The Best Mini Cash ISA Article Discussion Area

RalphB

macca64 wrote:

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

That's a relief! Thanks for putting me straight!

ergm3

Sorry to be a pain everybody but I have got myself confused with the mini cash ISAs.

Basically I took a mini cash ISA out in Jan 2006 and deposited there to the full amount allowed. Can I now open another one as I am in a new tax year? (it being October now.....)

I hope someone can help.

best wishes ergm3

johnofhertford

ergm3 wrote:

Sorry to be a pain everybody but I have got myself confused with the mini cash ISAs.

Basically I took a mini cash ISA out in Jan 2006 and deposited there to the full amount allowed. Can I now open another one as I am in a new tax year? (it being October now.....)

I hope someone can help.

best wishes ergm3

Yes you can. You can either:

1. Deposit up to another £3000 in your existing account
2. Open a separate cash ISA for this tax year with another bank/building society but leave your existing funds where they are
3. Transfer the funds from your existing ISA to a new bank/building society ISA and add up to £3000 to it. NOTE: If you want to transfer your existing ISA DO NOT withdraw the money from the account - you must get a form from the new bank/building society and ask them to arrange for the funds to be transferred - otherwise you lose the tax-free protection.

(This all ssumes that you haven't opened a maxi ISA as well this year. If you don't know what a maxi ISA is then best not to worry about it at this stage.)

ergm3

Thanks loads johnofhertford,

It has all become clear now. :T

cheers

Iona_Penny

NS&I have a Direct ISA paying 5.5% operated by telephone,minimum deposit £1000.
Not to be confused with the Cash Isa (min £10) paying only 4.45% which is what is openend when you collect the form from the PO.

OH paid £3000 over the counter to open an ISA and on arriving home realised he wasn't sure that it was a Direct ISA. He will now have to reclaim under the 14 day rule and then open the correct account.

We think this is pretty good rate and instant access, but counter staff will not necessarily know enough about products to advise. Hope this is useful to someone.

dodo

FOR NS&I

You can also operate a Direct ISA by internet by using a debit card, standing order or electronic funds transfer for deposits and phone or internet for withdrawals (min £250) paid to a nominated account.

Charls

Help! I've got £11,000 sat in a LLoyds internet savings account - there must be a better place for it. It's money that I am going to spend about May time, so need to be able to get at it with little notice - any ideas?

Also the money's going to Spain - how do I get it there?

x3ja

We've received a letter from Nationwide offering us 5.3% for a fixed rate ISA bond over 1,2 or 3 years. Currently their non-fixed rate is 5.2%, so this looks like it could make us a few quid over a year... but a couple of questions:

1) Is fixed rate a good thing to go for? We went with it for our mortgage and we love it, but does the same apply here?
2) Should we instead go for one of the more flexible 5.4% accounts that Martin recommends in the article? (Note: not wanting to go with NS&I as we're unlikely to have the £3000 to put in each year and all of our savings is in ISAs now).
3) Is it worth the hassle of changing, or should we just be happy with 5.2%?

I think the difference between 5.20% and 5.40% only makes us about £30 anyway... so I guess the important question is the first one... and that depends on what interest rates do... anyone got a functional crystal ball?

gargoyle

I want to save approx £10 per week for xmas next year - is it a good idea to go with an ISA or just stick with a high paying savings account?

kibblerok

is it worth opening an ISA now (probably £50-£100 a month to add to it) or wait until late feb-march to see if anything better comes out?