Best place for an ISA?
Best place for an ISA?
Author
Discussion

A.J.M

Original Poster:

8,223 posts

202 months

Wednesday 15th June 2011
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Hi all, i currently have a isa running with Nationwide. Its a champion isa and it started on 3.10% last year, its now dropping down to 1.72% and im wondering if there is a better place to leave my cash to grow.

I try and place between £3-5k a year depending on other factors and i have just over £16k saved up.

Any recommendations to where i can swap it, would it be best to swap all or leave some in the current isa?

cuprabob

16,939 posts

230 months

Thursday 16th June 2011
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At the moment the Santader Flexixible ISA seems to offer the highest one year rate at 3.3% plus it's tied to BOE base rate, although that's unlikely to change in the coming year

The Leaper

5,348 posts

222 months

Thursday 16th June 2011
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Nationwide have 4.2% if you lock in for a three year term.

R.

A.J.M

Original Poster:

8,223 posts

202 months

Friday 17th June 2011
quotequote all
The Leaper said:
Nationwide have 4.2% if you lock in for a three year term.

R.
Hmm, that's interesting. It's my house deposit but that's a few year's away.

Beardy10

24,539 posts

191 months

Wednesday 22nd June 2011
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A.J.M said:
The Leaper said:
Nationwide have 4.2% if you lock in for a three year term.

R.
Hmm, that's interesting. It's my house deposit but that's a few year's away.
£90 a year interest (on £10,000) doesn't sound like a lot to me for locking up your money for three years when rates can only go up....

SammyW

733 posts

236 months

Wednesday 22nd June 2011
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Beardy10 said:
£90 a year interest (on £10,000) doesn't sound like a lot to me for locking up your money for three years when rates can only go up....
I think you might be a decimal point out there.

The Leaper

5,348 posts

222 months

Wednesday 22nd June 2011
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£5340 max cash ISA @4.2% pa =£224.28 tax free. To a 40% tax payer it's worth £373.80 pa. Not much, but significantly better than the earlier (incorrect) calculation of £45 (£90 on £10,000).

It all comes down to how much risk and diversity you want to have with your money. This ISA rate is acceptable at current market rates for a modest investment. You can, obviously, invest elsewhere in more risk orientated investments if you wish for all of part of your total available amount.

Anyway, the original poster wanted to know a good ISA and the Nationwide product seems to fit the bill.

R.

rolex

3,119 posts

274 months

Wednesday 22nd June 2011
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cuprabob said:
At the moment the Santader Flexixible ISA seems to offer the highest one year rate at 3.3% plus it's tied to BOE base rate, although that's unlikely to change in the coming year
Unfortunately it doesn't accept transfers in

cuprabob

16,939 posts

230 months

Thursday 23rd June 2011
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rolex said:
Unfortunately it doesn't accept transfers in
Good point, I had missed the fact the money was already in a ISA

cod man

512 posts

211 months

Thursday 23rd June 2011
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I had a Nationwide E-ISA last year and just before the rate bonus expired I discovered you could renew the same product instead of switching to another provider (which I had done the previous 3 or 4 years) and so I have kept it this year and am still getting the bonus rate. This saved so much hasstle! I'm not sure if the same would apply to the Champion Isa but might be worth ringing up and asking.