which is best bank account for me

Albermarle

poolielad said:

So what are the benefits of it being in the ISA that it is in please?

You can have a savings account not in an ISA. You may have to pay tax on the interest, but probably not if it is not a large amount. The rules are explained here.
Tax-free savings: check if you're eligible - Money Saving Expert

You can have a savings account inside an ISA, normally known as a Cash ISA. You will pay no tax on the interest, however much it is. However there are limits how much you can add, and usually the Cash ISA interest rates are not as good as non ISA's. It is explained here.
Top cash ISAs: up to 2.55% easy access, up to 4.3% fixed - MSE (moneysavingexpert.com)

poolielad

Also, this account is in my wife's name, how easy is it to transfer, say i opened a isa somewhere, how easy is it to transfer from hers to mine?? Does it have to be a physical transfer or do banks do it.

I wouldn't mind even putting it somewhere for even 1 year (without withdrawals) as long as it isn't a telephone only account!

Albermarle

poolielad said:

Also, this account is in my wife's name, how easy is it to transfer, say i opened a isa somewhere, how easy is it to transfer from hers to mine?? Does it have to be a physical transfer or do banks do it.

I wouldn't mind even putting it somewhere for even 1 year (without withdrawals) as long as it isn't a telephone only account!

ISA = INDIVIDUAL savings account, so it is not possible to transfer from one person to another, even a spouse.

poolielad

Albermarle said:

poolielad said:

Also, this account is in my wife's name, how easy is it to transfer, say i opened a isa somewhere, how easy is it to transfer from hers to mine?? Does it have to be a physical transfer or do banks do it.

I wouldn't mind even putting it somewhere for even 1 year (without withdrawals) as long as it isn't a telephone only account!

ISA = INDIVIDUAL savings account, so it is not possible to transfer from one person to another, even a spouse.

Albermarle said:

poolielad said:

Also, this account is in my wife's name, how easy is it to transfer, say i opened a isa somewhere, how easy is it to transfer from hers to mine?? Does it have to be a physical transfer or do banks do it.

I wouldn't mind even putting it somewhere for even 1 year (without withdrawals) as long as it isn't a telephone only account!

ISA = INDIVIDUAL savings account, so it is not possible to transfer from one person to another, even a spouse.

Thanks for the reply, So if the wife closed her account down, then could I open a ISA and deposit money into that?

Sorry if all these question seem silly, but I have never really examined what my money was or could make. I just think I should start looking.

wmb194

It would be simpler if your wife opened another Isa and used the Isa transfer process to transfer her money across to the new account.

AmityNeon

It seems like it's been over five years, you still have the same savings account, and the balance has increased by approximately £5,000. It's an ISA in your wife's name. It also appears that you prefer to keep things simple with the least amount of hassle.

There are plenty of options available, and we know you want easy access with at least multiple withdrawals a year, but it's difficult for anyone to provide specific recommendations if you don't provide more information about your circumstances:

• Do you or your wife pay income tax, and if so, at what rate?
• Do you have any other cash savings?
• Do you have a preference for platform and access? For example, would you accept an app-only or online-only platform, or would you prefer an institution with physical branch access?
• Would you be willing to open an additional current account to access better rates?

As it's a relatively low amount, if you don't foresee a significant increase in savings in the next year, it will be easier to ignore ISAs and transfer the funds yourself. An example of an extremely simple option would be transferring everything to a Zopa Smart Saver (app only).

Albermarle

Thanks for the reply, So if the wife closed her account down, then could I open a ISA and deposit money into that?
As mentioned a couple of times already, you/she might not need to use an ISA. Suggest you find a quiet half an hour to carefully read the links sent to you. Then feel free to ask any other questions !

poolielad

AmityNeon said: It seems like it's been over five years, you still have the same savings account, and the balance has increased by approximately £5,000. It's an ISA in your wife's name. It also appears that you prefer to keep things simple with the least amount of hassle. There are plenty of options available, and we know you want easy access with at least multiple withdrawals a year, but it's difficult for anyone to provide specific recommendations if you don't provide more information about your circumstances: Do you or your wife pay income tax, and if so, at what rate? Do you have any other cash savings? Do you have a preference for platform and access? For example, would you accept an app-only or online-only platform, or would you prefer an institution with physical branch access? Would you be willing to open an additional current account to access better rates? As it's a relatively low amount, if you don't foresee a significant increase in savings in the next year, it will be easier to ignore ISAs and transfer the funds yourself. An example of an extremely simple option would be transferring everything to a Zopa Smart Saver (app only).   

 You are correct something nice and simple.

 I pay tax @ 20% but I use some of the wife`s allowance as well. I have about 5k savings in a Lloyds Standard Savings Account.

 I would not mind if it was App only or online based, (as long I could logon and see account.

I have 12k in the account which I put just £70 a month in, for years I have never dipped into it, so I would not be against putting in away for a year if worthwhile.

 

I have shares using Hargreaves.... Is it worthwhile using some sort of account which they offer (then my accounts are together)?

 I would like to thank everyone who has contributed to this thread and helped me out, it is very much appreciated.

enthusiasticsaver

poolielad said:

So what are the benefits of it being in the ISA that it is in please?

The benefits of an isa is interest is tax free.  However you can earn interest from other sorts of accounts without paying tax depending on your tax and earnings status anyway so ideally you should be looking at  the interest rate first and foremost.  Newcastle Building Society have some 2 and 3 year fixed rate bonds and ISAs  paying 3.85% so 3 times as much interest as you are getting but obviously they are not instant access so it depends what you are saving for. There are other banks and building societies paying a lot more than the 1.25% you are getting.  Check the best buys on this site. Savings accounts: 2.86% easy access or up to 4.8% fixed (moneysavingexpert.com)

AmityNeon

poolielad said:

I have shares using Hargreaves.... Is it worthwhile using some sort of account which they offer (then my accounts are together)?

HL does have an Active Savings account which would suit your desire for simplicity and convenience, and you're already familiar with their interface. They have a good (but not the best) selection of rates available from many banks and building societies with whom they have partnered.