The Best Mini Cash ISA Article Discussion Area

roddydogs

NO u cant!!

masonic

moscow_flyer wrote: »

I am new to isa's hand have just read that i can open a max of 3 mini isa's each year.

You can open a maximum of one cash ISA per tax year and one stocks and shares ISA per tax year.

Aegis

moscow_flyer wrote: »

I am new to isa's hand have just read that i can open a max of 3 mini isa's each year.
So can I go and open 3 separate isa's with 3 separate banks and invest £3k in each?
Please advise!!?

I think you're confusing the issue. There are three types of ISA you can open this year: mini cash ISA, mini stocks and shares ISA and maxi ISA. However, you can only open either the mini ISAs or a single maxi ISA, meaning that the maximum you can have is two, one for cash and one for stocks and shares. The total subscription is £7000 for either route, but in the case of the mini ISAs, you have a maximum of £3k in the cash version and £4k in the Stocks and shares version, while the maxi can take £7k, investing up to £3k in cash within itself. This effectively means that if you want to invest more than £4k in stocks and shares, you need a maxi ISA, otherwise you can probably get better rates by splitting your accounts across providers.

Hope that clears it up a little

slenderkitten

debtworrier wrote: »

After looking through the different offers, I decided to open my first mini cash ISA with natwest, because I wanted an account separate from my current and other accounts which are all with Smile, just in case something were to go wrong. (I'm an ex-Barclays customer, so I expect banking systems to go wrong.)

Internet and postal accounts only will let you withdraw money via your current account, so useless to me as an emergency back up.

However, natwest are insisting that I must also open another account with them to which any money over the annual 3k isa limit would be redirected should I mistakenly over-deposit (I wish :rolleyes: ).

In order to open this other account, they demand that I not only show up with the usual ID and address documents, but the last 3 months statements of my current account so they can check that "everything is being run legally."

Frankly I think this is a gross invasion of my privacy - am I going to encounter similar nosiness with every other bank I try to do business with?

My feeling is to write to NW withdrawing my ISA application and telling them to stuff their intrusive client profiling.

What have other people's experiences been when opening accounts with an organisation for the first time?

when i signed up for it i already had a current account but i have had a letter from natwest tha they are getting rid of the debit card that came with cash isa account.

dont bother with natwest they are crap.

rictus123

Got my Mini ISA account going now, just turned 16, in full time employment, only expense really is 10 pound a week digs, soon be 25 pound a week though. Should i put as much as i can into ISA or pension. My pension is a construction one and dont sound to good to be honest.

slenderkitten

rictus of course you should put money into an isa its tax free besides if u have a cash one you can dip into it anytime you need to.

SuzySF

well - here goes - i've looked thru the 9 pages and cant see this type of Q.
I dont pay tax, and have two Isa's (one regular one tax beater) I also have a savings account - all with one provider. I am thinking of withdrawing all three deposits and combining and placing in one paying a higher % rate. The provider has made an appointment for me for next week to see one of their financial advisors (I know to try and keep me) I cant see the point of having 2 Isa's when I dont pay tax, but they suggested placing all the money in one (transfering* as opposed to a depoist - technical tax term apparently *) I'm getting more and more confused - i had more or less decided on an A &L Online account...anyone help me or give me some ideas/point me in the righ direction ..btw I'mnot talking big money here - less than 10k..
thank you all for taking the time to read my Q - hope i stuck it in the right department !

muddyfox470

Natwests new e_ISA looks rather tempting, it pays 6% (though it doesn't have a great guarantee - match or be greater than base rate). I know it isn't the best rate on the market, but to say it is instant access and I could use it as a stash for my not so needed savings that I have in my e-savings with them (for quick access - large purchases etc) - I have an ICESAVE account aswell to put further savings in.

But the 6% from Natwest does seem quite tempting (for easy access) - the account came out on the 4th October. However I am still in two minds whether to get it or not, because as soon as I fund it, I wouldn't be able to fund my higher interest ISAs.

Ian

Red_Mick

We've got several ISAs from different providers, NS&I and Abbey, totalling some £30K between us. This year we opened one each at Barclays. We could transfer into the Barclay ISAs from the others I presume?? Or is it worth it?

jem16

If it's the Barclays Tax Beater ISA then no you can't transfer into it as it does not accept transfers.

As to whether it's worth transferring depends on the rates you are getting.