ISA Advice

Johnny-Cage

I currently have 3k in a Chip ISA.
I have 17k on notice from Oxbury due in my nominated account 19th Aug and was going to max the 20k limit in Chip.
Now they have reduced the rates not sure what is the best option now.
Can I open a Trading212 ISA and transfer the 3k in then top it up with the 17k. Or are also likely to reduce rates soon.

tyvm 

gravel_2

You can do what you've suggested. I would expect T212 will reduce the rate, yes.

MikeJXE

Everyone is reducing rates

I plan to wait a few days till they all have then make a choice

JGB1955

If you're worried about interest rates reducing, would a fixed rate ISA bond work better for you?  Some have funding windows of up to 30 days.  You could open one now and the rate would be guaranteed.  Depends on when you might need the money for something else.....

flaneurs_lobster

Johnny-Cage said:

I currently have 3k in a Chip ISA.
I have 17k on notice from Oxbury due in my nominated account 19th Aug and was going to max the 20k limit in Chip.
Now they have reduced the rates not sure what is the best option now.
Can I open a Trading212 ISA and transfer the 3k in then top it up with the 17k. Or are also likely to reduce rates soon.

tyvm 

I've got £7k in a Chip ISA. My thoughts are to open a Virgin Fixed 12 mth ISA (14) at 5.05% and transfer.

Problem I have is that Chip is not on Virgin's online transfer-in list and the form that needs to be completed for manual transfer asks for details that are not readily discernable from the Chip app. 

A visit to my local VM shop is needed I think. 

Johnny-Cage

JGB1955 said:

If you're worried about interest rates reducing, would a fixed rate ISA bond work better for you?  Some have funding windows of up to 30 days.  You could open one now and the rate would be guaranteed.  Depends on when you might need the money for something else.....

Fixed really isn’t a option, All my savings are for a house extension at some point next year so need access to any money when needed 

jimjames

Bear in mind if you close the Chip ISA you won't be able to open another with them. Might be better to just put the £17k in a different ISA so you have more flexibility

Johnny-Cage

jimjames said:

Bear in mind if you close the Chip ISA you won't be able to open another with them. Might be better to just put the £17k in a different ISA so you have more flexibility

That is sounding the best advice open a Trading 212 with 17k and just leave the 3k in Chip