ISA before Tax year ends?

voipphoner

Hi,

which advantage do I have if I open the ISA account before the TAX year ends?

I am disapointed with Alliance & Leicester. Tried to open an ISA and they told me it is to late in their branch (to less staff...)

PokerPortal

voipphoner wrote:

Hi,

which advantage do I have if I open the ISA account before the TAX year ends?

I am disapointed with Alliance & Leicester. Tried to open an ISA and they told me it is to late in their branch (to less staff...)

The advantage would be that you would not lose your £3000 ISA allowance for this year.

Spankie2004

voipphoner wrote:

I am disapointed with Alliance & Leicester. Tried to open an ISA and they told me it is to late in their branch (to less staff...)

Hmmm... I had similar problems at A&L in Reading on Friday - refused to open account in branch (said they wern't allowed to open in branch) :mad:

I suspected it was a work avoidence tactic so rang customer services who confirmed branches had been instructed to open accounts, and they could do it up to 5th.

So I tried the Slough branch on my way home - the guy was very helpful and completed application and opened account in about 20 mins :cool:

I reckon you should go back to the branch (or another branch if they are not being helpful) and give it another go... although they may be quite busy!!

Dan

grumbler

voipphoner wrote:

which advantage do I have if I open the ISA account before the TAX year ends?

There is no advantage just in opening the account. The only advantage is if you open and put some sensible amount (max £3K) into it to use your this year allowance as much as possible.

If you have money to save and fail to open ISA in A&L, open it elswerer not to lose the allowance. You can transfer it to A&L (or somewere else) when this rush ends the day after tomorrow.

regularsaver1

i suppose one branch was real busy, i mean why are people leaving it till last minute anyhow

voipphoner

I already have an ISA account with Firstdirect (which has not a very good interest anymore.)
Can I wait till the new Tax year and then transfer the money?

I should not lose my 3K limit?

david78

You can transfer your First Direct (FD) cash ISA whenever you like. Do it now if you want or after 5th April.

If you have not invested in your FD ISA this year, you can just top-it up before 5th April, then transfer the lot to A&L's account from April 6th.

You will not lose your £3000 allowance for next year whatever you do.

hansi

regularsaver1 wrote:

i suppose one branch was real busy, i mean why are people leaving it till last minute anyhow

exactly, when they have the whole year to do it!

david78

Well I'm funding my account next year on the 6th April (364 days early) and I bet they will still be busy.

hansi

david78 wrote:

Well I'm funding my account next year on the 6th April (364 days early) and I bet they will still be busy.

same here!

sloughflint

hansi wrote:

same here!

I think most people on this forum will. I would have done too but having last minute dithering moment and not sure who to go with ( can't get my head round stakeholder conditions issue and don't want to be stung to tranfer out again in the future). Will forsake a few days interest to be sure I'm making the right choice.