End of 06/07 Financial Year Mini Cash ISA Discussion Area

masonic

MillzE wrote: »

Since I have not used my 3k allowance this tax year, would I be able to start it now, then add another 3k into the account after 6th april?

Yes, unless Barclays decide to close the account off to new contributions, which is possible but not likely.

ManAtHome

Well you have to have a guess at whether getting an extra £20 in year one is going to be worth the time and/or probable loss of interest in years 2-50... Dunno why anyone might be "gutted" (under the moon/done up like a kipper) if they're "only" getting close to 6% tax-free.

Slimeball20

I have £9000 plus interest in an A&L ISA that I opened last year. Currently paying 5.7% until the end of April when the rate drops to 5.1%.

Will transfer out and add £3K to it.

Will probably open an ING Direct ISA for that since I can transfer money out later.

A good idea?

masonic

Slimeball20 wrote: »

Will probably open an ING Direct ISA for that since I can transfer money out later.

A good idea?

No, because ING do not accept transfers into that account.

Slimeball20

OK, thanks.

I suppose I'm being greedy by wanting to deposit all of it in one account.

What do you suggest?

KRBS?

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Correction : Seems that Abbey's Direct ISA offers 5.75% on balances above £9000 and allows transfers in and transfers out without penalty.

Woodyrocks

lisyloo wrote: »

This account looks good if you know you can make regular monthly payments.
The rate drops right off if you don't.
So anyone whose circumstances change e.g. lose their job, may find they don't get this great rate.

Personally I am going for rufller bank who are paying 5.93% variable but you need £15K minimum for this.

Lisyloo or anyone else that can help could you just clarify that I would get the rate on the overall balance and not just the 3,000 ISA portion for the current tax year. And if this is the case, would this be untaxed for the entire balance?

Apologies for being so dopey but I just want to make sure I am putting my money in the best pocket so to speak and ruffler sounds right up my street.

Also if there is any other options as to where to put 15,000 under the ISA banner without being taxed that would be great!

FYI I should mention that I currently have all my savings stashed in a single nationwide e-savings account.

jem16

Woodyrocks wrote: »

Lisyloo or anyone else that can help could you just clarify that I would get the rate on the overall balance and not just the 3,000 ISA portion for the current tax year. And if this is the case, would this be untaxed for the entire balance?

The rate is on the whole balance.

Slimeball20

ARe there any fixed-rated bonds where I can invest my £9000 without touching it for a year?

Kazza242

MSE members looking to open a new ISA for this tax year or next, or those transferring in existing ISA balances may find THIS thread useful. It lists the best mini cash ISAs for:

• New ISA money (i.e. ISAs that don't accept transfers in)
• Fixed rate ISAs (for new money)
• Variable rate ISAs that accept transfers in (of existing balances)
• Fixed rate ISAs (for one and two years) that accept transfers in
• Mini Cash ISAs that have strict conditions applied.

Mobeer

I currently have one mini cash ISA for 2006/07 that pays a poor rate of interest
I would like to:
(i) open a new ISA with Barclays for 2007/08
(ii) transfer my current ISA to Kent Reliance (since Barclays do not allow transfers)

I'm not sure if this is acceptable within the rule of one active ISA per year. I might try to make the transfer in what's left of 2006/07 if I can, but if this takes too long, can I make both these changes in 2007/08?