Isa

dan_uk_manchester

Hi,

I currently have a Flexclusive ISA with Nationwide which has an interest rate of 0.70% and also a Help to Buy ISA with Nationwide.

I want to keep the Help to Buy ISA, but would I be able to move the Flexclusive ISA elsewhere?

I have been looking at a fixed rate ISA 1.4% with Virgin Money on the MSE website:


Thanks
Dan

george4064

dan_uk_manchester wrote: »

Hi,

I currently have a Flexclusive ISA with Nationwide which has an interest rate of 0.70% and also a Help to Buy ISA with Nationwide.

I want to keep the Help to Buy ISA, but would I be able to move the Flexclusive ISA elsewhere?

I have been looking at a fixed rate ISA 1.4% with Virgin Money on the MSE website:


Thanks
Dan

Yes you can move your flexclusive cash ISA to a different provider.

I would also suggest that you consider non-ISA products for your money in this cash ISA, often you can earn more interest outside an ISA (even after factoring in the interest being taxed). Lots of information on non-ISA cash accounts on the 'Top Savings Accounts' links at the top of this page.

bowlhead99

If the non-HTB ISA with Nationwide doesn't contain any current-year (2019/20) subscriptions, it doesn't need to stay in the same place as the HTB, you are free to transfer it somewhere else.

But you can't have some current year subscriptions in Nationwide (i.e., the money that's going into your HTB each month) and also have some 2019/20 money with Virgin. All current-year money needs to be with the same provider so that you don't break the HMRC rule of contributing to more than one ISA in a year

dan_uk_manchester

Thanks for the advice on this. It’s an old ISA that I just forgot to move a while back

I will take a look at the savings accounts on the main page

Cheers

dan_uk_manchester

I've been looking at the savings account with Metro Bank, who offer 1.8% for a fixed term for 12 months.

Have seen some stories though about uncertainty with Metro Bank and share prices etc. so not sure if there is any risk here

Albermarle

If anything did happen at Metro Bank , then you would be fully compensated by the Financial Services Compensation scheme up to a max of £85,000

I would have thought if they do struggle then more likely that they would get taken over rather than actually go under .

makemerich12

I currently have an Isa/Lisa and a htb i was lead to believe the only way i could have two isa's was to go with nationwide who are the only bank to allow this?

If that's not the case i'll transfer my nationwide isa if its still worth it this year Had both since may)

eskbanker

makemerich12 wrote: »

I currently have an Isa/Lisa and a htb i was lead to believe the only way i could have two isa's was to go with nationwide who are the only bank to allow this?

Not sure who or what led you to believe that (a Nationwide employee perhaps?) but there are multiple providers offering split cash ISAs - the MSE cash ISA article lists nine at https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-0334234523-3

However, there's nothing preventing you from paying into a HTB ISA and a LISA with any permutation of multiple institutions, as they're different types of ISA....

https://www.gov.uk/individual-savings-accounts:

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

makemerich12

eskbanker wrote: »

Not sure who or what led you to believe that (a Nationwide employee perhaps?) but there are multiple providers offering split cash ISAs - the MSE cash ISA article lists nine at https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-0334234523-3

However, there's nothing preventing you from paying into a HTB ISA and a LISA with any permutation of multiple institutions, as they're different types of ISA....

https://www.gov.uk/individual-savings-accounts:

£5 diffence per month is huge Thanks i'll leave my htb with nationwide and lisa with newcastle then move my isa to virgin

eskbanker

makemerich12 wrote: »

Thanks i'll leave my htb with nationwide and lisa with newcastle then move my isa to virgin

Ah - perhaps I misunderstood your earlier post, which suggested to me that you had a total of two current ISAs, but this post suggests three!

Just to be clear, if you have a standard cash ISA, plus a HTB ISA (which is a specialised variant of cash ISA) and also a LISA, then if you wish to pay into the first two in the same tax year then these would both need to be with the same provider, who'd need to be one of those offering split ISAs.

Apologies if I inadvertently misled you but I hadn't realised that "I currently have an Isa/Lisa and a htb" actually signified three separate ISAs, two of which are cash ones....