Cash ISA Discussion/Question

grumbler

tidyfinance wrote:

... 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?

You can do this, but you don't have to do this.

Can I just take out my £100 and close the Nat West one?

Yes, you can, but I'd transfer it to your new provider. It is easy to do.

tidyfinance

Thanks for that.
You know I think I'm finally getting to understand!
So my earlier, never used ISA doesn't come into play.
I'll visit and close it.
How would I transfer to my new provider if I chose to do this???

YorkshireBoy

tidyfinance wrote:

How would I transfer to my new provider if I chose to do this???

Take the details (provider name, sort code, account number) to your new provider. They'll open your new ISA's and transfer in the old ISA as well.

tidyfinance

lisyloo wrote:

You can only have 1 cash ISA per tax year and you can only put £3K into a cash ISA (per individual).

I've read today that from April the amount you can invest in a Maxi-ISA will fall from £7K to £5K. For a Mini Cash ISA the amount falls from £3K to £1K.
Total re-think needed my end I fear.

tidyfinance

Just been assured by 'dunstonh' that the article I read today in the Times regarding reductions for deposits in Maxi and Mini cash ISA's is incorrect. Thank goodness!

[Deleted User]

My understanding was that the move from 3k limit for cash to 1k was "subject to consultation" and my reason for visting this site was to find out the latest news! I can't see anything on the inland revenue site other than the following:

ISAs began on 6 April 1999 and will be around until at least 6 April 2009. You can start with small amounts and save up to £7,000 each tax year until 2005-06 and up to £5,000 in each tax year from 2006-07. The reduction from £7,000 to £5,000 after 5 April 2006 is subject to consultation. A tax year runs from 6 April to 5 April in the following year.

Anyone know anything more definite?

grumbler

anactuary wrote:

Anyone know anything more definite?

See Mini Cash Isa Allowance short thread below ...

isasmurf

anactuary wrote:

ISAs began on 6 April 1999 and will be around until at least 6 April 2009. You can start with small amounts and save up to £7,000 each tax year until 2005-06 and up to £5,000 in each tax year from 2006-07. The reduction from £7,000 to £5,000 after 5 April 2006 is subject to consultation. A tax year runs from 6 April to 5 April in the following year.

Where did you find that on the IR site. You must have been looking at something very old. The factsheet has the up to date information, or you can look at the Treasury's ISA page

[Deleted User]

isasmurf wrote:

Where did you find that on the IR site. You must have been looking at something very old. The factsheet has the up to date information, or you can look at the Treasury's ISA page

Just via google but it obviously brought up some old content.

jimladin

hi, hope someone can answer this for me as i'm not at all clued up when it comes to interest payments from the bank.

I recently opened a Mini Isa with the Alliance and leicester and plan to put some money into it this week. The rate of interest is 5.2%AER. Does this mean that at the turn of the financial year i will be granted 5.2% interest on all the money in the ISA at that point? Or is calculated in a more complex manner.

ie If i have £1000 in the account, will i get £52, or to qualify does the £1000 need to be there for a year?

Thanks in advance to anyone that can help clarify this for a youngster trying to sort his finances out