New cash ISA for 08/09 and transfer existing ISAs?

TDS_2

I'm looking to open an ISA for the new tax year (full 3.6k). I have two existing ISAs (both 3k), one at 6.05% and one at 5.50%. What is the best option? I don't want to be tied in, and ideally want a rate fixed for a year. Am I best getting an excellent rate for a new ISA that doesn't allow transfers in, or getting a good rate on an ISA which will accept transfers? Anyone else in the same situation?

Thanks!

macca64

I have my 07-08 with Egg @ 6.05%, and previous years with Kent Reliance at 5.76%. I'm in the process of transfering Kent Reliance to Nationwide @ 6.15% fixed for a year.

I'm thinking of leaving the Egg one where it is, unless the rate drops shortly! I haven't decided what to do yet for 08-09, but as I'll be saving monthly, I'm not in a hurry to decide just yet.

You should transfer the 5.5% one, A&L offer 6.25% for transfers in. You could then open Barclays @ 6.5% for 08-09 money.

10_66

TDS wrote: »

I'm looking to open an ISA for the new tax year (full 3.6k). I have two existing ISAs (both 3k), one at 6.05% and one at 5.50%. What is the best option? I don't want to be tied in, and ideally want a rate fixed for a year. Am I best getting an excellent rate for a new ISA that doesn't allow transfers in, or getting a good rate on an ISA which will accept transfers? Anyone else in the same situation?

Thanks!

You mentioned that you don't want to be tied in, but want a 1 year fixed rate. Unfortunately, most fixed rate accounts generally do mean being tied in, either with no withdrawals, or with loss of interest. Best 1 year fixed rate ISA permitting transfers in is Nationwide @ 6.15%. Links attached

http://forums.moneysavingexpert.com/....html?t=401374

http://www.moneyfacts.co.uk/savings/...s/default.aspx

http://www.moneysupermarket.com/Savings/Default.asp?p=0

PAD_2

how have you got 2 ISA's? I didn't think this was possible

fimonkey

Have Lloyds dropped their 6.5% for balances over 9K does anyone know? In that case, which is the best transfer in ISA for balanaces over 9K?

OP, for this years allowance, Barlays 6.55 looks like the best deal, but oesn't allow transfers in.

mac12

PAD wrote: »

how have you got 2 ISA's? I didn't think this was possible

It is okay to have 2 ISA's as long they were not opened during the same Tax year.

You can only contribute to one isa per Tax year.

debbie42

fimonkey wrote: »

Have Lloyds dropped their 6.5% for balances over 9K does anyone know?

It's still available (or was this morning, anyway!). I was told it was being withdrawn in May, or possibly earlier if it was oversubscribed.

TDS_2

So I can subscribe to a 08/09 ISA, AND transfer my existing ISAs to a new ISA accepting transfers? I didn't know that - I thought that you could open one per year, and either transferred the existing ISAs into it, or left them where they were.

Thanks for the help!

macca64

TDS wrote: »

So I can subscribe to a 08/09 ISA, AND transfer my existing ISAs to a new ISA accepting transfers? I didn't know that - I thought that you could open one per year, and either transferred the existing ISAs into it, or left them where they were.

Thanks for the help!

Yes you can deposit money in a 08/09 ISA AND also transfer previous years to a different(or the same) provider.