Mini Cash ISA's with different provider

themacdaddy

Hi Guys

Wondered if anyone would kindly answer my question.

I have an ISA at the moment with Halifax with £3,600 in it at the moment. I havent invested any money in it this tax year.

But the interest rate on that account is only 5.25%.

I wanted to open a Barclays ISA at the rate of 6.5% for this tax year.
Does anyone know if i keep my Halifax account, and invest in the Barclays account this tax year and not invest in the Halifax - will i still receive the 5.25% tax free interest from the Halifax? Or will i only receive tax free interest from Barclays this tax year?

And do i need to choose one or the other, or am i allowed to keep them both ?

Any help or advise would be much appreciated.

Thanks
OE

bristolleedsfan

themacdaddy wrote: »

I have an ISA at the moment with Halifax with £3,600 in it at the moment. I havent invested any money in it this tax year.

But the interest rate on that account is only 5.25%.

I wanted to open a Barclays ISA at the rate of 6.5% for this tax year.
Does anyone know if i keep my Halifax account, and invest in the Barclays account this tax year and not invest in the Halifax -

am i allowed to keep them both ?



Thanks
OE

Yes u can do as u describe keep your Halifax ISA tax free and open a new ISA this tax year

U could also transfer your Halifax to a better paying provider. ( one that accepts transfers in) or transfer it to Halifax 4 year fixed rate 6.20% if u dont need access to it.

If u transfer your Halifax ISA to any of these provider : Halifax, Nationwide, Abbey, Saffron BS, you wont lose any interest at all while transfer cheque is in transit and being banked. ( in your case halifax for apparent reasons)