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Cash ISA Discussion/Question

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  • I opened an Abbey postal isa in February and as yet have only put the opening amount of £1 in it. I have savings away with Egg for my holiday that has to be paid in May. Should I transfer them across to get interest on them this ISA year? If I did, would the amount be taken from next years allowance as I would have to withdraw it in the new year?

    Thanks in advance
    Not buying unnecessary toiletries 2024 26/53 UU, 25 IN
  • timeport4
    timeport4 Posts: 25 Forumite
    please a answer
    banks have given me different answers

    can you hold more tahn one mini cash isa as long as u dont put total of more than £3000 in them as a total
    i.e. 3 accts put £1000 in each in each tax year?
  • t_i_g_e_rr
    t_i_g_e_rr Posts: 213 Forumite
    For each year's £3000 allowance you may only have one cash ISA. You may have different cash ISA's at the same time, but they must have been opened and payed into in different tax years.
    This is well demonstrated by the fact that if you want to open a second cash ISA in the same tax year, you have to transfer all the money that you have invested in the first ISA in the current tax year over to the new ISA, thus you would still only have one year's payments in one ISA.
  • timeport4
    timeport4 Posts: 25 Forumite
    Martin ! why recommend the A&L isa they only ones that sneak in the £25 fee to transfer!
  • Haivng read all these posts i am thinking i shouldl be consolidating my previous ISA's into a new one with a better rate. I have just opened an abbey postal isa for this year .
    1.if i want to transfer other ISA funds from previous years into it do i have to do that now or can i do it anytime over the next few months. Abbey said i did not have to rush - is that true?
    2.Can i transfer into a new isa from more than one previous provider?
    3.Am i right form this discussion that if money comes from previous years you can transfer just part of them?
    4.Is it s good idea to put all the money in one isa or have a few?

    Any help would be appreciated
  • isasmurf
    isasmurf Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    noodles wrote:
    1.if i want to transfer other ISA funds from previous years into it do i have to do that now or can i do it anytime over the next few months. Abbey said i did not have to rush - is that true?
    You can transfer an ISA at any time.
    2.Can i transfer into a new isa from more than one previous provider?
    yes
    3.Am i right form this discussion that if money comes from previous years you can transfer just part of them?
    Transfers from previous years ISAs can be transferred in full or in part.
    4.Is it s good idea to put all the money in one isa or have a few?
    It's a good idea to maximise your savings return. If that means having all your ISAs together then yes it is a good idea.
  • Hobo_2
    Hobo_2 Posts: 286 Forumite
    Can someone confirm how it works,cos it may suit our circumstances.
    Ok we`re looking at their offset mtg we have savings to offset of about 45% of £79k mtg & no ISA`s
    On their website info you can have cash isa`s in the offset,so in concurrent years wife & i can build up (joint mtg) £6000 pa in isa wrapper £3k ea , as we are to receive a future lump sum that will more that cover our mtg, so that means we have banked our isa allowance for retirement income purposes.

    Option 2 they state "choose to receive intrest on savings at mtg rate" does this mean eg; SVR offset mtg 5.95%vari cash isa 04/05 5.00% so then isa would be 5.95%vari

    Or have i got this wrong!!
  • I have about £9000 in a mini cash ISA already but plan to transfer it, after 1st April, to a different bank to get the best interest rate for this year. I want to keep this money separate and forget about it (its earmarked for something in the future) Can i open a 2nd mini cash ISA and start saving from scratch up to the £3000 max? Or is that orginal account the only one i can have?
  • Kazza242
    Kazza242 Posts: 2,199 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I have about £9000 in a mini cash ISA already but plan to transfer it, after 1st April, to a different bank to get the best interest rate for this year. I want to keep this money separate and forget about it (its earmarked for something in the future) Can i open a 2nd mini cash ISA and start saving from scratch up to the £3000 max? Or is that orginal account the only one i can have?

    From April 6 2005, you will get another £3,000 allowance. You can choose to deposit it into your existing cash ISA or open a new mini cash ISA with a different provider.
    Please call me 'Kazza'.
  • I have a Natwest cash ISA for 2004/5 from which I have recently had to withdraw all funds.

    The only deposits now made are automatic small interest payments.

    I would like to open an Alliance & Leicester cash ISA for the new tax year.

    Will any future (albeit small) interest only payments into my Natwest ISA be classed as 'subscribing' during 2005/6????

    ie. should I completely close my Natwest ISA to be sure no 'deposits' are made????

    Any help appreciated.
    "You can't trust anyone these days"
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