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  • FIRST POST
    • MSE Sally
    • By MSE Sally 11th Apr 14, 12:12 PM
    • 70Posts
    • 27Thanks
    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 15
    • eskbanker
    • By eskbanker 24th May 17, 6:26 PM
    • 5,465 Posts
    • 5,270 Thanks
    eskbanker
    Yes, you are allowed to fund one each of cash, S&S and Lifetime ISAs in any given tax year (and an Innovative Finance one too), provided the aggregate total of new money is within the £20K annual allowance.

    However, you can't open a Ford regular saver ISA as they stopped offering them yesterday after the overwhelming demand for them....
    • Coops64
    • By Coops64 3rd Jul 17, 12:03 PM
    • 1 Posts
    • 0 Thanks
    Coops64
    Because of the FSCS limit does this mean that the maximum you can safely save in a cash ISA is £85,000?
    • greenglide
    • By greenglide 3rd Jul 17, 2:50 PM
    • 2,841 Posts
    • 1,820 Thanks
    greenglide
    The amount covered by the FSCS guarantee is £85,000 over all money for a single institution (bank, building society etc).

    £85,000 is generally is large amount in cash savings unless you are saving for a genuine reason (house deposit etc). It is still subject to inflation risk and shortfall risk, its isnt "risk free".
    • dadsarmy1
    • By dadsarmy1 29th Jul 17, 4:39 PM
    • 42 Posts
    • 10 Thanks
    dadsarmy1
    Fixed term ISA closing date for new business questions
    Hi, what if anything happens if a new cash ISA is withdrawn for new deposits after I make a deposit but before a cheque can can be posted and be received by the bank? If I only manage to put a small deposit say £50 and the ISA is pulled will I be unable to use the other amount in a tax free account say £19,950 elsewhere? Thank you for any guidance.
    Last edited by dadsarmy1; 30-07-2017 at 7:49 AM.
    • eskbanker
    • By eskbanker 29th Jul 17, 5:34 PM
    • 5,465 Posts
    • 5,270 Thanks
    eskbanker
    Hi, what if anything happens if a new cash ISA is withrawn for new deposits after I make a deposit but before a cheque can can be posted and be received by the bank?
    Originally posted by dadsarmy1
    I don't really understand the question (a deposit only happens once a cheque is received and paid in) but you'd need to check cutoff arrangements with the relevant provider.

    If I only manage to put a small deposit say £50 and the ISA is pulled will I be unable to use the other amount in a tax free account say £19,950 elsewhere?
    Originally posted by dadsarmy1
    Your options will certainly be constrained - you couldn't pay into another cash ISA during the same tax year while keeping the first one open but could open a S&S one or pay into a taxable account that earns more interest than a cash ISA. Since the introduction of the personal savings allowance negated the tax differential for most people, it's even easier than before to beat the pathetic returns from cash ISAs by using non-ISA accounts....
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