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I'm not good at mathes and can't work out whether i'd be better off with a 2 year fixed rate ISA at 2.30 AER no withdrawls or just transfering my current ISA contents to my current account which earns 3% up to £20,000. Any advice greatly appreciated.
How much are you transferring?
If you pay tax at 20% the benefit is marginal. If you pay tax at 40% then you'll be worse off.
It would be 20% and not sure how much is in the Isa just now but i think it would take me close to the 20,000 limit with what in there already. So i guess i'd need to do something with any other monthly savings..
I'm not good at mathes
or english 😉
I'd say neither. They are offering the fixed deal as rates will most likely be going up fairly soon so there will be better ISA deals coming up. If you take it out of your ISA you can't stick it back in straight away (although you can stick £15k a year in now so that point might not be relevant). By the time you take the tax on the 3% into account there is little in it.
So just wait to see how the new ISA's look then...okey doke. 🙂