institutions, offering slightly lower rates than them , but much better than the 0.75/0.2% you have now.

iglad

xxdeebeexx wrote: »

I second Marcus.
Very easy to set up, pay into and withdraw from.
It might be worth ditching the 0.75% savings account too in favor of Marcus.


d x

Marcus gets my vote so easy to set up and simple to use, also secure as well.

Alexland

TristramShandy wrote: »

I don't want to derail this useful thread, so let's just say that we're all allowed our own ethical quirks.

I heard somewhere that if you didn't open an account with Marcus they would torment a cute animal so on reflection giving them your business is the only ethical way to keep the world at peace.

Alex

Tom99

Virgin Double Take 1.5%

TristramShandy

Alexland wrote: »

I heard somewhere that if you didn't open an account with Marcus they would torment a cute animal so on reflection giving them your business is the only ethical way to keep the world at peace.

Alex

Lol. Well now we're trapped between choosing between a consequentialist and a deontological approach towards the investment. That would be too much thinking on a Thursday afternoon for me!

badger09

TristramShandy wrote: »

Lol. Well now we're trapped between choosing between a consequentialist and a deontological approach towards the investment. That would be too much thinking on a Thursday afternoon for me!

Now you're just showing off:p

Wildsound

TristramShandy wrote: »

The hope for these savings is to go towards a flat deposit in the distant future when we have enough together.

We have two help-to-buy ISAs into which we are paying the maximum each month, so we can't pay into this ISA and can't open another.

If your goals for these savings is to go towards a house/flat (as a first time buyer) then you should be looking into a Lifetime ISA, as you can put £4,000 a year into this and get 25% government relief paid directly into the account. You can also run this alongside your help to buy ISA (as it is not considered the same kind of ISA), but you won't benefit from both bonuses (i.e. you just cash in the HTB ISA at point of buying the house and pocket the interest only)

The Lifetime ISA is also less restrictive than the HTB ISA on the value of the property that you can buy.

Just search for Lifetime ISA in the search bar at the top to get yourself started on learning about it. It will allow you to make a lump sum contribution also.

Yet_More_Puddylove

TristramShandy wrote: »

Lol. Well now we're trapped between choosing between a consequentialist and a deontological approach towards the investment. That would be too much thinking on a Thursday afternoon for me!

B100? :rotfl: