5.2% NS&I ISA or 6.50% KaupthingEdge?

ukclarkkent

hiya,

quick question please. what's better for my £3000? don't touch last year's isa money in ns&i @ 5.2% or withdraw it and put it into my 6.5% kaupthingedge savings account?

i'm normally pretty good on money stuff but i just don't know how much "take-home" money i'll get after tax has gone out of my kaupthing account.

fyi, i'll be putting this year's isa allowance into barclays soon which wouldn't allow me to transfer in so i'm wondering what to do with last year's isa money.

thanks for any advice,
me, cardiff

Lokolo

Transfer the ISA to something better. Find another ISA which allows transfers and a better rate. Open that. Fill in ISA transfer form and its all done.


6.5% before tax is 5.2% after tax.

http://www.alliance-leicester.co.uk/savings/index.asp?page=direct-isa&exp=30&cm_mmc=moneysupe-_-sup-_-ec01124000280673direct_isa-_-listings

A&L ISA 6.00% fixed rate allows transfer in.

muddyfox470

DON'T withdraw it, transfer it to another ISA.

Transfers tend to be very quick, and once the new bank has received payment it goes into your account pretty swiftly, you shouldn't lose any more than 7 days interest max!

Read Martins article on Cash ISAs, obviously the main benefit is them being tax free, I opened mine with Icesave (6.1%) and have had no problems. You can only invest in one account each year (with new money) but you are allowed to transfer an ISA to a new provider (i.e. other than Barclays) if you wish.

bristolleedsfan

ukclarkkent wrote: »

hiya,

quick question please. what's better for my £3000? don't touch last year's isa money in ns&i @ 5.2% or withdraw it and put it into my 6.5% kaupthingedge savings account?

i'm normally pretty good on money stuff but i just don't know how much "take-home" money i'll get after tax has gone out of my kaupthing account.

fyi, i'll be putting this year's isa allowance into barclays soon which wouldn't allow me to transfer in so i'm wondering what to do with last year's isa money.

thanks for any advice,
me, cardiff

If u dont need your ISA cash for a year or two then how about Nationwides 6.15% one or two year ISA fix, no interest lost while cheque is in transit or being banked either.

Another option is Halifax 6.20% Four year fix.

owitemisermusa

Lokolo wrote: »

Transfer the ISA to something better. Find another ISA which allows transfers and a better rate. Open that. Fill in ISA transfer form and its all done.


6.5% before tax is 5.2% after tax.

http://www.alliance-leicester.co.uk/savings/index.asp?page=direct-isa&exp=30&cm_mmc=moneysupe-_-sup-_-ec01124000280673direct_isa-_-listings

A&L ISA 6.00% fixed rate allows transfer in.

A&L is a VARIABLE rate and not fixed. Try other fixed rate ISAs eg Halifax, Nationwide etc.

Lokolo

owitemisermusa wrote: »

A&L is a VARIABLE rate and not fixed. Try other fixed rate ISAs eg Halifax, Nationwide etc.

Thanks, I read it wrong

owitemisermusa

Lokolo wrote: »

Thanks, I read it wrong

You're welcome

Jake'sGran

Just had my notice for end of first year from Julian Hodge Bank and for another year, fixed rate is 6.1% so I think I may as well stay with them judging by the examples given above. I was about to start looking round for a better rate but sometimes wonder if it is worth the hassle.

Voyager2002

Check out Ruffler Bank. They do accept inward transfers to their cash ISAs, and their rates are pretty good. (When the interest rate went down, they actually put theirs up!)

Best of all, they gave me a free brolly for Christmas!

Baldur

Jake'sGran wrote: »

Just had my notice for end of first year from Julian Hodge Bank and for another year, fixed rate is 6.1% so I think I may as well stay with them judging by the examples given above. I was about to start looking round for a better rate but sometimes wonder if it is worth the hassle.

The only problem that I've found with Julian Hodge is the limited time window that you are given after maturity for penalty-free transfer. The current rate is 6.15% on the 1 year FRISA.

Jake'sGran

Baldur wrote: »

The only problem that I've found with Julian Hodge is the limited time window that you are given after maturity for penalty-free transfer. The current rate is 6.15% on the 1 year FRISA.

They have given me until 14th June so I suppose that is not too short a time to find another, better rate, if that is possible. I'll go see.