Isa....

HoneyAndLemon

So I want to open Halifax's Isa online saver, at 3%, and pay in £300 a month to it. If a open it now, does that mean I wouldn't be able to put any money in it after 5th april? Or can I open it now, and just not go over the allowances allowed for 11/12 and 12/13...

Also would the rate drop on 5th april, or is the rate for 12 months regardless of when the tax year starts and ends?

joedenise

If you open it now you will only be able to put money in it up until 5 April. From 6 April you need to open another ISA. Not sure if the Halifax allow tranfers in but if they do then you can ask them to transfer over what you have put in this month. If not, just leave it there for a year and then transfer to another ISA.

Denise

HoneyAndLemon

Thanks.

I'll just leave it a few weeks and open it after 5th April.

Spiggle

Hi HoneyAndLemon,

That's not correct. The Halifax Online ISA is an easy access ISA and you can pay into it after the 5th April. You can put anything up to this financial year's limit of £5340 into it before 5th April and then have a new financial year's allowance of £5640 from the 6th April which you may subscribe into the Halfax ISA or a separate one.

See this page http://www.halifax.co.uk/savings/accounts/cash-isas/isa-saver-online/ for the basics which states:

Unlimited deposits
Make as many deposits as you want until your total reaches the annual cash ISA allowance limit, currently £5,340.
So you can save as and when you have the spare cash, in lump sums or even get into a regular savings habit with a standing order. Whatever suits you.

It states £5,340 by the way as it is being advertised in the 2011-12 financial year. Any new money you subscribe into it before 5th April is set against the £5,340 allowance. On 6th April the new allowance of £5,640 becomes available to subscribe.

Hope that helps.
Spigs

HoneyAndLemon

So if I open it today for example, I can put up to £5340 into it until 5th April, then after 5th April put up to another £5640 into it until end of tax year next year?

McKneff

HoneyAndLemon wrote: »

So if I open it today for example, I can put up to £5340 into it until 5th April, then after 5th April put up to another £5640 into it until end of tax year next year?

Exactly

And if the rate drops, you can just transfer it all to a new ISA as long as it is one that accepts transfers in.

Always get the new provider todo any transfers for you.

opinions4u

The number of posts with information that is entirely and patently wrong seems to have increased sharply today!

Praise be to Spiggle and McKneff for their more accurate contributions!

Mikeyorks

HoneyAndLemon wrote: »

So if I open it today for example, I can put up to £5340 into it until 5th April, then after 5th April put up to another £5640 into it until end of tax year next year?

Yes and Yes. Provided - as it's not that clear - you haven't already contributed to an ISA in 11/12?

HoneyAndLemon

Mikeyorks wrote: »

Yes and Yes. Provided - as it's not that clear - you haven't already contributed to an ISA in 11/12?

Hey thanks for your post

No I haven't contributed to an Isa this year,never had an Isa actually. In the position now to start saving though :j

Thanks for all the help.