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ISAs & tax-free savings

Archives for November 2020

I have paid into two S&S ISAs this year, what kind of penalties may I face?
I have mistakenly paid into 2 stocks and shares ISAs this year. I closed an ISA earlier in the year and forgot about it, but recently I checked the statements and the last time I paid into it was £286 on 30th April 2020 (I have no idea why I would do this, I planned to close it anyway). I have paid £15,000 into a different…
New Cash ISA with a S&S ISA
Having a bit of an ISA check at the moment and after making a mistake on my S&S ISA we have now moved at looking at my wife's ISA. My wife opened a S&S ISA this FY year and put money in it. It sates under the rules you can can open a S&S ISA and cash ISA in the same FY and the yearly allowance can be spread across both.…
Stocks & Shares ISA old and new
Think I've just made a mistake. I've just read another thread where it looks like someone has done the same thing although they had 3 ISA's which has made me realise I may have made a mistake. I opened a S&S ISA in May this year and made a deposit and bought some shares. Today I logged into a previous S&S ISA setup last…
Transferring Help to Buy ISA to LISA
A couple months ago I transferred my Nationwide Help to Buy ISA to my Moneybox LISA (around £3000). The balance transferred were savings made into the Help to Buy ISA in the tax year 19/20. I have just tried to transfer some money into my LISA for it to fail and state that I will go over the £4000 savings limit. I thought…
Investing Pocket Money
Hi, I have two primary school aged children neither of whom gets pocket money yet. The youngest is now asking, gently, about the idea of pocket money. They both have piggy banks with over £100 of accumulated small gifts. I am thinking that I am doing a poor job about teaching them about money (and as someone that was…
Investing more than your ISA (HSBC vs Vanguard)
Hello everyone, I am not a UK national but am currently working here and should be around for min. 3 more years. I would like to ask for some advice as I am not particularly familiar with the UK investment landscape. I have two main questions: 1) For this tax year, I have invested my entire tax-free allowance to various…
Lifetime ISA closed after house purchase?
If I cash in my Lifetime ISA following a house purchase, am I correct in thinking that I can't continue with the account for retirement? It's for EITHER a house purchase, OR retirement, and not both?
Nat West Self Select Stocks and Shares ISA
I received mail this morning from Nat West saying that they are changing the terms and conditions of the above investment product. The new terms and conditions, together with the fact that there are currently no financial penalties for transferring out of the product, would certainly seem to imply that they are pulling out…
ISA Transfer Woes - Any advice?
I had some uninvested cash in a HSBC InvestDirect ISA as they had a 0.75% interest rate which was a respectable rate. In August they removed this to 0%. Hence on the 10th October I opened up a Cash ISA with the Coventry Building Society and filled in a ISA transfer request form to transfer all uninvested cash. On the 22nd…
Invested into 2 S&S ISAs - Same Tax Year - What Happens?
So I knew about the £20,000 ISA limit - and the fact you can only create one S&S ISA per year. I didn't know about any other rule and I don't know how this affects me now. I invested £7,000 into a Fidelity S&S ISA several months ago [it was already open from a previous tax year] along with a LISA from H&L (£4,000 - which…
Gifted money from aus into ISA?
Hi all - I’m from Australia where my mum lives but I’m currently based in the U.K. (dual citizen). She has retired and wants to slowly start regularly gifting me some money now she’s hit retirement and made a bit of money herself so she can see me enjoy it which is kind of her (she also won’t let me say no!) I was…
Help needed for the Principality Bonus ISA 0.95%?
Thought I'd downloaded the t & c of this account when opened but cannot find them now.:( Does anyone have them? Think the rate included a bonus of 0.5% until August next year but may be wrong?
Help to buy interest rate once matured
I have the max amount sitting in my help to buy ISA with Santander. Up until now they were paying roughly 3.6% which is obviously very good. However the interest rate has dropped down to below 0.5%. I don't plan on using my money for at least one more year. I also have no other ISA. So my question is: Can I move my help to…
Lifetime ISA
Hello, Wonder if anyone could help? I've not really paid attention to the Lifetime ISA thinking it was only for saving towards a home but it caught my eye recently as I'm nearly 39 and noticed I don't have long left if I want to open one. So I'm looking at it as a 2nd pension option rather than toward first home as I have…
SMT fund valuation point.
Probably a very silly question but... How do they price the fund when markets are closed in the UK.? Say if it is at £1000 at the end of UK trading and say a big US holding of theirs drops by 20% while the US markets are still open , is the price calculated the next UK opening or when the US markets open if you wish to…
Are there any benefits in a cash ISA
Am I missing something? Every ISA provider I have checked offer a fixed rate cash ISA at 0.2% less than their fixed rate bond for the same investment period. 10K invested at 1% would yield £100 less 20% tax leaves £80 10K invested at .8% in an ISA would yield £80. The benefit in the ISA is enjoyed by the financial…
Transferring Help to Buy ISA into a Lifetime ISA
Hello MSE, I have a few question sabout transferring my Help to Buy ISA into a Lifetime ISA. I've been paying into my Help to Buy for just over 2 years currently have around £5000 saved. If I open a Lifetime ISA and transfer £4000 from the Help to Buy before April 2021 would I get the maximum 25% (£1000) bonus for the…
How long do fund purchases take to go through?
Just wondered how long it normally takes when purchasing a fund online, once you click 'confirm', to having the deal executed/confirmed. I purchased 2 funds on Sunday for my S&S ISA with iWeb, one Vanguard LifeStrategy and one HSBC Global Strategy. The latter was dealt with and confirmed on the Monday. The Vanguard one…
Multiple stocks and shares ISA
I have a stocks and shares ISA via a flexible mortgage plan scheme with L&G. This product incorporates some life, terminal illness and critical illness cover as well as a payment into a stocks and shares ISA. It's not performed particularly well, but the life and illness cover has some value to me and I'd like to keep that…
Direct Debit to a Share ISA
All, not sure if this question has been answered before but I would appreciate some feedback. Just opened a share ISA with Nutmeg (on the back of a MSE article), they have just taken the first direct debit payment, but this has taken 2 days to arrive in my Nutmeg account, debited from my bank account on a Thursday, arrived…

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MSE News

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Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Base rate held at 4.25% – here's what it means and when it might be cut next
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
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ISAs & tax-free savings

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