help with ISA and savings

zombiecazz

I have £8,400 sitting in a normal savings account where the interest is about to drop, I want to start an ISA.
Should I wait until the 6th April to open one?
If so can I only add in the £5,640 on that date?
With the rest do I just look for a good interest rate savings account?

evenasus

If you can manage to open an ISA & fund it today or tomorrow, you could fund it with £5340.
Then after the 5th April you would have another allowance of up to £5640.

lisyloo

Should I wait until the 6th April to open one?

No, no no.
You have an allowance of £5340 that expires midnight 5th April.
Put some in NOW. You may now need to go to a branch to do this as there is not enough time to do it on-line or by post.
Don't worry about the rate, you can transfer it anytime, but to use this allowance you need to do it today or tomorrow.
If you have your own bank then open an ISA with them. If they know you already this might avoid the ID checks, this also may apply on line as well.

If so can I only add in the £5,640 on that date?

Yes which is why you want to use the 2011/2012 allowance NOW.

With the rest do I just look for a good interest rate savings account?

NO, use this years ISA allowance.
£5340 until midgnight 5th April then £5640 from 6th April.

For the first allowance do it with you own bank to avoid additional ID chceks.
For the second allowance you have 12 months so coudl shop around.

Why leave it till the very last minute ???