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ISA Help

I have been saving in a cash isa for a few years, without bothering to check the interst rates. I am now in a situation whereby the interst given on my cash isa is relatively low. The savings I have in my cash isa is circa 10k plus. I also have other savings in an internet savings account.

What would be the best way to reinvest the total money I have in my cash isa to earn a higher tax free interest rate and open a new cash isa for the savings I have in my internet savings account, without loosing any tax free entitlement.

Comments

  • debbie42
    debbie42 Posts: 2,586 Forumite
    andy19 wrote: »
    What would be the best way to reinvest the total money I have in my cash isa to earn a higher tax free interest rate and open a new cash isa for the savings I have in my internet savings account, without loosing any tax free entitlement.

    You can transfer the existing ISA to a new provider, and open a new cash ISA. These can be the same, or different. Note: a transfer from an old ISA doesn't count as a new ISA, but you must make sure you transfer it, don't move it yourself.
    Debbie
  • debbie42
    debbie42 Posts: 2,586 Forumite
    There is an excellent thread below which shows rates and those which accept transfers in.
    http://forums.moneysavingexpert.com/showthread.html?t=401374
    Debbie
  • Dicky2K
    Dicky2K Posts: 495 Forumite
    Does that not count as depositing this years 7K... ?
    Almost..debt free.. :P:money:
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Not if you transfer it using an ISA transfer form no.
  • Dicky2K
    Dicky2K Posts: 495 Forumite
    Ill bear that in mind, Im with Natwest at the moment and im not exactly getting the best interest rate in the world...
    Almost..debt free.. :P:money:
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