Lack of ISA knowledge - help

Popeye84

Hello all,

I bank with Santander and have two cash ISA’s with them that are out of the fixed period so are currently at 1%. The balances are £21,243 and £48,472.

I plan to invest my £20k limited before the end of this FY but was wondering what the best option are. I would like to keep it all with Santander but don’t know how to go about it to get the best returns.

thank you

Ayr_Rage

To get the best returns check the likes of moneyfacts.

I very much doubt you'll find a Santander product anywhere near the top of the tables.

If the two ISAs are previous year's subscriptions TRANSFER them to a provider that gives the best rate for a transfer.

For the £20,000 this FY, you'll find that there are many offers for new money but most only want that and will offer a lower rate for any funds transferred in.

Albermarle

 you'll find that there are many offers for new money but most only want that and will offer a lower rate for any funds transferred in.

This tends to only apply to some of the newer fintech type savings providers ( like T212) . As I understand it, what they are really interested in is getting as many new customers as possible, rather than needing the funds to lend out again, or make a profit on the savings accounts. With a wider customer base they can upsell other more profitable products, and/or make them more attractive to be bought.

Most savings providers do not discriminate between new and transferred money with their interest rates, although the headline rate maybe less than the newer providers.

OP - Have a look at this link.

Best cash ISAs: up to 4.68% easy access, up to 4.32% fixed - MSE

Popeye84

Thanks for the info

just checking - when I transfer ISA’s this doesn’t effect the annual limit does it? It’s not seen as a new investment (£20k allowance)

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81924562#Comment_81924562

No, funds transferred are not part of current year's £20k limit.

Vitor

I've found Shawbrook and Charter Bank give a decent rate, allow new money and transfers into their cash ISA and have decent customer service. Do your own research of course.

elkiedee

If you're happy with putting money away for a fixed term and rate, and want to stay with Santander, Santander is offering 4% fixed rate for 1 year (or 2, 3, 4 or 5 years - your choice about how long you're happy with fixing for). Their other cash ISAs offer more than 1% but you can still do a lot better, and with that much money in your savings, the difference in rates is several hundred pounds. With two ISAs totalling over £69K, you could keep one or both previous ISAs there, transfer to that fix and look elsewhere for a cash account with more flexibility for one of your transfers or just for an account for new savings this year/next year and for

When you talk about investing, are you thinking of an S&S ISA or putting more money into another cash ISA? For a new cash ISA this tax year (only a short time left), or for next year, starting in April, there are more choices for getting better rates.

For a building society account, online banking unless you live somewhere that has a branch, Coventry Building Society is offering 4.21% for a fixed rate ISA. I looked at it but I can't split cash ISA savings with them between a fixed term account at that rate and the account where it is at the moment (NLA 3.93% monthly, a one year account until autumn this year, expect I'll have to switch to an account for a bit less at that point!) - they only allow customers to hold one cash ISA with Coventry, is my understanding.

If High street availability and local branches matter to you, then look up websites for the banks and building societies with a local presence.

lr1277

Just in case you are not aware, the new tax year starts on April 6th and runs through till April 5th next year.

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/81924616#Comment_81924616

Shawbrook gave my personal information to a research company and I was contacted by that company to complete a survey. I was livid, I phoned Shawbrook and complained, they stated that I had agreed to their terms and actually quoted part of it along the lines of "we will give your details to certain bodies if we HAVE to". I complained again saying they didn't HAVE to, they chose to. I can understand that they HAVE a statuary right to give my information if they HAVE to, ie those that have a statuary right to see it but NOT a survey company who might sell that information on to whom ever they wish. Me and the wife moved all our ISAs out of Shawbrook… well in excess of 180k. Who else might they give my information to?

Keep an eye on any maturing funds with Shawbrook, if you don't move the money they put it into their maturing account, I seem to recall that the rate was 0.1%

I remember querying another financial institution where their small print said they would give my information to "anyone who provided a service to them". I phoned and asked them if that included the window cleaners, or those who valeted their cars? We didn't save with them.