where to move savings now

wallofbeans

Hi All,

I'm looking to make the most of my savings and with the interest rates changing so often at the moment, I'm feeling a little confused about what to do and sure I can get a better return.

I need easy access, and would rather not have keep moving money around often if possible.

I currently have 20k in an ISA with Virgin. This is 4.03% and opened just before the new tax year.

I also have 54k in a Zopa easy access savings account (currently) at 4.28%.

I'm thinking the first move is to put another 20k in another easy access ISA. But beyond that, I'm not sure what easy access savings to go for, or if anyone has advice on which is most likely to mostly keep up with the rate changes?

Albermarle

Same question asked yesterday
Is there a bank that always has the most competitive savings easy access accounts? — MoneySavingExpert Forum

wallofbeans

Part of my question answered with that, thank you. And I already have a Tandem and Marcus account, so will move some of this to Tandem I suppose.

But in terms of an ISA - any advice? What is the best way to deal with that? A completely new ISA account for my 20k for this year? Or can I /should I move the 20k from the current Virgin ISA to a new one as well?

dwsjarcmcd

wallofbeans said:

Part of my question answered with that, thank you. And I already have a Tandem and Marcus account, so will move some of this to Tandem I suppose.

But in terms of an ISA - any advice? What is the best way to deal with that? A completely new ISA account for my 20k for this year? Or can I /should I move the 20k from the current Virgin ISA to a new one as well?

Charter Savings Bank have a 1 year Fixed Rate ISA paying 5.5% if that's of any interest.  

Albermarle

wallofbeans said:

Part of my question answered with that, thank you. And I already have a Tandem and Marcus account, so will move some of this to Tandem I suppose.

But in terms of an ISA - any advice? What is the best way to deal with that? A completely new ISA account for my 20k for this year? Or can I /should I move the 20k from the current Virgin ISA to a new one as well?

If you open a new ISA anyway at a better rate than the Virgin one, you might as well transfer the Virgin one into the new one I guess.
If you have any questions about ISA transfers, suggest you look through this board first.
ISAs & tax-free savings — MoneySavingExpert Forum

jimjames

wallofbeans said:

But in terms of an ISA - any advice? What is the best way to deal with that? A completely new ISA account for my 20k for this year? Or can I /should I move the 20k from the current Virgin ISA to a new one as well?

Virgin still have one of the best rates for instant access ISA and it's flexible so I'm sticking with mine. They seem to have increased rates after each base rate rise so hopefully might increase soon too.

wallofbeans

I just checked the one I have and it's a Virgin Money 1yr fixed (issue 560) with 60 day penalty if moved before "maturity". So I assume I'd get hit with that even if moving to another Virgin ISA. And it looks like leaving it where it is until April is the best option and I'll have to have two for now at least..