new tax year, new ISA, new savings account... advice...

wallofbeans

Hi All,

I'm looking into the best options for my savings and what I should be doing in the next month or so. Currently I have:

• a Virgin Money 4.11% 1 year fixed ISA (opened in March 23)
• a Cynergy Bank 4.70% Online ISA Issue 42. 
• some money in an easy access savings account with Tandem (4.90%). 

I want to keep some in an easy access savings account, but it doesn't have to stay in Tandem. Frustratingly, it doesn't look like any of the easy to use app based savings accounts have decent rates at the moment, so I'll have to switch to a website based account.

I assume the best option for the ISAs is to put both into a single new ISA. And if I open in a couple of weeks, I'll be able to add more to it for the coming tax year as well. 

I saw that Virgin Money have a 5.06% easy access and thought I might even be able to switch the current one to that, and then just move the Cynergy funds over to it (assuming I can, I don't think it's fixed but can't remember!) And I think I'd  then also be able to add an additional 20k if I wanted.

Does that seem like a plan? Any better options? Easier ideas? Things I'm missing?

Thanks all!

Catplan

You can combine ISA’s if you wish, however, have you consider maybe transferring one to a longer fix? Two or three year say? 

All depends on your circumstances of course and how likely you may need access to these funds, you could have it all in a flexible ISA.

you don’t mention value but say it was eventually Three years subscription plus interest you’d still be under the 85k protection limit.

Motormad20

If you open a virgin current account you could get a 1 year fixed ISA at 5.25%.

wallofbeans

Catplan said:

You can combine ISA’s if you wish, however, have you consider maybe transferring one to a longer fix? Two or three year say? 

All depends on your circumstances of course and how likely you may need access to these funds, you could have it all in a flexible ISA.

you don’t mention value but say it was eventually Three years subscription plus interest you’d still be under the 85k protection limit.

I need to spend some of the savings within two years. So maybe a year fix, but there don't seem to be much difference between no fix and one year rates.

Oh yes, all together it's less than 85k.

wallofbeans

Motormad20 said:

If you open a virgin current account you could get a 1 year fixed ISA at 5.25%.

Interesting! Thank you!

Albermarle

wallofbeans said:

Catplan said:

You can combine ISA’s if you wish, however, have you consider maybe transferring one to a longer fix? Two or three year say? 

All depends on your circumstances of course and how likely you may need access to these funds, you could have it all in a flexible ISA.

you don’t mention value but say it was eventually Three years subscription plus interest you’d still be under the 85k protection limit.

I need to spend some of the savings within two years. So maybe a year fix, but there don't seem to be much difference between no fix and one year rates.

Oh yes, all together it's less than 85k.

Maybe not today, but in 6 months there might be.

wallofbeans

Albermarle said:

wallofbeans said:

Catplan said:

You can combine ISA’s if you wish, however, have you consider maybe transferring one to a longer fix? Two or three year say? 

All depends on your circumstances of course and how likely you may need access to these funds, you could have it all in a flexible ISA.

you don’t mention value but say it was eventually Three years subscription plus interest you’d still be under the 85k protection limit.

I need to spend some of the savings within two years. So maybe a year fix, but there don't seem to be much difference between no fix and one year rates.

Oh yes, all together it's less than 85k.

Maybe not today, but in 6 months there might be.

So you're suggesting I shouldn't fix, right?

amanda1024

wallofbeans said:

Albermarle said:

wallofbeans said:

Catplan said:

You can combine ISA’s if you wish, however, have you consider maybe transferring one to a longer fix? Two or three year say? 

All depends on your circumstances of course and how likely you may need access to these funds, you could have it all in a flexible ISA.

you don’t mention value but say it was eventually Three years subscription plus interest you’d still be under the 85k protection limit.

I need to spend some of the savings within two years. So maybe a year fix, but there don't seem to be much difference between no fix and one year rates.

Oh yes, all together it's less than 85k.

Maybe not today, but in 6 months there might be.

So you're suggesting I shouldn't fix, right?

Perhaps the opposite? If rates go down, a gap will open up between rates for those who’ve fixed, and easy access/variable rates. Obviously none of us can tell the future, but my money’s going in fixed rate accounts…