Best Option for One Year Fixed ISAs

250 Posts

I currently have £85k in a standard cash
ISA with Coventry on 1.85%
Or just transfer the £85k into my new ISA
ISA with Coventry on 1.85%
I have opened a new one year fixed ISA with Coventry at 3.95%
I still have £20k to invest in an ISA for this year
I still have £20k to invest in an ISA for this year
Making a total of £105000 in total
I'm thinking of doing following
I'm thinking of doing following
Transfer £52500 into the new ISA from my current ISA
Open another ISA in December with another Bank when interest rates get even higher
Or just transfer the £85k into my new ISA
And open a new ISA with
£20 k in Dec
£20 k in Dec
0
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Select how many year you want and untick box marked, show quick links first.
https://moneyfacts.co.uk/isa/fixed-rate-isas/?quick-links-first=false
Coventry 1 year 3.95%
Is it worth waiting a week or two. Just to see if Thursdays boe rise makes a difference.
As for splitting and moving, I dumped my isa for regular savings as tax is not an issue.
Yes Ive no tax as a low earner. 15K interest before I need pay tax.
If the ISA you are transferring from contains any new money added this tax year, all this has to be transferred. Again the provider may take the view it is too much faffing about for them to split up new and old money, and just say the transfer has to be 100% or not at all.
It is most likely that interest rates will go up in December if not before
And yes
I might just transfer the full £85k
And hope that they don't go busy on the day the interest is paid into the account in a year's time taking me over the safe limit
If you only put 80k into the account, 4% interest would make it 83.2k after a year. So you would not lose out
If the bank fails midway through the year and you had 85k in the account you would lose the interest.
Was just setting it as an option