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  • FIRST POST
    • MSE Sally
    • By MSE Sally 11th Apr 14, 12:12 PM
    • 65Posts
    • 23Thanks
    MSE Sally
    Tell us you cash ISA questions
    • #1
    • 11th Apr 14, 12:12 PM
    Tell us you cash ISA questions 11th Apr 14 at 12:12 PM
    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
Page 14
    • StuartWR
    • By StuartWR 19th Aug 16, 11:09 AM
    • 2 Posts
    • 0 Thanks
    StuartWR
    I just started a thread with a cash ISA question before I saw this thread. My question thread has the title 'Can I transfer money from an ISA more than once in a tax year?' (I'm a new user and so not allowed to post links).

    I think what I want to know is can I transfer the same money more than once a year if I move the full balance? I moved money from an old PO ISA earlier this month to a new issue PO ISA and am now considering a Leeds BS fixed rate ISA. The PO reduced their rates.
    Last edited by StuartWR; 19-08-2016 at 11:10 AM. Reason: clarification
    • djnield
    • By djnield 19th Aug 16, 5:44 PM
    • 16 Posts
    • 3 Thanks
    djnield
    How to transfer a Cash ISA to a regular Savings Account?
    Following the current recommendation of opening a Shawbrook Savings Account (1000 minimum opening deposit) I want to end my Post Office ISA.

    I always thought you couldn't simply close down an ISA without interest penalties so, unless that's changed, how can I transfer my current ISA balance to a new ordinary savings account?
    • colsten
    • By colsten 20th Aug 16, 10:29 AM
    • 8,318 Posts
    • 6,807 Thanks
    colsten
    You have to withdraw the money from your ISA if you want to deposit it into a non-ISA account. Whether there's an interest penalty depends on the type of ISA. There is no penalty for withdrawals from instant access ISAs but there will be one if the ISA is fixed term. Which type of ISA do you have? What do your T&Cs say?

    I can't comment on "the current recommendation of opening a Shawbrook Savings Account" as I am not aware of it. A quick glance at Shawbrook rates suggests, however, that there are still better rates available in various current accounts. A lot depends on the amount of money involved.
    Last edited by colsten; 20-08-2016 at 10:32 AM.
    • lisyloo
    • By lisyloo 23rd Aug 16, 2:43 PM
    • 20,885 Posts
    • 9,922 Thanks
    lisyloo
    How long does cash ISA transfer money "dissappear".
    I mean how long between it going out from the outgoing account to appearing in the new one?
    I remember in the old days this used to be done by cheque accompanying ISA paperwork, but ad assumed they would have improved on that.
    • badger09
    • By badger09 23rd Aug 16, 3:59 PM
    • 4,291 Posts
    • 3,496 Thanks
    badger09
    How long does cash ISA transfer money "dissappear".
    I mean how long between it going out from the outgoing account to appearing in the new one?
    I remember in the old days this used to be done by cheque accompanying ISA paperwork, but ad assumed they would have improved on that.
    Originally posted by lisyloo

    https://www.gov.uk/individual-savings-accounts/transferring-your-isa

    I've had mine take anything between 3 days and a couple of weeks
    • lisyloo
    • By lisyloo 23rd Aug 16, 7:16 PM
    • 20,885 Posts
    • 9,922 Thanks
    lisyloo
    That's for the overall process. I'm talking about the actual financial transfer, which used to have to be by cheque through the post.
    • masonic
    • By masonic 23rd Aug 16, 7:24 PM
    • 8,433 Posts
    • 5,418 Thanks
    masonic
    That's for the overall process. I'm talking about the actual financial transfer, which used to have to be by cheque through the post.
    Originally posted by lisyloo
    Some providers still use cheques. The last transfer I did was between two major banks and went electronically. IIRC the money was credited the same day my old ISA was closed.
    • lisyloo
    • By lisyloo 23rd Aug 16, 7:36 PM
    • 20,885 Posts
    • 9,922 Thanks
    lisyloo
    Thanks, it's just a little disconcerting when it's nowhere :-)
    • rhp485
    • By rhp485 10th Oct 16, 4:04 PM
    • 3 Posts
    • 0 Thanks
    rhp485
    More than one fixed rate cash ISA
    My wife and I have a number of fixed rate cash ISA's streaching over a fixed period of one or two years. Can we put all of them into the highest rate fixed rate cash ISA account?
    • badger09
    • By badger09 10th Oct 16, 5:22 PM
    • 4,291 Posts
    • 3,496 Thanks
    badger09
    My wife and I have a number of fixed rate cash ISA's streaching over a fixed period of one or two years. Can we put all of them into the highest rate fixed rate cash ISA account?
    Originally posted by rhp485
    Not entirely sure what you're asking but here goes..

    Obviously, you cannot merge your own and your wife's ISAs

    There is nothing in HMRC ISA rules which prevents you putting several cash ISAs together. The only rule is that all current year subscriptions (ie new money paid in) must be kept together.

    Most fixed rate/fixed term ISAs allow only a short window to either pay new money in, or to arrange for other ISAs to be transferred in, typically 2 - 4 weeks. So, unless your 1 & 2 year FRISAs mature close together, you won't be able to get them all together immediately.

    However, what you could do, is have the first to mature transferred into an instant access ISA and then as the others mature, arrange for them to be transferred to the same instant access one. When they have all matured, you could then arrange for the transfer to the best paying fixed rate you can find.

    If that isn't what you were asking, please spell out what you want to do
    • BazBoy
    • By BazBoy 21st Dec 16, 10:40 AM
    • 1 Posts
    • 0 Thanks
    BazBoy
    Two new cash Isa's in a tax year.
    Hi, I've read on the forums that it is ok to open 2 isa's in one tax year. One can be funded by new money up to the allowance and one by transfer from a previous years isa.
    My problem is that I opened a new one earlier this year with new money and now another which I'm transferring an old fixed rate isa that has expired to. I think this is ok but unfortunately when opening it I thought it required an initial deposit and transferred a nominal 40 in which is new money although does not take me over the allowance.
    Question is if I now remove the 40 will I still be within the rules ? I've tried calling the HMRC Isa help line but I could tell that the guy didn't have a clue. His response was just leave it and we'll contact you after April 2017.
    • le loup
    • By le loup 21st Dec 16, 11:57 AM
    • 3,402 Posts
    • 3,088 Thanks
    le loup
    Strictly you have broken the rules. However for 40 and within your annual limit it will not be a problem.
    HMRC may contact you in 2017 and tell you not to do it again but you will not be in serious trouble.
    • bigfreddiel
    • By bigfreddiel 21st Dec 16, 9:23 PM
    • 4,233 Posts
    • 1,946 Thanks
    bigfreddiel
    Hi, I've read on the forums that it is ok to open 2 isa's in one tax year. One can be funded by new money up to the allowance and one by transfer from a previous years isa.
    My problem is that I opened a new one earlier this year with new money and now another which I'm transferring an old fixed rate isa that has expired to. I think this is ok but unfortunately when opening it I thought it required an initial deposit and transferred a nominal 40 in which is new money although does not take me over the allowance.
    Question is if I now remove the 40 will I still be within the rules ? I've tried calling the HMRC Isa help line but I could tell that the guy didn't have a clue. His response was just leave it and we'll contact you after April 2017.
    Originally posted by BazBoy
    Have you paid new money into two different cash ISAs?

    If yes you've broken the rules

    If no you're okay

    It's that simple

    Cheers fj
    • bigfreddiel
    • By bigfreddiel 21st Dec 16, 9:24 PM
    • 4,233 Posts
    • 1,946 Thanks
    bigfreddiel
    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
    Originally posted by MSE Sally
    MSE Sally, could you correct the title of this thread please.

    Cheers fj
    • CovWoody
    • By CovWoody 22nd Dec 16, 3:36 PM
    • 1 Posts
    • 0 Thanks
    CovWoody
    First ever post ! My wife has a fixed ISA, first paid in year 2012/2013 and which has been with same provider until now. It expires in Jan 2017 , but with such low rates we want to cash it in and pay into fixed 1 year bond with TESCO. Is there any penalty is we do this ?
    • escapee
    • By escapee 22nd Dec 16, 8:35 PM
    • 292 Posts
    • 115 Thanks
    escapee
    First ever post ! My wife has a fixed ISA, first paid in year 2012/2013 and which has been with same provider until now. It expires in Jan 2017 , but with such low rates we want to cash it in and pay into fixed 1 year bond with TESCO. Is there any penalty is we do this ?
    Originally posted by CovWoody
    As long as you move the money after the fixed rate has expired in January, you wouldn't incur a penalty.
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