Where to move ISA?

CashMoney

I have just completed a current account switch from Santander to Nationwide. I still have an ISA with Santander which has full 3 year allowance(60k). It is currently earning 1.50% but this will be reduced to 0.35% come April. Can someone suggest some ISA's I can move it to? I have already had suggestions of Marcus account (1.35%) (yes I know it's not an ISA) and Virgin Double Take E-ISA (1.31%). It has to be an easy access ISA/ easy access savings accounts or like the Virgin ISA be able to take all the money out atleast once.
I am a basic rate taxpayer if that makes a difference.

Thanks

eskbanker

https://www.moneysavingexpert.com/savings/best-cash-isa/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

CashMoney

Apart from the slight difference in interest rate, what difference would it make if I transfer it to the Virgin ISA rather than Marcus?

badger09

CashMoney said:

Apart from the slight difference in interest rate, what difference would it make if I transfer it to the Virgin ISA rather than Marcus?

Your £60k would still be held inside a tax free wrapper

CashMoney

@badger09 - Will that make a difference if I am a basic rate taxpayer?

george4064

CashMoney said:

@badger09 - Will that make a difference if I am a basic rate taxpayer?

Yes, because you will easily exceed the £1,000 personal allowance and hence pay tax on any interest over that amount. 

colsten

george4064 said:

Yes, because you will easily exceed the £1,000 personal allowance and hence pay tax on any interest over that amount. 

You won't make more than £1,000 in interest on £60k an instant access ISA.
But once the money is out of the ISA wrapper, it will take at least 3 tax years to get it back in

CashMoney

So the Virgin ISA is my best bet in terms of easy access ISA? Does anyone have any experience of using this account? Do they have a good service?

Alexei

CashMoney said:

So the Virgin ISA is my best bet in terms of easy access ISA? Does anyone have any experience of using this account? Do they have a good service?

I’ve had a Virgin ISA for the last year and it’s been fine. Website works well, no outages that I’ve noticed.

CashMoney

Thanks Alexei. What is the process of transferring an ISA? So mine is currently at Santander which I've just left their current account and gone to Nationwide. Do I need to go into branch (Santander or Virgin) or can I just do it online? Also it is still currently earning 1.50% so should I leave it till it matures and then transfer it to Virgin?

Someone2088

CashMoney said:

Thanks Alexei. What is the process of transferring an ISA? So mine is currently at Santander which I've just left their current account and gone to Nationwide. Do I need to go into branch (Santander or Virgin) or can I just do it online? Also it is still currently earning 1.50% so should I leave it till it matures and then transfer it to Virgin?

You should be able to do it online- when opening the ISA with Virgin, either the application will ask if you want to transfer an existing ISA in, or you will have the option to transfer one in when viewing your account once it's open (at least, that was the case for me when I opened a Virgin ISA a few months ago).

But, wait until your current ISA has matured before you transfer it, otherwise you will not receive the interest payment for having had the money in that ISA for however long it's been there.