Does Anyone Use Notice Cash ISA's?

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81940076#Comment_81940076

But you don't need to do two transfers. You transfer into any flexible easy access one (with anyone) then, apparently, just withdraw it as if it was actual cash and pay it in to the preferred ISA. Doesn't count as new money, I'm reliably informed.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81940431#Comment_81940431

Are you sure? My old brain may be confused and I've got it wrong. I thought that you could only do this with new money in the current year, not with old money from previous years. Apologies if I've added any confusion into the mix.

slinger2

https://forums.moneysavingexpert.com/discussion/comment/81940431#Comment_81940431

You can only do that for money "subscribed" in the current tax year. And you also need to do the withdrawal and replacement in the same tax year. Given that there's only a week left of the tax year that's not going to be practical.

elkiedee

https://forums.moneysavingexpert.com/discussion/comment/81939516#Comment_81939516

I've never used a notice account - I don't see that there's enough difference in interest to be worth it. The only reason is if it helps you to leave money in the account and resist withdrawing and spending it, and that doesn't apply if your reason for wanting to withdraw is to move the money to other savings, or even if you need to spend it on something essential/sensible.

If you're currently getting a low interest rate, is the penalty more than you'd gain by transferring it? The answer to this presumably depends on how much money you have in, what the penalty is and what the difference is, but it might be worth crunching all those numbers to check?