I've got a couple of stocks and shares ISAs with different providers. Thinking of closing them both and sticking in a fixed term savings account. Any thoughts?
Not sure what having them with different providers makes to your decision ?
Why do you want to come out the market & go into cash? Do you need the money soon ?
Also, dont take the money out as you'll lose the tax free advantage. At least transfer the money from one ISA provider to another ISA provider.. That way they will still be inside an ISA wrapper.
A while back I stopped reinvesting the cash dividends in my Stocks and shares ISA back into shares. I recently transferred that accumulated cash from the Stocks and Shares ISA to a newly opened Cash ISA. This was from Halifax Share Dealing to Kent Reliance Building Society.
It was a bit of a mare because both them seem to struggle with the fact, isn’t wasnt a Cash ISA to Cash ISA transfer. However, got there in the end.
£100 for me, full holding. 2.55% for the year. Not great but it’s the only “gamble” I have so had the fun of some what if daydreaming too.
For this calendar year I'm at just over 4% on average of about £26k. My wife (max holding) is at 3.75%, daughter with a similar amount to me is at 22%, but she had a big £5k win in Jan 24 which increases her return considerably.
I'll stick with mine for now, as a higher rate tax payer with no ISA allowance left 4% is pretty good as over 7% gross. No chance of getting my wife to cash hers in as she just see's it as a fun game! But also gives her a bit more income to spend.
Comments
£200 for the wife (max)
That's 4 consecutive months of Nothing.
Only about £275 in total for the whole year compared to about £1250 last year.
Think I'll transfer the money into something else in January.
£50 for me on a little bit more
It was a bit of a mare because both them seem to struggle with the fact, isn’t wasnt a Cash ISA to Cash ISA transfer. However, got there in the end.
I'll stick with mine for now, as a higher rate tax payer with no ISA allowance left 4% is pretty good as over 7% gross. No chance of getting my wife to cash hers in as she just see's it as a fun game! But also gives her a bit more income to spend.