Cash ISA ending. Advise please.

hewittinspain

I've been with my own bank Lloyds for the last year, the rate was 5.37% and although not the best at the time I went with it as I wanted my savings and ISA under one roof. I maxed out my £20k and now I have around £21,200.
The new deal they are offering is 4.40% for one year and 4.10% for two years so a big drop really. They said they can reinvest the balance (£21200) and pay the rate shown so do they pay me that % rate on that balance even though it's now more than the £20k??

If I do go elsewhere I want a bank not an online only account even though I'm protected. What other options do I have to invest my money without gambling. Im happy with a fixed amount of interest so I can rest easy? Some savings are offering 7% but is that just for a set amount (plus I have to be careful with tax) as I earn over £17.500 per annum 

wmb194

hewittinspain said:

I've been with my own bank Lloyds for the last year, the rate was 5.37% and although not the best at the time I went with it as I wanted my savings and ISA under one roof. I maxed out my £20k and now I have around £21,200.
The new deal they are offering is 4.40% for one year and 4.10% for two years so a big drop really. They said they can reinvest the balance (£21200) and pay the rate shown so do they pay me that % rate on that balance even though it's now more than the £20k??

If I do go elsewhere I want a bank not an online only account even though I'm protected. What other options do I have to invest my money without gambling. Im happy with a fixed amount of interest so I can rest easy? Some savings are offering 7% but is that just for a set amount (plus I have to be careful with tax) as I earn over £17.500 per annum 

https://moneyfactscompare.co.uk/savings-accounts/

It's up to you whether you want the hassle of having lots of savings accounts.

You're allowed to keep interest, dividends and capital gains earned in an Isa within an Isa.

hewittinspain

wmb194 said:

hewittinspain said:

I've been with my own bank Lloyds for the last year, the rate was 5.37% and although not the best at the time I went with it as I wanted my savings and ISA under one roof. I maxed out my £20k and now I have around £21,200.
The new deal they are offering is 4.40% for one year and 4.10% for two years so a big drop really. They said they can reinvest the balance (£21200) and pay the rate shown so do they pay me that % rate on that balance even though it's now more than the £20k??

If I do go elsewhere I want a bank not an online only account even though I'm protected. What other options do I have to invest my money without gambling. Im happy with a fixed amount of interest so I can rest easy? Some savings are offering 7% but is that just for a set amount (plus I have to be careful with tax) as I earn over £17.500 per annum 

https://moneyfactscompare.co.uk/savings-accounts/

It's up to you whether you want the hassle of having lots of savings accounts.

You're allowed to keep interest, dividends and capital gains earned in an Isa within an Isa.

So would I get interest paid each month starting at £21200 at 4.45% if I opt to stay with Lloyds?

wmb194

hewittinspain said:

wmb194 said:

hewittinspain said:

I've been with my own bank Lloyds for the last year, the rate was 5.37% and although not the best at the time I went with it as I wanted my savings and ISA under one roof. I maxed out my £20k and now I have around £21,200.
The new deal they are offering is 4.40% for one year and 4.10% for two years so a big drop really. They said they can reinvest the balance (£21200) and pay the rate shown so do they pay me that % rate on that balance even though it's now more than the £20k??

If I do go elsewhere I want a bank not an online only account even though I'm protected. What other options do I have to invest my money without gambling. Im happy with a fixed amount of interest so I can rest easy? Some savings are offering 7% but is that just for a set amount (plus I have to be careful with tax) as I earn over £17.500 per annum 

https://moneyfactscompare.co.uk/savings-accounts/

It's up to you whether you want the hassle of having lots of savings accounts.

You're allowed to keep interest, dividends and capital gains earned in an Isa within an Isa.

So would I get interest paid each month starting at £21200 at 4.45% if I opt to stay with Lloyds?

Yes, that’s right, but not just with Lloyds. If you transfer* your Isa to another provider you’ll be able to earn interest on the £21.2k with it as well and still have this year’s £20k Isa allowance to add more money.

*If you want to keep your interest in an Isa It needs to be an Isa transfer. Don’t withdraw it to your current account and transfer it yourself.

hewittinspain

wmb194 said:

hewittinspain said:

wmb194 said:

hewittinspain said:

I've been with my own bank Lloyds for the last year, the rate was 5.37% and although not the best at the time I went with it as I wanted my savings and ISA under one roof. I maxed out my £20k and now I have around £21,200.
The new deal they are offering is 4.40% for one year and 4.10% for two years so a big drop really. They said they can reinvest the balance (£21200) and pay the rate shown so do they pay me that % rate on that balance even though it's now more than the £20k??

If I do go elsewhere I want a bank not an online only account even though I'm protected. What other options do I have to invest my money without gambling. Im happy with a fixed amount of interest so I can rest easy? Some savings are offering 7% but is that just for a set amount (plus I have to be careful with tax) as I earn over £17.500 per annum 

https://moneyfactscompare.co.uk/savings-accounts/

It's up to you whether you want the hassle of having lots of savings accounts.

You're allowed to keep interest, dividends and capital gains earned in an Isa within an Isa.

So would I get interest paid each month starting at £21200 at 4.45% if I opt to stay with Lloyds?

Yes, that’s right, but not just with Lloyds. If you transfer* your Isa to another provider you’ll be able to earn interest on the £21.2k with it as well and still have this year’s £20k Isa allowance to add more money.

*If you want to keep your interest in an Isa It needs to be an Isa transfer. Don’t withdraw it to your current account and transfer it yourself.

Brill. Thanks

LHW99

hewittinspain said:

wmb194 said:

hewittinspain said:

wmb194 said:

hewittinspain said:

I've been with my own bank Lloyds for the last year, the rate was 5.37% and although not the best at the time I went with it as I wanted my savings and ISA under one roof. I maxed out my £20k and now I have around £21,200.
The new deal they are offering is 4.40% for one year and 4.10% for two years so a big drop really. They said they can reinvest the balance (£21200) and pay the rate shown so do they pay me that % rate on that balance even though it's now more than the £20k??

If I do go elsewhere I want a bank not an online only account even though I'm protected. What other options do I have to invest my money without gambling. Im happy with a fixed amount of interest so I can rest easy? Some savings are offering 7% but is that just for a set amount (plus I have to be careful with tax) as I earn over £17.500 per annum 

https://moneyfactscompare.co.uk/savings-accounts/

It's up to you whether you want the hassle of having lots of savings accounts.

You're allowed to keep interest, dividends and capital gains earned in an Isa within an Isa.

So would I get interest paid each month starting at £21200 at 4.45% if I opt to stay with Lloyds?

Yes, that’s right, but not just with Lloyds. If you transfer* your Isa to another provider you’ll be able to earn interest on the £21.2k with it as well and still have this year’s £20k Isa allowance to add more money.

*If you want to keep your interest in an Isa It needs to be an Isa transfer. Don’t withdraw it to your current account and transfer it yourself.

Brill. Thanks

So you would decide where / what ISA account you wanted to transfer to, and ask the new company to do the transfer. The application form will have a space for you to put in the details of the current ISA and say if you want it all (or possibly part) transferred.