We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advice needed: transferring & opening up new ISA
dphilblack
Posts: 8 Forumite
So I'm getting majorly confused now with the transfer and opening up ISAs in one year - thought that it was only one a year.
I'll explain.
1) I have a balance of £3500 on my existing ISA from last year (2012/2013) with M&S that is paying a paltry percentage this year.
I'd like to transfer this money as is to Cheshire Building Society.
2)However I'd like to save £300 a month with another provider by opening up a Monthly regular ISA Cash Saver...
When I went to open up and transfer with Cheshire BS in the T&C's it says that " I have no not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA."
This condition throws 2) out of the water... But I thought that if I didn't pay in anymore to 2012/13 I could transfer my existing balance?
Basically I want a better rate on current savings and a good rate for monthly savings... can anyone help?
:shocked:
I'll explain.
1) I have a balance of £3500 on my existing ISA from last year (2012/2013) with M&S that is paying a paltry percentage this year.
I'd like to transfer this money as is to Cheshire Building Society.
2)However I'd like to save £300 a month with another provider by opening up a Monthly regular ISA Cash Saver...
When I went to open up and transfer with Cheshire BS in the T&C's it says that " I have no not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA."
This condition throws 2) out of the water... But I thought that if I didn't pay in anymore to 2012/13 I could transfer my existing balance?
Basically I want a better rate on current savings and a good rate for monthly savings... can anyone help?
:shocked:
0
Comments
-
You are not subscribing to the cash ISA with the Cheshire this year. You are transferring funds that you subscribed in an earlier year
So you are not lying when you agree to that statement0 -
dphilblack
have you paid anything at all into your M&S ISA since 6 April 2013?0 -
The £3500 is from last year’s allowance. As long as you get the bank to do the transfer to a new ISA you will have one ISA on the new interest rate with the £3500 + the £5760 that you are allowed to put in this year. So at by April 2014 if you wanted you could have £9260 (if you fill the new 2013-2014 allowance).Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0 -
-
dphilblack wrote: »No I haven't.
So does this mean I'm ok to transfer to Chesier and open another ISA with someone else? I think the T&C's threw me off.
Yes
As long as the particular Cheshire ISA you're interested in allows transfers in.
Use Cheshire's transfer process for your existing ISA.
Transfers are not 'subscribing'. 'Subscribing' means paying new money in during that tax year, so you can transfer last year's subscriptions to Cheshire and subscribe to a new ISA with whoever you want.0 -
If you are moving your old ISA to Cheshire becouse of the good rate why would you not just put your new years with them as well and save the £300 a month here as well?Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0 -
If you are moving your old ISA to Cheshire becouse of the good rate why would you not just put your new years with them as well and save the £300 a month here as well?
That had occurred to me aswell.
dphilblack - have you also considered a non ISA regular saver for your £300pm, then when it finishes next year, pay the balance into an ISA?0 -
That had occurred to me aswell.
dphilblack - have you also considered a non ISA regular saver for your £300pm, then when it finishes next year, pay the balance into an ISA?
I was going to say this as well as the First Direct 1st account has an optional regular saving account that pays 6%, even after tax it still gives more interest than any ISA and the max monthly payment in is £300. :beer:Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0 -
-
I was going to say this as well as the First Direct 1st account has an optional regular saving account that pays 6%, even after tax it still gives more interest than any ISA and the max monthly payment in is £300. :beer:
I don't want to move bank accounts. I already have two accounts that I need to keep for various reasons and I move money around quite regualary, I don't want to add an additional move as it'll be doing my banking all time!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.6K Work, Benefits & Business
- 604.6K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards