Halifax 10% saving account

Mikeyorks

vmf199 wrote: »

Can I ask what may be a stupid question...

Don't mind the question ...... but why dig up a 3 year old thread to ask it? And then choose one (this is about the Children's RS) that's not on topic? There's a 500 post thread about the new 10% RS just alongside this one!

There's a £30 advantage to draining your ISA by £3000 (12 x £250) .... but is it worth it as you possibly lose as much if the RS rate reduces next year and you can't immediately get your money back into the ISA straight away?

If you leave the £5k in the ISA ..... you get £300 in Interest. If you take £250pm out of it (the max is £500 ... not £250, by the way) .. then ignoring interest loss on transmission times :

The 10% RS will pay you (£1500 average x 10% x .80 = £120 net of tax)
And the ISA (£3500 average x 6% = £210 ) Total £330