which accounts are best?

biscuit77

I currently have £11,000 in an ex-Portman, now Nationwide easy access min cash ISA (i think the rate is about 4.75%). I also have a NSANDI ISA which I opened this financial year with £3000 in it (rate of 6.01%). In addition to this, I have a Nationwide Flexi account with about £4000. I am in a position to save about £300 a month and would like to know what to do for the best really.

I know the Nationwide ISA isn't the best rate on the market but I'm confused as to whether I can move the money to a new ISA? I'm not sure about quotas etc.

Any advise would be appreciated.:rotfl:

Steve_xx

You can move the ISA to a higher paying account if you want to, You can't move it to the National Savings Direct ISA because that particular account does not allow transfers into it.

You could transfer to The Kent Reliance Building Society.

For day to day savings you might like to look at ICICI Bank.

Aegis

biscuit77 wrote: »

I currently have £11,000 in an ex-Portman, now Nationwide easy access min cash ISA (i think the rate is about 4.75%). I also have a NSANDI ISA which I opened this financial year with £3000 in it (rate of 6.01%). In addition to this, I have a Nationwide Flexi account with about £4000. I am in a position to save about £300 a month and would like to know what to do for the best really.

I know the Nationwide ISA isn't the best rate on the market but I'm confused as to whether I can move the money to a new ISA? I'm not sure about quotas etc.

Any advise would be appreciated.:rotfl:

Best advice I can give to anyone in your situation is that under no circumstances should you close the ISA. Doing so will lose you the tax free benefits immediately. Someone did this recently, and it's basically irrevocable: if you ask for your account to be closed, that's it.

Instead you should approach a new provider and ask them to transfer in an ISA balance from elsewhere. They can then sort out all the necessary paperwork and are able to bring the entire balance in with the tax-exempt status still intact.

nicko33

biscuit77 wrote: »

I am in a position to save about £300 a month and would like to know what to do for the best really.

Are you a Basic Rate taxpayer or a Higher Rate taxpayer?
Which providers current accounts do you have?
How much of the £4000 + 300/month do you want to have Instant Access to?
Must it be internet access or are you ok with Branch/postal accounts?
How much would you be happy to lock away for 1 year, or even 3 years ?

biscuit77

I am a base rate taxpayer and only have a Nationwide Flex account and an HSBC current account (which I tend not to use very much). I am happy to put £2000 of the four away now and keep adding £300 a month - I do not need regular access to this.

I think online accounts are easier but if there is a highstreet branch of an institution local to me, I don't mind using it.

As for locking money away, I think I would be happy with doing so for a year.
Many thanks to everyone for the advice:j

nicko33

HSBC do a 1-year fixed 8% Regular Saver for up to £250 / month
http://www.hsbc.co.uk/1/2/personal/savings/regular-saver

After the year it will be ready to dump into an ISA (then repeat)

for the remainder consider a high-interest account such as ICICI as already mentioned

or for fixed term there is
Hi-Save 1 year 6.85%
Anglo Irish 1 year 6.75%
or if we think interest rates are going down and inflation going up
NS&I Index Linked Saving Certificates (Tax-Free) RPI+1.35% (3 or 5 year)

bristolleedsfan

biscuit77 wrote: »

As for locking money away, I think I would be happy with doing so for a year.

Moving your former Portman ISA to Nationwides 1 Or 2 Year ISA Fix might appeal to you. ( 6.15%)