Tell us you cash ISA questions

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  • Citychick
    Citychick Posts: 1 Newbie
    MSE_Sally wrote: »
    Hi folks,

    We've just updated our Cash ISA guide to include FAQs at the end. We'd love to know if we've missed anything so if you've got an ISA question we've not already answered, post it below and we'll try to help.

    Thank you :)

    MSE Sally

    HI
    i put 15k into an isa with Santander in June and took it out in July. Santander will now not let me put the 15k back in before the end of the tax year. Am i allowed to put the money in an isa elsewhere?
    many thanks for your help
  • colsten
    colsten Posts: 17,597 Forumite
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    Citychick wrote: »
    HI
    i put 15k into an isa with Santander in June and took it out in July. Santander will now not let me put the 15k back in before the end of the tax year. Am i allowed to put the money in an isa elsewhere?
    many thanks for your help
    You have used your entire allowance for the current tax year so no, you cannot put any more money into any ISA before the new tax year.
  • jimjames
    jimjames Posts: 17,596 Forumite
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    Citychick wrote: »
    HI
    i put 15k into an isa with Santander in June and took it out in July. Santander will now not let me put the 15k back in before the end of the tax year. Am i allowed to put the money in an isa elsewhere?
    many thanks for your help

    An ISA probably isn't the right account if you want to put money in and out like that although the rules from next year may allow it.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Steph312
    Steph312 Posts: 127 Forumite
    If I top up my isa today, and the transaction been confirmed by my bank will it only clear by 7th April because of bank holidays, hence be part of next year's 15/16 allowance? As online it's showing the correct top up balance on 7th April?
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  • colsten
    colsten Posts: 17,597 Forumite
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    If you deposit by debit card today, or any time before April 6, this will count as a 2014-15 deposit. Doesn't matter when the transaction shows as completed in your bank account.

    It's a bit like buying a sandwich with your contactless card. You are allowed to eat the sandwich before the retailer sends the transaction to your bank.
  • Gateway53
    Gateway53 Posts: 1 Newbie
    I opened a two year fixed rate Cash ISA with Santander in April 2014 with a lump sum. I have not contributed to it since then and there is a year to go until it matures in April 2016. Can I still open a separate Cash ISA for this tax year 2015/2016?
  • masonic
    masonic Posts: 23,242 Forumite
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    Gateway53 wrote: »
    I opened a two year fixed rate Cash ISA with Santander in April 2014 with a lump sum. I have not contributed to it since then and there is a year to go until it matures in April 2016. Can I still open a separate Cash ISA for this tax year 2015/2016?
    Yes, you can.
  • Scotty1869
    Scotty1869 Posts: 3 Newbie
    My wife & I each have instant access ISA's with Lloyds which we want to transfer to a fixed rate with Halifax to get a better rate. However, despite the fact we already both have fixed rate ISA's in place from earlier years, Halifax want my wife & I to visit their office to open a new account for the NEW ISA's. Unfortunately, my wife is in hospital and only Solution Halifax has offered is for me to get Power of Attorney to act on my wife's behalf. They will not accept a letter of authority from my wife. Any suggestions or will I have the same problem elsewhere
  • eskbanker
    eskbanker Posts: 30,929 Forumite
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    Scotty1869 wrote: »
    My wife & I each have instant access ISA's with Lloyds which we want to transfer to a fixed rate with Halifax to get a better rate. However, despite the fact we already both have fixed rate ISA's in place from earlier years, Halifax want my wife & I to visit their office to open a new account for the NEW ISA's. Unfortunately, my wife is in hospital and only Solution Halifax has offered is for me to get Power of Attorney to act on my wife's behalf. They will not accept a letter of authority from my wife. Any suggestions or will I have the same problem elsewhere
    Can't you open the accounts online, or have you done so and then been referred to branch for ID verification? Seems odd that as customers of multiple Lloyds group accounts already they'd be insisting on opening savings accounts in branch.

    You could try opening ISAs online with other providers, see http://forums.moneysavingexpert.com/showthread.php?t=401374 for a list, many of which offer better rates than Halifax....
  • Scotty1869
    Scotty1869 Posts: 3 Newbie
    Thanks for your suggestion. Neither Halifax or Lloyds seem to have heard of common sense or treating customers fairly !
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