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

ManAtHome

Mobeer - entirely acceptable (even recommended..) - you can transfer your "old" (and even current ISAs) whenever you like. Only rules are:
a) you can only have one active ISA per tax year
b) you can only deposit £3k per tax year

Once the tax year has closed, all previously active ISAs become dormant so you can move them around without penalty. Just make sure that you get another provider to do the transfer - you can't close an old ISA yourself then put the money somewhere else.

Slimeball20

So you can transfer to any other provider during a tax year, even if you opened the ISA in that tax year, and it won't count as a 'new' ISA.

For instance, I opened an A&L ISA last March/April and immediately transferred my old ISA (Abbey) into it.

I then topped it up from my linked current account on 6th April.

So, does that mean I don't have an ISA for this tax year and I can transfer back to Abbey and open a Barclays one when the new tax year starts?

I might need to clarify the dates when I opened the A&L ISA with them - can't find it on internet banking.

Thanks.

sanfrancisco

Does anyone know how quickly the NS&I ISA's take to open?

Are they open as soon as you do the online app, or from when the money gets there?

Does anyone know how quickly their money got there?

So many questions...AAAhhhhhh ... do i still have time?

cheers :beer:

--Tony--

Barclays one is OK but...:

Transfers from an existing ISA, either with us or with another ISA provider, are not allowed.

So you can't move existing savings into it.

rigsby

I have used my £3000 limit for this year on a cash isa. Anyone suggest were to place £4000 in a mini/maxi isa to use up my £7000 limit.

My wife has a maxi isa which she pays into £50 monthly with Stand/life I want to use her full allowance is s/life a good bet??

tightwadman

I am not at all impressed with the latest headline grabbing rates of 6.5% (Barclays) and 6% (ING!!) Why? Because they wont let me transfer in my existing funds and therefore I will not even consider them. I want the bext rate I can find without any annoying strings. Currently I can only find Abbeys 5.7% - can anyone beat that ? And it has to allow transfers in and no penalties going out.

TheDink

Tightwadman, I'm planning to transfer my existing A&L ISA (this year, and all previous years) into the Abbey Direct ISA at 5.75%, then come April, open the 2007/8 ISA with Barclays - getting the best interest for new money, and the best available for existing savings. There's nothing stopping you having different ISA providers for different years' money.

tightwadman

Hi Sarah

Like you I have an A&L ISA with a number of years of ISA issues within. I have to transfer it as I have a 1% bonus which will expire very shortly. The best simple ISA I have found is Abbeys so unless something else comes along I will transfer my A&L ISA funds and also deposit £3000 in the new tax year. I wasnt aware I could transfer my existing ISA to a new provider AND open a new ISA with another provider? Isnt that opening two ISA's in one tax year? I have calculated I will only be £22.50 better off have to have two ISA funds by having money with Barclays and Abbey and given the Barclay deal is another with a one year bonus it would again have to be moved within one year. I really would prefer to have just one ISA but thanks for the advice....

.......And in the papers today was a warning about further interest rate rises in the offing so anyone looking at fixed rate ISA's needs to think hard about that..definitely not for me!

kamari_2

Re the Barclays ISA 6.5% recommended by Martin, I went to open one yesterday and was told by the Barclays employee that because it has been so popular (!) the account may not be opened by them in time for the end of the tax year, so if it isn't I will have lost my allocation for this year and used up that for next year - be warned!

Former_MSE_Wendy

Quick update on the Barclays ISA after reading the previous post from Kamari. We have confirmed with Barclays that if you go into a branch then the account is open on the same day, no matter how popular the ISA is.

Wendy