Over 50's extra allowance

Baldur

Heinz wrote: »

Possibly not.

http://forums.moneysavingexpert.com/showthread.html?t=1970167

As per my reply here:

Please be the first to follow this advice from the Daily Mail and let us all know how it goes - I will certainly not be following it, having had to wait nearly twelve months for a bungled Cash ISA transfer where there were no HMRC issues.

libra10

As this year's ISA money went into a Nationwide Fixed-Rate bond, would it be alright to deposit the extra £1500 allowance into an Abbey variable rate ISA which was transferred from Nationwide during this tax year?

jem16

libra10 wrote: »

As this year's ISA money went into a Nationwide Fixed-Rate bond, would it be alright to deposit the extra £1500 allowance into an Abbey variable rate ISA which was transferred from Nationwide during this tax year?

No it wouldn't.

chrissiewants2save

thank you all.

libra10

jem16 wrote: »

No it wouldn't.

Thanks (I think!)

pattycake

My husband and I both have fixed rate ISA bonds with Nationwide. They were taken out in April this year and run for one year. We take a monthly income from the bonds. I have looked on the Nationwide website and it appears to say that we will not be able to add the additional £1500 each to the bonds but must take out new ISAs. The cash ISA is not worth having so my question is, if we do another fixed rate for a year does that mean it will mature next October and the cash therein can never actually be added to the pots which we have already built up? I hope that makes sense!

If this is the case, then I don't think we will bother.

Baldur

Yes they would mature next October and could, on maturity, be transferred wherever you wish (as long as the provider accepts ISA transfers), whether you choose to consolidate your funds in Nationwide or anywhere else.

<Edit>

From memory, if you are considering further FRISAs with Nationwide next April, they usually only permit a single deposit on opening the FRISA (my current LTSB one permits additional transfers), so you may have to look at either taking an easy access ISA with NW, which could be transferred into your new accounts with NW next April, or look for the best account to which to transfer the maturing funds next October.

Sapphire

I think you can open more than one FRISA bond with Nationwide. I've just rolled over my previous one into a new one, and intend to open another one (if the rates remain as they are at present) to top up my ISA holding for this year to the £5,100 limit after 6 October.

Not sure if Bradford & Bingly would also allow this...

Why do they make things so complicated?