Barclays ISA to plummet on 23/9/15 - where to move to?

Barclays ISA to plummet on 23/9/15 - where to move to?

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Trailhead

Original Poster:

2,628 posts

147 months

Sunday 19th July 2015
quotequote all
Barclays have written to me to tell me my ISA rate will drop to 0.8% from 23 September.

I have around £30k in ISA savings and wonder where to put these, given the new Barclays rate is so rubbish.

From reading about there are lots of better paying current accounts but they all have rather low savings limits plus you have to have direct debits etc.

Who does everyone else save with? I am wondering what to do....

Virgin money do a 1.51% ISA which is my current "top" choice I think. Or the Santander 123 account, but that's not tax free.

Trailhead

Original Poster:

2,628 posts

147 months

Monday 20th July 2015
quotequote all
droopsnoot said:
The only problem with getting the money out of that tax-free status is you can't put it back, so that £30k represents a few years' of ISA allowance that you'd sacrifice by moving it to a current accoutn. If you take the view that hopefully the rates will come back up again, you may then regret having lost that status. I'm in a similar position with two Barclays ISA accounts, with a smaller total balance, but it's dropping from 1.38% which isn't that spectacular to start with, so your annual change is £174.
Exactly this. Ideally I want to keep it in a tax free wrapper.

Virgin money are doing 1.51% so I might transfer it all over to them.