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ISA Transfer or Stay Put?

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So I've got 40k in a nationwide ISA paying 2.5%

Im saving for some building work to get completed and was hoping to open a fixed ISA for a year at around 4% and transfer in the 40k. However I would only have 30 days to pay into this.

Question is should I transfer the 40k into a 4% ISA and not be able to top it up over the year and get my wife to open a new ISA in her name for saving for the building work or should I just keep the 40k in the 2.5% ISA and just keep topping that up for the year?

Thanks 

Comments

  • rallycurve
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    You could fix for a year now AND contribute to a new ISA in the new tax year. 
    You can have multiple ISAs, what you can't do is funding more than one ISA on the same tax year.
  • doire_2
    doire_2 Posts: 2,275 Forumite
    First Post First Anniversary Combo Breaker
    edited 15 February 2023 at 12:27PM
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    Yeah that does seem the best option thanks
  • Ocelot
    Ocelot Posts: 565 Forumite
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    Fixed rates only seem to be going down (almost 20% drop on average since early November).
  • rallycurve
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    Ocelot said:
    Fixed rates only seem to be going down (almost 20% drop on average since early November).
    Not sure about averages but the top 1 year fix back in November I think it was 3.70%. Now it is 4.25% with plenty of options over 3.70%
  • Ocelot
    Ocelot Posts: 565 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
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    Ocelot said:
    Fixed rates only seem to be going down (almost 20% drop on average since early November).
    Not sure about averages but the top 1 year fix back in November I think it was 3.70%. Now it is 4.25% with plenty of options over 3.70%
    Correct on 1yr ISAs, others have dropped a bit:

    Best Isa 11/11//22: 5yr - 4.4; 3yr - 4.45; 2yr -4.38; 1yr - 3.9
    Best Isa 24/11//22: 5yr - 4.35; 3yr - 4.4; 2yr -4.21; 1yr - 3.76
    Best Isa 26/11//22: 5yr - 4.31; 3yr - 4.3; 2yr -4.21; 1yr - 3.76
    Best Isa 17/12//22: 5yr - 4.3; 3yr - 4.25; 2yr -4.15; 1yr - 4
    Best Isa 26/12//22: 5yr - 4.25; 3yr - 4.25; 2yr -4.15; 1yr - 4
    Best Isa 20/1/23: 5yr - 4.25; 3yr - 4.11; 2yr -4.11; 1yr - 4
    Best Isa 5/2/23: 5yr - 4.2; 3yr - 4.15; 2yr -4.11; 1yr - 4
    Best Isa 11/2/23: 5yr - 4.2; 3yr - 4.15; 2yr -4.1; 1yr - 4

    Today you can get a 3 yr ISA at 4.2% with Skipton, but 5 yr rates down to 4.1%
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