Personal Isa

[poodicat]

I have one with a local building society,which i am going to close and transfer across to my bank,am i bettter keeping it going,or shall i put in a my halifax extra savers account?

[dasherman]

It depends on the interest rates!

[bushbaby_de]

Don't close it! If you close the ISA you can only put this years allowance in the new one. You need to do a transfer form instead so all the built up savings can be carried across and you still get this years allowance. Whether you go for the ISA or the savings account depends on the interest rates and your tax banding.

[Whoever]

Definitely don't close your ISA if you're a taxpayer. If you can afford to keep it going for the long term, you may value the tax break if taxes subsequently rise. It's better to look around and try to find an ISA provider offering a better interest rate. If you want to move your ISA to another provider, you have to request a transfer form from your provider and let the process be handled directly between the existing and the new provider. If you withdraw the money, you effectively close your ISA and lose its tax free status.

[boxtops]

Why pay tax on your savings if you don't have to? - keep the ISA!

[poodicat]

Thanks to all,will increase it to the max and keep it..