novice ISA saver needing advice..now I've learnt you can transfer ISA balances!

McFie

Hi folks

Thanks to all on this forum, I've had an eye opener for my ISA savings - that Im not stuck with the low rates from previous years subscriptions! Guess Im just wanting to check with you folks in the know that Im going about this the right way!

I have Cash ISA's with M&S, Barclays and Egg that I have opened over the past 5 years, all with varying rates. I now want to consolidate these and transfer into one of the higher paying Cash ISAs on the market for this year with this years £3600 allowance (and soon, before the rates drop any further). I've checked and there arent any penalties for transferring out of my old ISAs, so once Ive chosen which ISA to go for (ensuring it accepts transfer ins), I understand that this provider will sort out the transfer in process for me. I havent decided fixed v variable yet, but am sensing fixed may be the best way to go given current climate?

I just opened my Egg ISA at the start of April this year (last tax year) - am I correct to leave it where it is for just now, or should I also think about moving this at the moment?

Have I got this right/missed anything? Thanks in advance :-)

RayWolfe

You seem to have answered all your own questions more than adequately. Look here - if you haven't already - for the best places to move to:
http://forums.moneysavingexpert.com/showthread.html?t=401374

Mikeyorks

If you want to consolidate all your previous ISAs (sensible if the rates have lagged behind ... and most do) .... you have a slightly more difficult job if you opt to consolidate into a fixed rate. As most of those don't allow further funds to be added after the initial deposit(s).

So Halifax, for example, consolidate your various transfers in to a variable ISA .... then fix it with the consolidated sum once all are received. But I'm unsure how other Institutions do it. Just something to be aware of - in order you don't finish up with multiple fixed rate ISAs instead of multile varied ones! You'll be getting better rates ... but won't quite have accomplished what you started out to do?