Im I just lazy? NS&I ISA.

hm2be

I've got a direct ISA with NS&I. I want to put more money into this tax year and although I have looked at the different discussions about which ISA is best Im just tempted to put the money into the NS&I account and avoid the hassle of opening a new ISA. Although with the current economic climate Im not sure this is the safest option.
Any advice?

obsessed_saver

Safest option? I think they are all pretty safe, especially NS&I!

Depending on how much you have tucked in NS&I, you could gain a fair bit by moving it some where else. It's no longer a top paying ISA.

paulboy83

You are allowed to have more than one isa (as long as you only pay into one in a tax year) so there is nothing stopping you from opening a new one. I don't remember it being too hard to do so. There is nothing to say that you have to transfer your NSandI money out either, that can sit there for as long as you want.

With the amount of ISAs that have better rates than NSandI, you might as well at least open an new isa for this year to pay into even if you leave previous years amounts where they are.

hm2be

Thanks for the advice.

nordberg

The hassle of opening a new ISA took me about 15 mins this morning.

Martinslovechild

I too have an NS&I Direct ISA. I've opened an A&L Direct ISA Issue 4 for the current tax year as although it's not the highest paying Cash ISA (6.25%), it's the highest paying Cash ISA which allows transfers in.

Opening the A&L ISA is a breeze. After a couple of days, you'll receive an email with your account details and how to deposit funds. Once you have the account number, you can print off an ISA Transfer form from their website which you'll need to post to them so that they can arrange the transfer of your NS&I funds into your A&L ISA.

Go for it - it's worth the effort.

nordberg

Martinslovechild wrote: »

I too have an NS&I Direct ISA. I've opened an A&L Direct ISA Issue 4 for the current tax year as although it's not the highest paying Cash ISA (6.25%), it's the highest paying Cash ISA which allows transfers in.

To clarify, it's the highest paying cash ISA that allows transfers in if you are saving less than £9k. Over £9k, you are better off with Lloyds.

camstop

Martinslovechild wrote: »

I too have an NS&I Direct ISA. I've opened an A&L Direct ISA Issue 4 for the current tax year as although it's not the highest paying Cash ISA (6.25%), it's the highest paying Cash ISA which allows transfers in.

Opening the A&L ISA is a breeze. After a couple of days, you'll receive an email with your account details and how to deposit funds. Once you have the account number, you can print off an ISA Transfer form from their website which you'll need to post to them so that they can arrange the transfer of your NS&I funds into your A&L ISA.

Go for it - it's worth the effort.

I did the exact same in the branch yesterday but they did the transfer at the same time.

Newly_retired

It took just 10 minutes today to open a Lloyds TSB ISA in branch as a new customer with a cheque for £3600 and all the information needed to transfer my Icesave ISA as well. Now I have to wait and see how long that transfer takes. The person said they have had lots of delays with transfers, with some banks claiming not to have received instructions to transfer. In her opinion, it's a delaying tactic on their part not to part with money.
She also confirmed that the offer closes on 11 April.

Jumping_Bean

nordberg wrote: »

To clarify, it's the highest paying cash ISA that allows transfers in if you are saving less than £9k. Over £9k, you are better off with Lloyds.

To clarify further, it's the highest paying cash ISA that allows transfers in if you are saving less than £9k and want the option of penalty free access to your money within year one. Over £9k and if you don't mind your money being locked away for a year, you are better off with Lloyds.