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Top Cash ISAs Discussion Area
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The only things that the Terms & Conditions appear to mention as far as payments into the Cash ISA are concerned are:I've recently opened an ISA with Natwest. Can I pay a cheque into my ISA or do I have to pay it into my account and transfer it??19.9 If no money is paid into your account for a whole tax year, you must
complete a reactivation form before money can be paid in again.
19.10 You may not have your wage or salary paid directly into your
account.
19.11 Standing Order and Direct Debit payments are not permitted on
your account.0 -
Hello,
Can anyone give me some advice. I have tried to read the webiste and end up getting a bit confused!
I have £1,000 i have saved this year as i am trying to save for a deposit on house.
I currently have the £1k in Alliance and leicester premier savings account ( 4.50 % i thiink) but i want to move this to the best cash isa i can do. I am saving between £200 and £400 a month and i am likely to leave the money in there for 12 months.
I need some help with understanding whats the best one for me based on the time i want to keep it in there and with paying variable ammounts in each month.
Any advice would be very grateful and i have tried to choose one myself but i'm scared that if i set one up and its not the best rate then i'm stuck for 12 months!!
Thanks in advance
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If you go for an easy access variable rate Cash ISA, you have similar access to your funds as you currently have with your saings account and you are not stuck for 12 months (at a much better rate, as no tax will be deducted from the interest AND most ISAs will beat 4.50% by some margin).
Have a look through this post, here and here for some of the current best buys.0 -
Ok Thanks very much I've had a look and I think I'm going to go with the Alliance and Leister Easy ISA. Mainly because I already hold my current account with them and they seem to be ok for what I want. Thanks0
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Oh actually I'm confused again because after deciding on the Alliance and leister Easy ISA i then went to apply online and they seem to have a new savings account but it says only for a limited time ( makes me think its a good deal ) details below:
eSaver Issue 2
Enjoy a rate of 6.60% AER variable (6.41% gross monthly) if you don't make a withdrawal.
So what would be better for me the esaver issue2 or is it the Easy ISA?
Thanks again!0 -
Hi gemhol - the eSaver Issue 2 is a normal savings account where you'd be liable to pay tax on interest, whereas the ISA account you were planning on opening receives interest tax-free.Oh actually I'm confused again because after deciding on the Alliance and leister Easy ISA i then went to apply online and they seem to have a new savings account but it says only for a limited time ( makes me think its a good deal ) details below:
eSaver Issue 2
Enjoy a rate of 6.60% AER variable (6.41% gross monthly) if you don't make a withdrawal.
So what would be better for me the esaver issue2 or is it the Easy ISA?
Thanks again!
A general rule is that you should put money in an ISA account if you've not done so already, as you can only put £3600 cash into an ISA each financial year. Further info in the Cash ISA Article
Martin actually explained this on It Pays To Watch on Wednesday (with the help of a [strike]champagne[/strike] savings fountain
), take a look (3:20 onwards) 
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A normal savings account would only be better ifA general rule is that you should put money in an ISA account if you've not done so already, as you can only put £3600 cash into an ISA each financial year.
(A) You (or your spouse) don't currently pay income tax
AND
(B) The amount you could save before you started paying tax (e.g. before you starting working) was less than £3,600.0 -
Now that NatWest/RBS have moved on their rates, I'm quite sure that the rest will soon follow.
Perhaps it is not what would normally be advised but, I'm going to 'sit' on my contribution for another few weeks as I feel that, with Banks being reluctant to lend to each other on the wholesale market, they are going to be vying with each other in relation to attracting the retail funds.
In fact, if I had the time to spare, it would be 'interesting' to phone up a few of the higher rate providers and explore if they would commit to an unpublished rate/period deal?0 -
To get the greatest payback on an ISA is it best to have the interest paid back into the ISA so that the interest earns interest? I currently have the interest from an Icesave ISA added monthly to my Icesave Easy Access account and was wondering if it would make more sense to have it added to the ISA.
Cheers.
Denis0 -
To get the greatest payback on an ISA is it best to have the interest paid back into the ISA so that the interest earns interest? I currently have the interest from an Icesave ISA added monthly to my Icesave Easy Access account and was wondering if it would make more sense to have it added to the ISA.
Cheers.
Denis
Yes!!!!!
The interest itself then becomes tax free and doesn't count as allowance!!!!!!0
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