Best cash ISA with 50k ISA balances transferred in..

sidneyyoungblood

A bit advice on transferring my Cash ISA .

 I have around 50k in a Chartered ISA  , the  funds were deposited from previous years allowances ,

 It is currently paying just under 4 % and  but seen than I could get around .5% more  but am  confused by the wording on the Best ISA page on the mainpage .


A lot of the top picks say  Min. £500, Max. £20k a yr  deposits - is this for "new " money or can you transfer whole balance if from previous years. I have already used this years allowance with IWEB S&S  isa  ..
 
I already have trading212 which has dropped to 3.85% after the initial bonus period so may look to transfer this aswell .

Also a bit concerned about some not being fully FSCS or associated with other banks so the amount may not be fully covered as I have savings with Natwest - lloyds - Ulsterbank ..

Can anyone recommend one which is paying more than and is " independent " not being under an umbrella of a bigger company.

Thanks

.

eskbanker

sidneyyoungblood said:

Also a bit concerned about some not being fully FSCS or associated with other banks so the amount may not be fully covered as I have savings with Natwest - lloyds - Ulsterbank ..

Can anyone recommend one which is paying more than and is " independent " not being under an umbrella of a bigger company.

The products listed on MSE will all be FSCS protected, and from Monday this covers £120K, so there may not be any need to seek one that's independent from banks you're already using?

refluxer

sidneyyoungblood said:

I have around 50k in a Chartered ISA  , the funds were deposited from previous years allowances ,

It is currently paying just under 4 % and  but seen than I could get around .5% more  but am  confused by the wording on the Best ISA page on the mainpage .

A lot of the top picks say  Min. £500, Max. £20k a yr  deposits - is this for "new " money or can you transfer whole balance if from previous years. I have already used this years allowance with IWEB S&S  isa  ..

When applying for a cash ISA, the terms displayed on the product page will often be geared towards new subscriptions from the current tax year rather than transfers in from previous tax years, hence the £20k max deposit that often gets stated. 

When it comes to transferring in ISA subscriptions from previous tax years, if the provider allows transfers-in then you're usually just limited to the total amount you can hold in the account which often runs into millions (eg. Charter at £1.5 million)

As always though, you need to read the T&Cs carefully.

MeteredOut

In addition to the above some (and increasingly more) providers only give their headline rate on new subscriptions, not transfers, so check the T&Cs as you want to make sure your £50K is getting the best rate.

sidneyyoungblood

Thanks for all the advice .. so may stick with charter and upgrade to the 4.11% account 

SickGroove

I've got 60K maturing on Monday with Coventry Building Society from a 3 year fixed rate cash ISA  into their easy access cash ISA, so that I can transfer the whole amount out elsewhere...

I want to wait until I see it in the easy access cash ISA account, before setting up a new cash ISA elsewhere, just to ensure it's done after maturity & avoid any fees. 

I've already got an ISA with Charter, so I'm going to take out a new cash ISA with them & request a full transfer from Coventry on Monday...

I don't need access to the money until at least 2028 so I'm probably going to put it into their 3 year fix, rather then their 1 year fix, as can't see rates being much above their current 4.13% 3 year fixed rate.