NISA allowance clarification please

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Robin_Bankers
Robin_Bankers Posts: 3 Newbie
in Savings & investments
I am looking at a fixed rate Skipton NISA at 1.6%.

If I open an ISA now with them and deposit £5940 I can make this up to £15000 throughout July. Will this apply to ANY existing ISA on the market now or will some still limit me to the current limit £5760 cash?

Hope this is clear.
Thanks

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  • badger09
    badger09 Posts: 11,211 Forumite
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    Robin_Bankers wrote: »
    I am looking at a fixed rate Skipton NISA at 1.6%.

    If I open an ISA now with them and deposit £5940 I can make this up to £15000 throughout July. Will this apply to ANY existing ISA on the market now or will some still limit me to the current limit £5760 cash?

    Hope this is clear.
    Thanks

    Not really :o

    No ISA provider will limit you to £5760. That was the max you were allowed to subscribe (pay new money into) between 6/4/13 and 5/4/14.
  • badger09
    badger09 Posts: 11,211 Forumite
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    Your ISA subscription allowance (see above) between 6/4/14 and 5/4/15 is currently £11880, of which you the max you can subscribe to a cash ISA is £5940.

    From 1/7/14 that allowance increases to £15000, which can be all cash if you want.

    However, even if you want to save only in cash, you can get far better rates in a variety of current accounts. Full details in this forum :)
  • Robin_Bankers
    Robin_Bankers Posts: 3 Newbie
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    Thanks for that info. I will have a look at current accounts but I don't really want to start moving Direct Debits etc at the moment.
  • badger09
    badger09 Posts: 11,211 Forumite
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    Robin_Bankers wrote: »
    Thanks for that info. I will have a look at current accounts but I don't really want to start moving Direct Debits etc at the moment.

    They don't all require you to move DDs etc ;)
  • alanq
    alanq Posts: 4,216 Forumite
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    Skipton has taken the unusual step of committing to allow additional deposits to fixed term accounts some months later. Some institutions while not allowing this will allow additional cash ISAs to be opened in the same tax year. Yet others only allow one deposit to fixed term accounts and have no mechanism (at present?) to have more than one current year ISA. In the latter case anyone depositing into a fixed term ISA in April will not be able to utilise the higher limit in July.
  • Robin_Bankers
    Robin_Bankers Posts: 3 Newbie
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    Many thanks - That answers my question in full.
  • alanq
    alanq Posts: 4,216 Forumite
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    This is the article that I was seeking earlier but could not find.

    http://www.thisismoney.co.uk/money/saving/article-2589272/Hidden-danger-cost-15-000-Super-Isa-tax-break.html
  • badger09
    badger09 Posts: 11,211 Forumite
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    alanq wrote: »
    Skipton has taken the unusual step of committing to allow additional deposits to fixed term accounts some months later.

    As have Halifax and Santander :)
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