Low interest cash ISA
in ISAs & tax-free savings
7 replies 266 views
I'm lucky enough to have £85,000 in a cash isa but in comparison to todays interest rates its low. what should I do to transfer some or all of it into a better paying isa ?
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It could be you can just put it in non ISA account for a higher rate and not pay tax on the interest (or even with tax) could still see a better return than an ISA.
Worth considering alongside the options above if you are not using your tax allowance.
If you have £85,000 and can get a decent rate of interest then you almost certainly do need that ISA wrapper.
It is much quicker to open this ISA if you are a Barclays customer - see
You do need to be a Virgin customer for this
Isa vs savings account - Use MSE's switching calculator to find what's best for you (moneysavingexpert.com)
As a geek I'd love to know the formula that was used.
It's not hugely complex, you just calculate the penalty charge and then work out how long it takes to recoup that via the extra interest - if that's within a payback period that you're happy with then it's worth doing....