isa help for new year..

ACID

Ok,

i currently have an isa which already has the £3600 maximum

the new Isa i plan to open from April will allow me £5100

ideally i want a new one as i need a new better interest rate as my old isa will have a poor rate

now my question is what to do?

SHall i just open a brand new ISa and start to put money in
and let the money from the old isa remain in there??

or transfer? I guess if i transfer then in theory that is me openign a new isa?

the problem with transferring is, ill reach the maximum quicker but to put it another way i really then havent saved he maximum in a year?

sorry for confusion..

Mikeyorks

You can transfer the old ISA (assuming the one you have earmarked accepts transfers in?) ... then add your 2010/11 money to it .... thereby keeping all your funds in the one place (£3600 + £5100 + interest).

Or you can transfer the old ISA and open a different one to put your 2010/11 allowance in.

No difficulties with either route. You can open as many ISAs as time allows in a year ....... you just can't add funds into more than one. A transfer merely moves an existing ISA to a different supplier ..... for all practical purposes it's the same ISA ..... just in a different place.

ACID

Mikeyorks wrote: »

You can transfer the old ISA (assuming the one you have earmarked accepts transfers in?) ... then add your 2010/11 money to it .... thereby keeping all your funds in the one place (£3600 + £5100 + interest).

Or you can transfer the old ISA and open a different one to put your 2010/11 allowance in.

No difficulties with either route. You can open as many ISAs as time allows in a year ....... you just can't add funds into more than one. A transfer merely moves an existing ISA to a different supplier ..... for all practical purposes it's the same ISA ..... just in a different place.[/QUOTE


thanks#

the problem with the first option si the Interest rate would be peanuts

the second option soudns better

but if i transfer from my old isa account which has say, £5100 then would the new bank say i have reached the allocation already?? or can i add £5100 to it

KingL

I fear you are missing Mike's point.

with the first of Mike's options you could transfer your old one (plus its accumulated interest) into (say) the Stafford Railway Building Society ISA where it would receive 3.0% interest. Then you add next years £5100 into it which will receive the same rate of interest.

or

you could transfer your old one (plus its accumulated interest) into (say) the Stafford Railway Building Society ISA where it would receive 3.0% interest, and then you could (probably*) open a new A&L Flexible ISA with next year's £5100. The £5100 would receive 3.5% interest.


Transferring doesn't count towards your allowance. You can put £5100# per year into any ISA you like, and you can transfer all your old ones around whenever and where-ever you like$.



* assuming its still being offered at that point in time
# from 6 Apri 2010 onward
$ as long as the terms and conditions of those accounts dont say otherwise

savemoney

Sorry to jump on to this

I never had a isa account but am opening one up for my daughter and putting maximum amount in for a flexible ISA with Abbey

What sort proof do you have with a ISA account, example. I have to Abbey accounts one savings (bank book) another cash card account earning 0.5%

Might sound a dumb question but I haven't has a ISA account and OH wants to know

welshmoneylover

You'll need your national insurance number for one thing!

KingL

are you asking what proof you have to provide to them or what proof do they provide to you?

ISA holders have to be 16 or over and, yep, have a NI number. They might have to prove their ID with a passport, driving licence utility bill or suchlike.

If you open an online ISA, you will likely get a welcome pack in the post and maybe an annual printed statement in the post, plus an online login that will let you see your balance and to add/withdraw money.

savemoney

Thanks maybe didnt make myself clear 1st time. I meant proof as in some physical way you got a record that you paid x amount in like card, statement etc

The reason I am cautious is I have had a lot of problems with a card being cloned in a abbey machine (thieves took almost £700) and then getting money back from abbey for my other daughter, this is another daughter we have.

You wouldn't belief the grief we had with abbey and lies they gave us when they said they pay up then wouldn't so we had to threaten them with ombudsman

bank cash machine scammers (1 2)

Baldur

savemoney wrote: »

Thanks maybe didnt make myself clear 1st time. I meant proof as in some physical way you got a record that you paid x amount in like card, statement etc

The reason I am cautious is I have had a lot of problems with a card being cloned in a abbey machine (thieves took almost £700) and then getting money back from abbey for my other daughter, this is another daughter we have.

You wouldn't belief the grief we had with abbey and lies they gave us when they said they pay up then wouldn't so we had to threaten them with ombudsman

bank cash machine scammers (1 2)

If you are that cautious, why not apply in-branch? I have certainly done so in the past for their Direct ISA and have received a receipt for the sum deposited.

If transactions are carried out online, the funding account will show records of funds deposited to the Abbey ISA account.

savemoney

Its really what proof do you have when you have x amount in as isa.

Just this morning on phone to abbey they denied scammers took money out of my daughters account, even though I have written proof as form of a statement I got and money was taken over 200 miles away and they even paid some of the money back

Thats why I am being cautious

Baldur

savemoney wrote: »

Its really what proof do you have when you have x amount in as isa.

Just this morning on phone to abbey they denied scammers took money out of my daughters account, even though I have written proof as form of a statement I got and money was taken over 200 miles away and they even paid some of the money back

Thats why I am being cautious

The last time that I held an Abbey ISA, I received a receipt for the deposit and an annual statement, much as you receive with any other ISA provider.

Some building societies issue passbooks or 'certificates' but the majority do not.

Your ISA deposit(s) are shown in Abbey/Santander/A&L's online banking.