Investec Pot vs ISA

Help
1

I currently have a reasonable chunk of money in the Investec Savings Acc within Monzo (1%) and have now noticed they are offering an Flexible Savings Pot ISA at 1.14%.

Would I be giving up any other benefits by transferring my entire balance to the Flex Savings Pot? Is there anything else I should be aware of prior to transfer?

Thanks in advance

2

‘Giving up’ depends entirely on your situation :blush:

An ISA can only be opened & topped up if it’s the only ISA you’ll be opening & paying into this tax year. There’s a £20k tax-free limit for the year (as is the norm for an ISA :sunglasses:).

But other than that, you’ll gain 0.14% interest over your existing Investec pot :grin: I can’t think of a downside - as long as you’re able to open an ISA :+1:

3

Thanks I thought as much. I have a Help to Buy ISA however that was opened in the previous tax year so no concerns there. I think I’ll get this transferred unless suggests otherwise

May just leave the min amount in the Investec and fill up the ISA to maximise benefits

4

If you’re still paying into the Help to Buy ISA, you won’t be able to open/pay in to another cash ISA. You can only pay into 1 each tax year.