Cash ISA Discussion/Question

YorkshireBoy

hansi wrote:

Do Halifax accept transfers in from other ISA providers and do they charge for this?

In order of asking, yes & no.

I'm moving ours from IF to Halifax this week. Looks like only one day loss of interest, according to T&C's - I can cope with that with a 0.45% better rate.

surfboat

I am guessing it is not possible to split up £12000 into isas in one year. Any advice on how to achieve best results for my situation?

grumbler

surfboat wrote:

I am guessing it is not possible to split up £12000 into isas in one year. Any advice on how to achieve best results for my situation?

This is just not possible for one person. The end of the financial year is only 4 months away. And think about using your relatives that you can trust.

Combination of instant access saving account and regular saving acconts (drip feeding) can achieve even higher net interest than ISA. See my post #2 in Help Me To Save For A House Please thread ...

royville

Hello, - This is my first time at doing this so sorry if I'm all wrong.

I want to open an ISA for the first time, but the money I wish to put in from IF will be having interest paid on it in March 2006.
Should I wait until then to collect the interest or will it be more benificial to move it straight away? My preasent interest rate is about 4.5% (IF) and the ISA I am opening offers around 5.5% (FD).

Many Thanks :xmassign:
Royville.

YorkshireBoy

royville wrote:

I want to open an ISA for the first time, but the money I wish to put in from IF will be having interest paid on it in March 2006.
Should I wait until then to collect the interest or will it be more benificial to move it straight away?

I'd move it now. Either leave a little in IF (is it the standard DSA?) to keep the account active, or close the account and they'll pay you the interest earned so far.

royville wrote:

My preasent interest rate is about 4.5% (IF) and the ISA I am opening offers around 5.5% (FD).

Are you aware that it's only 5.5% until mid-Feb 2006, when it then falls to 4% AER? There are better ISA's around - consider Halifax, Bank of Scotland, and B&B.

royville

YorkshireBoy wrote:

I'd move it now. Either leave a little in IF (is it the standard DSA?) to keep the account active, or close the account and they'll pay you the interest earned so far.Are you aware that it's only 5.5% until mid-Feb 2006, when it then falls to 4% AER? There are better ISA's around - consider Halifax, Bank of Scotland, and B&B.

Yes, - I intend to move it after that date to somewhere like the halifax - I think this will gain the most advantage.

Thanks, Royville

tidyfinance

Wow! this info is brilliant - now for my question.
I have £25K to place in a savings account that is to be used for my sons school fees.
I will obviously need regular withdrawals on this (3 terms £2345/term).
Would an ISA (mini cash) be a good idea?
I could place £3K in one this side of April and another £3K after April 6th.
Would it b a good idea to have the bulk of the £25K in a high interest account and just move £3K/ year into the ISA?
Please advise,
Thanks

unknown_786

I am looking to open a mini-cash ISA.....have about 2000 to invest....will probably go with Halifax...was just wondering..with the financial year ending in March...would it make any difference if I opened the account now or waited till then or is it irrelevant?

Thanks in advance,

Unknown

grumbler

unknown_786 wrote:

...would it make any difference if I opened the account now or waited till then or is it irrelevant?

Cash ISA yearly allowance is now £3000. If you put £2000 into ISA this financial year, you can add another £1000 before 5th April and £3000 after. If you wait until April the 6th you lose your current year allowance.

tidyfinance

I'm hoping to sort out my £25K for my lads school fees today or tomorrow.
I am going to go with opening an ISA in my name and one in the wifes. We'll place 3 grand each in these now, and 3 grand each after april 5th (6th?).
I still dont know where to house the bulk of the £25K though! This would be the feeder account for the ISA's. HELP!

I've just remembered that I opened and ISA with Nat West a few years ago with £100 but have done absolutely nothing with it since! Do I need to get my new ISA provider to sort a transfer for me or does this not have any impact at all on my new ISA's? Can I just take out my £100 and close the Nat West one?
Any help to answer these questions is greatly appreciated as I have to house this money PDQ.