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Best Option for One Year Fixed ISAs

DoneWorking
Posts: 387 Forumite

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
Comments
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Here are the best deals today.
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.
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Bigwheels1111 said:
As for splitting and moving, I dumped my isa for regular savings as tax is not an issue.2 -
Band7 said:Bigwheels1111 said:
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.
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ashby6567 said:DoneWorking said:I currently have £85k in a standard cash
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 yearMaking a total of £105000 in total
I'm thinking of doing followingTransfer £52500 into the new ISA from my current ISAOpen another ISA in December with another Bank when interest rates get even higher
Or just transfer the £85k into my new ISAAnd open a new ISA with
£20 k in Dec
Good to know that the interest rates will be even higher in December. Do you have the jackpot numbers for the next Euro Millions Lotto draw please?
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.0 -
DoneWorking said:I currently have £85k in a standard cash
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 yearMaking a total of £105000 in total
I'm thinking of doing followingTransfer £52500 into the new ISA from my current ISAOpen another ISA in December with another Bank when interest rates get even higher
Or just transfer the £85k into my new ISAAnd open a new ISA with
£20 k in Dec0 -
ashby6567 said:DoneWorking said:I currently have £85k in a standard cash
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 yearMaking a total of £105000 in total
I'm thinking of doing followingTransfer £52500 into the new ISA from my current ISAOpen another ISA in December with another Bank when interest rates get even higher
Or just transfer the £85k into my new ISAAnd open a new ISA with
£20 k in Dec
Good to know that the interest rates will be even higher in December. Do you have the jackpot numbers for the next Euro Millions Lotto draw please?
It is most likely that interest rates will go up in December if not before
And yesPart transfers are allowed but need to be done at branch or by phone0 -
Albermarle said:ashby6567 said:DoneWorking said:I currently have £85k in a standard cash
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 yearMaking a total of £105000 in total
I'm thinking of doing followingTransfer £52500 into the new ISA from my current ISAOpen another ISA in December with another Bank when interest rates get even higher
Or just transfer the £85k into my new ISAAnd open a new ISA with
£20 k in Dec
Good to know that the interest rates will be even higher in December. Do you have the jackpot numbers for the next Euro Millions Lotto draw please?
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.I will pop into bank tomorrow
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 limit0 -
DoneWorking said:And yesPart transfers are allowed but need to be done at branch or by phone
1 -
DoneWorking said:Albermarle said:ashby6567 said:DoneWorking said:I currently have £85k in a standard cash
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 yearMaking a total of £105000 in total
I'm thinking of doing followingTransfer £52500 into the new ISA from my current ISAOpen another ISA in December with another Bank when interest rates get even higher
Or just transfer the £85k into my new ISAAnd open a new ISA with
£20 k in Dec
Good to know that the interest rates will be even higher in December. Do you have the jackpot numbers for the next Euro Millions Lotto draw please?
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.I will pop into bank tomorrow
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 limitNot a bad plan, but.
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.3 -
I realise that
Was just setting it as an optionThere is risk but it's unlikely0
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