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Don’t let your ISA languish in low-yield accounts – transfer them
Individual Savings Accounts (ISAs) are tax-efficient savings, yet many savers fail to maximise their potential by keeping their funds in low-interest accounts. I was doing a stock take of my accounts and found a partially filled ISA providing me with 2.5% return….whereas I could switch it to one at 4.6%…..so I wanted to share with you how to manage the transfer correctly, safeguard your existing ISA without affecting your £20,000 annual limit, and ensure your money retains its tax-free status.
An ISA transfer means moving your funds from one ISA to another. This can occur between the same types of ISAs or from one type to another, like transferring from a Cash ISA to a Stocks and Shares ISA. The main reason for a transfer is to benefit from better tax-free interest rates. First £1,000
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Escape low-interest bank accounts before you lose more money
Lately, I’ve been doing some digging into our bank accounts, and found one that was paying a paltry .75% interest and another paying 1.75% after a fixed-rate deal ended….so I wanted to share why now is the time to move your money to higher-paying interest accounts, and some ideas on what to do.
1. Inventory your accounts
Make sure you know about every open account you have. Ever wondered if you have some forgotten cash stashed away in a dormant account? It’s worth checking! You can contact your old banks or use online services that help track down these hidden treasures. You’d be surprised how quickly those small amounts add up. You can use ‘My Lost Account‘ to start a free search. It’s a joint venture from UK Finance, the Building Societies Association, …
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I got £100 for bad service today
I got £100 for receiving bad service from a bank today.
I wasn’t expecting that but after trying to switch accounts for over six weeks, and the bank being unable to make a change this afternoon, after I had been told that it was possible over the phone, I decided to complain.
I was taken into a side room, the complaints procedure explained and my complaint documented. At no time did I ask for or expect £100.
At the beginning of the meeting, they asked me what I would like to do next with the bank, i.e. what I wanted to achieve as a result of the complaint. I said that in all honesty I didn’t want to bank with them any more, but the interest rate is so good that I would be silly …
