Maturing Isa

[grandpajoe]

Hello. My wife and I have an ISA each with Lloyd s which are due to mature in June. They have been on a fixed rate on 3.5 % and when they mature that will drop to 1%. I don't know what to do (Please don't say spend it!!). Is there any way we can continue to get a decent interest rate ,Tax free, of course.

Cheers Chris

[follyfancier]

are you sure they mature in June, ISAs usally start and end in April with the new tax year

[Rosetta]

maturity dates vary, depending on when the ISA is taken out. If you havent already used your ISA limit you could always get a new one and transfer your existing one into it. I usually check savings comparison websites to get the best interest rates as they vary quite a lot

[grasscarp]

Mine is worse than last year (with Halifax) but I changed it to the best they are doing this year. It is usual for companies to drop you to their worse rate and hope you wont notice (in my experience).

[factor-fiction]

You're unlikely to get much over 2% unless you fix again for maybe 3 years. But you can certainly beat 1% but make sure they accept transfers in

[Fibonacci]

lots of information on Cash ISAs on Martin Lewis's website
http://www.moneysavingexpert.com/savings/best-cash-isa

[New Judge]

When I last looked a couple of weeks ago Halifax had the best rates for fixed term ISAs. They were doing 3% for three years but I believe this has now been reduced to 2.25% - absolutely pathetic!

However, they do accept transfers in which means you can transfer the funds from your maturing Lloyds ISA and still be able to use this year's allowance to either top up with the Halifax or open another elsewhere.

One word of warning - DO NOT withdraw the funds yourself and try to transfer them to another provider. If you do you will lose the tax-free status of those funds. You must ask your new provider to arrange for the transfer of funds from Lloyds for you.

[grandpajoe]

Thank You all. I thought somebody might have known of an ISA paying 4%. Ha Ha. Fat chance Chris