Keep Existing Isa? Multiple Isas?

qprneil

Hi,

I opened an Isa with NS&I last year and deposited £3000 into the account, i'm looking to deposit my yearly money again this April, my question is, NS&I interest rates have dropped to 5.80% so i'am reluctant to add next years money into NS&I again so should i open a new Barclays 6.5% ISA in April and deposit my £3600 or do you think it is a good idea to stick with my NS&I account?

Little confused as to my next steps, any help will be greatly appreciated.

Neil, eager Moneysaver, earner!

earlgrey_3

You could put next year's allowance with Barclay's but they don't allow transfers from other ISA's. So you'll have two seperate accounts. If you preferred to have all your loot in one account you could look at Scarborough BS who do allow transfers but pay 6.3% for 30 days notice.

The Barclay's 6.5% rate includes a 1% bonus for 12 months so you'll probably need to transfer again then. Both Barclay's and Scarborough's rates are variable so could be anywhere in a few month's time.