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Cash ISA Discussion/Question

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  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I don't understand why you are still earning interest on your NatWest ISA if you have withdrawn funds.

    However, interest doesn't count as a 'contribution' so unless you pay anything directly to Nat West I don't see why you can't open a new cash isa for 2005/6 with A&L.

    R.
    Smile :), it makes people wonder what you have been up to.
  • franney
    franney Posts: 231 Forumite
    I have just opened a Fixed Term bond ISA with the Bristol and West with a 1 year term, my question is...
    Can i open an ISA with another provider after the 5th April 2005 as it will be a new financial year?
    The B&W is a non-deposit account that will mature in April 2006 by the way, if that helps any :)
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    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    You say that you have withdrawn all funds from the Natwest cash ISA yet it remains 'open'. How can that be? If you had withdrawn all funds, interest up to that date would have been calculated and you would have received that along with all capital and the account would have been closed!

    Are you saying that you left just £1 in the ISA and you are earning interest on that? If so, you have nothing to worry about, you can open another ISA. However, if interest from some other account is being paid into the ISA, then you cannot open another ISA.
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    franney wrote:
    I have just opened a Fixed Term bond ISA with the Bristol and West with a 1 year term, my question is...
    Can i open an ISA with another provider after the 5th April 2005 as it will be a new financial year?
    The B&W is a non-deposit account that will mature in April 2006 by the way, if that helps any :)

    Yes of course you can open another ISA from April 6th, 2005 onwards. The fact that you ISA is 'fixed term' has no bearing on it. When your B&W account matures I assume they have options for transferring funds to a mini-cash ISA and, I guess, if you make no election they will choose a min-cash ISA for you from their own range. That 'transfer' would not count as opening a new ISA either!
  • Hi, I have 3,000 to put into an ISA and i don't want to touch it for 10 years. As i know nothing at all about ISAs i was wondering if anybody out there can give me some sound advice. THANKS
  • Abbey tell me that applications for present Postal ISA (5.35%) will not be accepted after 30th April 2005. New product starting 1st May, no info yet. Anyone else heard this?
  • Jingle wrote:
    Abbey tell me that applications for present Postal ISA (5.35%) will not be accepted after 30th April 2005. New product starting 1st May, no info yet. Anyone else heard this?

    Postal ISA Issue 2 available from 1st May - only difference I can see is that there's no interest rate guarantee but the old one had expired anyway so not sure why they need a new issue :confused:
  • Viz_2
    Viz_2 Posts: 720 Forumite
    Is there way to invest in another family members ISA allowance when mine is full ?
    Never buy a stupid dwarf -
    Its not big and its not clever.
  • Viz wrote:
    Is there way to invest in another family members ISA allowance when mine is full ?

    Yes but the money would belong to them if it was in their name!
  • pjala
    pjala Posts: 420 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    This is a variation on an earlier post by someone else.
    I have already opened up an ISA for this tax year with FD.
    Can I now open up an ISA with Abbey, but not pay anything in?

    I want to do this so I get the 5.35%, and can then transfer all the FD amount across into abbey in October when the FD rate goes down?
    Thanks,
    P
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