Options to invest Easy Access Cash ISA monies

ChewyyBacca

Hi All,
I had read all the available literature on ISA and understood the basics of it on MSE guides and bank websites. So in June this year, opened my first ISA, with NS&I direct cash ISA @0.9% variable. Now after the news that they will be slashing the rate to 0.1%, I am wondering if it is possible to transfer this someplace in ISA where it could get better returns.

• I am reluctant to invest in another easy access variable account, the rate may drop there before my hat hits the ground.
• I do not need the liquidity, this is seed money for rainy days/ deposit money for house buying 2 years later.
• I am not inclined to go for stock ISA, markets are crazy right now imo.

Questions:

1. Can I close this account NS&I ISA account and open somewhere else in the same financial year, without incurring the wrath of HMRC?
2. Can I transfer instant access cash is to fixed isa in the same year? (overall £20K annual limit will not be breached)
3. Are any other good options available?

Thanks much

eskbanker

Don't close the NS&I account - open a new one and get the new provider to transfer the money directly.  This can be a fixed one, as long as it accepts inbound transfers.

If you're saving for house buying (for the first time), look into a Lifetime ISA, where the government 25% bonus comfortably trumps anything you'll earn in interest....

ChewyyBacca

Thanks @eskbanker
This would mean the devious process of ISA transfer taking at least 1 month.
Yes, I have already invested 4K in LISA for this year. The bonus landed after 5 weeks in the account.