Top Cash ISAs Discussion Area

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  • Lavendyr
    Lavendyr Posts: 2,584 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    WizardOfAuz wrote: »
    So just to clarify you are allowed to have up to £3000 in a mini cash ISA per year.
    Correct, essentially. This rises to £3600 per year from April. However, to be clear, you can have as much money in an ISA as you like - but you can only put in a limited amount each year.
    WizardOfAuz wrote: »
    My question is; when you transfer your money - you are not closing your account and thus can transfer from bank to bank throughout the year (presuming no fees) without affecting your yearly limit and ensuring you are getting the best return?
    Correct, though some ISA managers may penalise you for doing so (e.g. 30 days interest). Just don't outright withdraw it - make sure you follow correct procedure and transfer the funds. Also, not all ISAs permit transfers in, so check that first.

    By the way, forum signatures should not include links as per the Forum rules so I'd suggest you change it. Welcome :)
  • WizardOfAuz
    WizardOfAuz Posts: 5 Forumite
    Thanks for that clarification Lavendyr - also thanks for the heads up re Signature all changed now.

    Great to hear that the allowance is increasing next year!

    Thanks again for the help and see you around!

    Dave:beer:
  • SHAKEY
    SHAKEY Posts: 7 Forumite
    Sorry to post slightly out of line with this thread - just wondered i9f anyine can answer quick couple of Q's?
    The new top ISA, Ice, - I'm looking to open an ISA but havn't quite grasped it yet! can i deposit 3k in there and keep adding to it in the year or is it a fixed 3k?
    Also, is my money safe!?

    Really appreciate any help

    Cheers,
    Shakey
  • KTF
    KTF Posts: 4,820 Forumite
    First Post Combo Breaker First Anniversary
    You can put up to 3k in 1 cash ISA per tax year*. This can be 3k in one lump sum or smaller amounts up to 3k total.

    Your money will be as safe as any other bank.

    * 3600 from April 2008.
  • sunnyflower
    sunnyflower Posts: 304 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    A question from me now!We have got a bond that matures soon, be about £3500.Then I have a savings plan that finishes in April, be about the same.We really don't want to touch it.Am I right in thinking that you are only allowed one ISA each?So would it be best to put the surplus in an ordinary savings account?
  • KTF
    KTF Posts: 4,820 Forumite
    First Post Combo Breaker First Anniversary
    Yes you can only have 1 ISA per individual for each tax year so use your full allowance then put the remainder in a savings account.

    You mentioned 'we' so you could open an ISA in your name and your partner could do the same so the bond could go in one and the savings plan in the other.
  • sunnyflower
    sunnyflower Posts: 304 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    KTF wrote: »
    Yes you can only have 1 ISA per individual for each tax year so use your full allowance then put the remainder in a savings account.

    You mentioned 'we' so you could open an ISA in your name and your partner could do the same so the bond could go in one and the savings plan in the other.

    My thanks button doesn't appear to be working, so thanks!!!!!!!
  • acrobat_2
    acrobat_2 Posts: 5 Forumite
    apologies if question stupid :o

    took out our first cash isa using the 3k limit but didnt take it out till may 07. going to take out another one before april 6th so as the first one in my name will do the second in hubby's... think this is right thing to do?
    just wondered though, how does the interest get paid? i understand its yearly but is that to april or the month you took out the isa. also can the interest stay in the isa or not??
    hope this makes sense, and thanks in advance :confused:
  • Takeem
    Takeem Posts: 4 Newbie
    Hi,

    I basically have £5000 that I want to put in some sort of interest account. From what I understand I can only put £3000 into an ISA, is this correct. So, when I used the ISA calculator I put in £3000.00 for the amount i already have and then it asks how much you are going to be able to save a month, I just put 0. and then for the interest rate I put 6.1% (icesave). This comes out at £3183.00 meaning I make £183.00 on my £3000 for 1 year . Thats great, but then I decided that I can save £50.00 a month from my wages and I put that in the box I had origonally put 0 and it came out at £3802.65, thats fantastic i thought but if I have reached my £3000 surely thats my limit? Also is there a faster way to make my money grow

    Some help please, whats best for me to do. Roulett all on red prehaps :confused:
  • Crabman
    Crabman Posts: 9,943 Forumite
    First Post First Anniversary Combo Breaker Intrepid Forum Explorer
    Hi and welcome to MSE :D

    The crucial point is that only £3000 can be put into an ISA each tax year - so you wouldn't be able to add another £50 per month until the next tax year begins. Interest paid on the £3000 isn't a problem - that will be added to the account and doesn't encroach upon the annual limit.

    What you could do is save additional funds in a high-interest account, (see the article: Savings Accounts) as you'll then be able to use your new ISA allowance after 5 April 2008.
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