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Cash ISA Discussion/Question

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MSE_Martin
MSE_Martin Posts: 8,272 Money Saving Expert
Part of the Furniture 1,000 Posts Combo Breaker
in ISAs & tax-free savings
This thread relates to the Cash ISA article. !To read it click here


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Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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Comments

  • System
    System Posts: 178,343 Community Admin
    10,000 Posts Photogenic Name Dropper
    If an individual has a ISA allowance of £7000 per year, can I put the whole £7000 into either 1 or 2 cash ISAs?
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • lisyloo
    lisyloo Posts: 30,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You can only have 1 cash ISA per tax year and you can only put £3K into a cash ISA (per individual).
  • System
    System Posts: 178,343 Community Admin
    10,000 Posts Photogenic Name Dropper
    Can you allow any interest to accumulate from year to year in a mini cash ISA. For example if you earn £120 tax free interest on the £3000 maximum investment at the end of year 1 giving a total of £3120, can you invest another £3000 in year 2 which will effectively mean you then have £6120 earning tax free interest. Hope I haven't confused you all!!! ???
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • walnut_2
    walnut_2 Posts: 2 Newbie
    Hi Duncan

    Yes, the £3k maximum annual investment excludes any interest you will have gained. The £3k is all you are allowed to physically pay in! ;D
  • walnut_2
    walnut_2 Posts: 2 Newbie
    OK, just when I thought I had these cash ISA's sussed....

    Can I have more than one cash ISA account (each opened in SEPARATE years) and therefore pay in £3k max per account or is that £3k is all I'm allowed to save regardless of how many accounts I have?

    I opened one in 2002-3 and have now paid in my maximum £3k allowance. Can I open another one in 2003-4 and start paying into that?

    Many thanks
    :-/
  • isasmurf
    isasmurf Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You can invest £3,000 into one Cash ISA per year. So, the ISA that you opened in 02-03, you could have paid £3,000 into that ISA in 02-03, and a further £3,000 into it this year.

    If you have put money in to that account this year, then you'll have to wait until 04-05 before you can open another one.
  • System
    System Posts: 178,343 Community Admin
    10,000 Posts Photogenic Name Dropper
    I am new to this mini cash ISA business and need some advice.

    Can I invest £3000 now (Jan 2004) and then add another £3000 in April 2004?
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Galstonian
    Galstonian Posts: 1,292 Forumite
    Yes, assuming government limits remain the same, £3000 per tax year in a mini cash ISA.
  • Dannyboy_4
    Dannyboy_4 Posts: 21 Forumite
    Does anyone know why there is a credit check to open a mini cash ISA savings account?


    I was looking to open one with IF (intelligent finance), via IF.com, but reading through the terms and conditions they do a credit check and credit scoring on all applicants.


    Why is that? I just want to open an ISA cash savings account with them, not interested in loans, mortgages, etc.


    I understand about verification of identity, but this does seem a bit strange.


    Cheers,


    Danny.
  • markedgar
    markedgar Posts: 61 Forumite
    Presumably Danny, for ant-fraud/money laundering reasons only.

    I can't imagine this being a problem for most people.

    ;) Mark E
    No reliance should be placed on the above.
This discussion has been closed.
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