How to transfer your cash ISA
If you have cash ISAs from previous tax years then the chances are you're earning next to nothing in interest. Moneywise TV explains why it pays to transfer your cash ISAs and shows you the best way to do this.
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ISA Providers are ALL keen on you saving by this route because they then get away with offering LESS interest than in other types of accounts. [Compare Rates for yourself.] Effectively they 'Cream off' part of YOUR Government tax benefits. If this is NOT the case WHY Can't you open the best paying accounts WITHIN an ISA Wrapper?
I totally agree and have been arguing with my Building Socity for 3 years over this, they simply reply - 'but you are getting it tax free'
In other words, these Cash Isa providers are being every bit as dishonest as when they offer a short term high rate and then reduce it after 6 months or a year
Agree with the above,Everyone is piss off with Banks,insurances,morgages,NHS,Councils,Schools,Transport services and any other, rip off Britain try to offer to the public.
Do not compare with other countries,We should be looking at ourselves,"A leading nation"
?????Basic service,fair service, no chance
I transferred ISA cash between HSBC and LLoyds last year and it took months. Meanwhile HSBC were paying a pittance. Previously HSBC had been paying a fair (not top) rate over several years but then decided to play the new/existing customer game in a big way. Eventually my husband cashed his in and just gave up. What can I look forward to this year when Lloyds drop their rate (currently locked into 3%) and have to go through another tussle.
My first direct cash ISA (paying 3.1% AER) is reverting by end of April to their standard rate of a meagre 0.2% AER.
I know what I will do - close it and transfer it to my savings account with the same provider. Linking that to my offset mortgage - essentially offsetting the same amount of my mortgage borrowing, currently, charged at 2.42%. Good tax free way of "earning" 2.42% without even the need to ask for an ISA transfer?!
Any better offer? Stock and share ISA? I currently hold none.
The ISa interest rates are so poor that even though they pay interest tax free, you are better off putting money into a higher paying tax deducted account - 4.75% less tax still earns you more than a 2.6% tax free isa account
Why not think rather differently and invest in solar panels for your house. Returns are around 10% a year or more tax free and the income is guaranteed index linked to the RPI for 25 years and by the way free electricity helps the argument.