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3 Top Tips for moving your ISA

Posted 8th April 2010.

Saffron Building Society offers new and existing customers two competitive ISAs:

One Year Fixed Term, Fixed Rate Cash ISA at 2.50% AER with a minimum opening balance of £3000

A Reward Cash ISA that has a first tier investment of £1,000 at 1.75% gross pa variable and a second tier investment of £20,000 or over at 2.00% gross pa variable for every three month period you leave your money untouched

Andy Golding, Chief Executive, Saffron Building Society, said: "The changes to ISA limits and the continually low Bank of England base rate means it is more important than ever for consumers to take advantage of this tax efficient savings vehicle. We urge our members to see if they could be saving more in their ISAs at this time of year.

"As ever, Saffron is committed to making switching as simple, quick and hassle-free as possible this ISA season. As winners of the FairBanking award for our transparency in providing products for our members we feel we are providing two competitive and fair ISA products this year."

Moving your ISA – 3 Top Tips

1. Highest rates are often for Fixed Rate ISAs. These mean: a) you have to leave your money untouched for the term of the account up to five years, b) you often can’t add to this ISA in later tax years, and c) if interest rates go up during the term of your fixed ISA, you’ll be missing out!

2. Other high rates can carry short or medium term bonuses. Sometimes the rate is almost entirely ‘bonus’, which then vanishes after a set period. If you do invest in an ISA carrying a bonus, be prepared to move it again after the bonus period expires.

3. Examine the notice period on an ISA. If it’s a long period and more competitive deals suddenly become available, you’ll be stuck until the end of the notice period (often 3-6 months), or lose interest on the account, which could be frustrating.