The Best Mini Cash ISA Article Discussion Area

Marclyd

Help
I've only ever had a savings account with Barclays - which I don't really use. Anyway I need some advice - forgive me but I just can't seem to get my head around it. Basically I've bought something interest free for nine months and I want a savings account to put the money in per month so I can pay it off at the end of the nine month period. Obviously I want the one with the best possible interest rate.But after reading the articles I don't know what I should do? ISA? Mini ISA? Regular saver? Please help!!

tipsychick

Floyd wrote:

I'm a newbie to the forum but I'm very confused about this ISA business...
I already have a Mini cash ISA with one provider am I right in thinking that I can invest another £3000.00 with another provider as long as it's not in the same tax year?

Yes. That's right!

tipsychick

Marclyd wrote:

Help
I've only ever had a savings account with Barclays - which I don't really use. Anyway I need some advice - forgive me but I just can't seem to get my head around it. Basically I've bought something interest free for nine months and I want a savings account to put the money in per month so I can pay it off at the end of the nine month period. Obviously I want the one with the best possible interest rate.But after reading the articles I don't know what I should do? ISA? Mini ISA? Regular saver? Please help!!

I'm pretty sure, if you're a taxpayer, then a mini cash ISA would be the best bet for you. An ISA is just a tax free wrapping. It means that you will get to keep all of the interest that you earn in the nine months - you'll then just withdraw it all to pay off whatever you've bought when the 0% period runs out.

Remember that the most you can put in to it in any one tax year is £3000.00 though.

Marclyd

Thanks Tipsychick
Anyone got any advice on who would be the best for me to get my ISA with - it'll only be for nine months and I'll need to get my money out then? Highest possible interest but with no penalties for withdrawing less than a year?? Do I sound like I know what I am talking about because I have not got a clue!!

distantkiwi

Please can I have some advise. I am a Brit currently in the process of selling my house and emigrating to New Zealand. My questions are as follows:
1. Can I open an ISA and be a NZ resident.
2. Is now a good time to get an ISA or should I wait until April next year.
3. It is my understanding that it is one ISA per individual - what about if I opened a seperate join account in mine and my partners names.
4. Most importantly can I have an ISA as I will not be a UK tax payer?
Thanks

kpnuts_4

MSE_Archna wrote:

This thread is specifically to discuss the content of

The Best Mini Cash ISA article

To discuss or ask a question about this article: please click here
See the old thread here

My wife took out a 5 year fixed rate cash ISA with Northern Rock which will mature shortly. The rate was fixed at 6.1%. I assumed that this rate would accrue annually creating compound interest. I assumed this because the N Rock rate was compared with variable rates in the best buy tables of the time. Unfortunately, I was wrong and N Rock are only paying simple interest. Is this normal practice?

leaphaze

I have two Cash ISAs of around £6,000 with different providers, IF and Halifax. One is an emergency fund and the other is a long term savings a/c to offset my emdowment shortfall. In the latest article my eyes almost popped out of my head when read the rates offered by NSI and Bradford and Bingley.

However, NSI does not allow ISA transfers into their a/c, and I can't see anything on their website about transferring out. Can a provider refuse to transfer out ISA?

Can't find similar info about Bradford and Bingley's cash ISA.

Any thoughts anyone?

stuartw101

leaphaze wrote:

I have two Cash ISAs of around £6,000 with different providers, IF and Halifax. One is an emergency fund and the other is a long term savings a/c to offset my emdowment shortfall. In the latest article my eyes almost popped out of my head when read the rates offered by NSI and Bradford and Bingley.

However, NSI does not allow ISA transfers into their a/c, and I can't see anything on their website about transferring out. Can a provider refuse to transfer out ISA?

Can't find similar info about Bradford and Bingley's cash ISA.

Any thoughts anyone?

Good question, anyone know the answer? Do NSI charge you for transfers out?

RalphB

I'm confused!

My HSBC ISA pays my mini cash ISA interest monthly. Is this considered part of my £3000 annual allowance that I can pay in?

In other words, come next April 5th (when I hope to sneak in another lump sump just before the tax door comes down for that tax year) can I still invest the full £3000 or will it be reduced by the amount of interest earned so far this tax year?

macca64

No the £3,000 per tax year limit excludes interest.