ISA Confusion - HSBC

Sam-1990

I don't think so. I put in £5100 on the 2nd of April 2011 and have never put any further funds into the ISA. The amount is still £5100 to this day.

Does that mean I can open an ISA today and also after on the 6th of April 2012?

blueberrypie

Sam-1990 wrote: »

I don't think so. I put in £5100 on the 2nd of April 2011 and have never put any further funds into the ISA. The amount is still £5100 to this day.

Does that mean I can open an ISA today and also after on the 6th of April 2012?

Yes, it does.

What you paid in on April 2nd, 2011 was your 2010/11 ISA allowance. The ta year ends on April 5th, so once April 6th, 2011 arrived, you had a new ISA allowance for 11/12. You haven't used this, so you can (and should) subscribe to another ISA before the end of the current tax year.

Sam-1990

singin up to santandar... had put that i will open the account with £5000 via cheque... is that correct?

here are the T&C's

Declaration

I apply to subscribe for a Cash ISA for the tax year 2011-2012 and each subsequent year until further notice. (This doesn't commit you to paying in every year but ensures that if you do, we won't need to ask you to sign another form)
All subscriptions made, and to be made belong to me;
I am 16 years of age or over;
I have not subscribed and will not subscribe more than the overall subscription limit in total to a Cash ISA and a Stocks and Shares ISA in the same tax year;
I have not subscribed and will not subscribe more than the Cash ISA subscription limit to one Cash ISA;
I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA; and
I am resident and ordinarily resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or I am married to, or in a civil partnership with, a person who performs such duties. I will inform Santander ISA Managers Ltd if I cease to be so resident and ordinarily resident or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties.

I authorise Santander ISA Managers Ltd:

To hold my cash subscription, ISA investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash;
To make on my behalf any claims to relief from tax in respect of ISA investments.

I agree to the ISA Terms and Conditions
I declare that this application form has been completed to the best of my knowledge and belief
Please confirm that you have read and understood the declaration *

Sam-1990

For accounts opened in the 2011/2012 tax year, additional deposits are allowed between 06 April 2012 and 14 April 2012 - which means you can also deposit your 2012/2013 cash ISA allowance.


Does this mean that fter the 6th of April, i can then transfer my current ISA which is about to mature also into this?

xylophone

Your ISA for 2010-11 is with HSBC and will mature on 2/3 April.
You are opening the 2011 -12 with Santander now - why not contribute the full £5340 since you seem to have over £6000 available?
You can apply to transfer your matured ISA to this account on a Santander transfer form. It would be a good idea to get hold of one so that you can send it off promptly as soon as you have your Santander a/c number - if before the maturity date you would tick the 'at maturity' option on the form.

The terms and conditions say that you can also subscribe your 2012-13 to the Santander account between 06 April 2012 and 14 April 2012. This is where I would be a little careful because it might mean that that week is the only time in the tax year you could do so - if you didn't have the full £5640 available, it might stymie you for the whole of the tax year.
You need to check this out. If it does not allow you to contribute up to the full amount within the tax year then you would need to open your 2012-13 ISA with a provider that does.

Sam-1990

Ok super

I am going to go to my local town tomorrow (there is a HSBC and Santander there)

I will sign up and put into an ISA for my 2011-12 allowance with Santander tomorrow and input the full allowance...

I will also setup a transfer for my soon to be matured ISA from HSBC to be transferred to this new ISA. (Remembering to tick... upon maturity on the form...)

This way all my money is in a high interest rate ISA account with Santander...

correct!?

p.s this also leaves me a whole year to wait and see what offers come out for my 2012-13 ISA allowance...

Vortigern

Sam-1990 wrote: »

For accounts opened in the 2011/2012 tax year, additional deposits are allowed between 06 April 2012 and 14 April 2012 - which means you can also deposit your 2012/2013 cash ISA allowance.
Does this mean that fter the 6th of April, i can then transfer my current ISA which is about to mature also into this?

If you've opened one of Santander's Fixed Term ISAs (like the Major ISA 4% for 2 years) you must get the transfer form (for your old ISA) in to Santander within 14 days of account opening - so don't wait till 6th April.

After 6th April (and before 14th) you can pay in £5640 of new money. This is next years allowance, nothing to do with your transfer.

Edit: just seen your post #17. Cross posted with this. Sounds like you've got it right. Take your passport or some sort of ID to Santander. Might be worth giving them a ring to see if you need an appointment. They insist on this sometimes.

xylophone

Seems okay to me - why wait to open the 12-13? Why not open one after 6 April into which you can put the £300+ remaining in your HSBC bonus account and add to it throughout the year? (Up to £5640 in total).

Sam-1990

Im sorry I dont get what you mean. There will be nothing in my HSBC ISA account at this point... it will all be transferred into the Santander one wont it?