How much can you save?

LucyTheDwarf

So long as you are not paying into more than 1 ISA each tax year, you can transfer the funds. Even if you've not fully subscribed this year, you can transfer the funds to a new ISA, but can still only pay in £3600 in total this year.

moneysavingwannabe

hmm, so I can move all the money even though I have paid up to my limit? I have around £12000 in the HSBC ISA so I could get more interest with another product?

Anyone any ideas to save me some time (wedding planning taking up far too much time at the mo) I like the monthly interest I get with the HSBC and I don't think I get any penalties if I take the money out, but it has been a while since I looked into this. I'm not even sure what my interest rate is at the moment.:o

Plus the extra savings are going into an awful HSBC instant access so should prob move that too!!

Plus I got a renewal through for my home insurance and they have nearly doubled it so now need to spend time researching better prices. :mad:

moneysavingwannabe

Ok, so I have just opened an Kaupthing Edge account for the ISA overflow money :j Hopefully a good move!

I have sent HSBC a message to query my interest rate cos there seem to be a few different rates and older ISAs etc and posed the question can I move the ISA across!

So thanks everyone for making me do something and not just sticking with the bank I have always used! :T :T :T

Woodyrocks

moneysavingwannabe wrote: »

Plus I got a renewal through for my home insurance and they have nearly doubled it so now need to spend time researching better prices. :mad:

Don't forget to go through Quidco

moneysavingwannabe

Hi,

Thanks, I always forget to do things like that. :j :T

TighterThanTwoCoatsOfPain

moneysavingwannabe wrote: »

Ooh,

I have a HSBC ISA, not kept up with the interest rate, so it's not that bad then. :j I've got all my savings in ISAs with them so rather chuffed.

dont get too excited about this... Its "new customers only" according to when we tried to switch to it.... The best they would offer an existing customer was about 4.85% :eek: we ended up having to move.

Just my experiance, but only HSBC themselves can tell you the rate you're own... well worth checking out.

LucyTheDwarf

I find HSBC very helpful, when it comes to their online message thingy.. I'm paranoid about everything, so I use it often, and I always get a prompt reply.

Herewegoagain

:hello: Hiya all,

Just found ur thread and it seems very interresting! I'm a newbie who has cleared some debt but is also saving:j :j I've been trying to make up my mind which cash ISA to open but just confuse myself I also want to open an investment/shares ISA but find that even more confusing :eek: I hope you guys don't mind if I join you and would welcome any advice:T xx

foreign_correspondent

Hello, can I join? I have an erratic income, and my partner has been at university for the last three years, but I am saving! Largely thanks to this website, I have been able to spend less than I earn and save a few quid most months.

We have almost paid off our mortgage too, so I am hoping to save what I am paying into the mortgage in the next year or so when that ends.

It is encouraging to see others on here doing the same sort of thing - I dont know if anyone else experiences this, but I feel almost embarrassed to admit I have savings... I think people resent it, but if I had wasted all the money on clothes and shoes, like a lot of people I know, no one would think bad of it...

So i keep it quiet, but I am determined!

LucyTheDwarf

Welcome herewegoagain and foreign correspondent! It's good to have you here


Herewegoagain: I think they have stopped the whole mini/maxi ISA thing; in fact I'm sure of it. Nowadays you have an ISA and £3600 of that can be cash, or you can have just a cash ISA. Stocks and shares just scare me (I'm very risk averse) so I've always stuck to cash ISAs. Just look for the one with the highest rate, and without penalties for withdrawals (unless you want penalties to force discipline!). If you've got an HSBC current account, their cash e-ISA (watch out, as their cash ISA isn't such a high payer) is at 6.25%.

Take a look here: http://www.moneysavingexpert.com/savings/best-cash-isa

Hope this helps!


FC: I know how you feel with the embarrassment thing. One of my colleagues who is heavily in debt (no matter how many times i tell her that she is in too much debt to buy concert tickets, she likes to see 4 or 5 a month). Oh, and she's spending £3000 on some top personal trainer for just 18 1 hour sessions. She earns around £9.5k. She always asks me how she has a wonderful lifestyle, when I earn far more than her. When I answer that i save my spare cash, it's like I've broken some taboo! It's as if I'm cheating her... sneakily saving my money, while she spends hers, like I'm trying to get one over on her.