Where to put my 2011/12 Allowance?

luke_pa

Hello

Ive spoken to many people on here about many different ways i can save and im now getting really annoyed and confused, lol.

I have my 2011/12 (maxed) in an instant access ISA at 3.0% and £3000 sat in my current account. I can also save £200 per week until i reach my ISA limit for that year then need to stop saving until the new financial year comes around and can then start saving again at £200 per week. I cant decide where to put my 2011/12 allowance.

Ive decided i want to put my £3000 + my £200 per week into a Santander Instant Access at 3.3% until i reach this years limit. I dont need my 2011/12 allowance for a good few years (hopefully) so fixing it isnt an issue but then this is where i get stuck, where shall i put it?

Please remember im only 16 so cant use quite a few like AA ect

Any help appreciated

Luke

innovate

Assuming it isn't a fixed-term ISA or one with a notice period, you can (ask your bank receiving provider to) now transfer any old ISA into any ISA that allows transfers in, and that is available for 16+ year olds.

The best cash ISA list will be of help finding the best deals.

bigfreddiel

luke_pa wrote: »

Hell

I have my 2011/12 (maxed) in an instant access ISA at 3.0% and £3000 sat in my current account. I can also save £200 per week until i reach my ISA limit for that year then need to stop saving until the new financial year comes around and can then start saving again at £200 per week. I cant decide where to put my 2011/12 allowance.

sorry but you're too late for 2011/12 and anyway you say you've filled it!

fj

Macca83_2

Luke, let me just say, good on you! Wish i had the sense to save when i when i was your age

You have a few different options. You can leave your 2011/2012 isa where it is. But its important to note that if you do, make sure you visit the branch for an appointment to make sure its on the best rate they provide.

Second option is to transfer. You don't have to keep your isa at the bank you originally opened it with. Have a look at the list innovate provided to get an idea of the best rates. You could even arrange to get it transferred to your new 2012/2013 isa with santander.

If you do decide to transfer, please use the isa transfer service provided by the bank that opens your new account. To transfer the balance manually Will result in the loss of its tax free wrapper

Nine_Lives

bigfreddiel wrote: »

sorry but you're too late for 2011/12 and anyway

No he's not.

He's too late to contribute into the 2011/12 ISA yes, but he's not too late to move it somewhere.

I've moved my 2011/12 into a Santander FRISA for example. I wasn't too late in doing so & i did it in the 2012/13 tax year.

innovate

Macca83 wrote: »

You have a few different options. You can leave your 2011/2012 isa where it is. But its important to note that if you do, make sure you visit the branch for an appointment to make sure its on the best rate they provide.

I reckon you can check online or by phone what rate you are on, and you can figure out from information available online whether this is the best rate you can get.

If you go into a Branch to ask, they are likely to want to pester you with a "financial review" or whatever they call trying to sell you their products / investments. Some banks offer you better rates if you buy their investments. For some people, such advice by a Branch can be a bit of fun and something to chuckle about. For others, it can lead to some really bad investments. Remember, banks very rarely, if ever, have the best investments, and they definitely are unable to give you an unbiased and complete view of the market.

Macca83_2

Fair point innovate.

As the op is 16 i don't think he'd be subject to the same hard sell as someone who is 18 and eligible for credit products. But the bank can only offer and discuss products held within their product range, so you're right, he wouldn't get a complete picture.

xylophone

Please remember im only 16 so cant use quite a few like AA ect

Go here http://www.money.co.uk/savings-accounts/cash-isas.htm - let your mouse hover over "Visit Site" and you can see the age criteria.

xylophone

Something else that occurs to me, presumably, as he is over 16, he would be entitled to the JISA with Halifax paying 6%? http://www.halifax.co.uk/savings/interest-rates/personal-rates/#junior-cash-isa "And for children 16 and over Tax free/AER
£1+ 6.00%" He would have to accept it was tied up until his 18th birthday but that might suit him? http://www.halifax.co.uk/savings/accounts/branch-accounts/ Junior Cash ISA

"Following the introduction of the Government Junior ISA scheme, we now offer a Junior Cash ISA savings account through our Halifax branches.

Interest Rate View our interest rates
Fixed/Variable Variable
Benefits
A long term, tax free savings account, for children who are under 18 and were not eligible for a Child Trust Fund
Interest is paid annually (on 5 April) at a tax free, variable rate
The minimum opening balance is £1
Unlimited number of deposits – up to £3,600 for the tax year 2012/2013. This amount is minus any amount paid into a Stocks and Shares Junior ISA in the same tax year
Relationship interest available if the adult registered contact linked to the Junior Cash ISA holds a Halifax Cash ISA with a minimum balance of £1. For children 16 and over, the relationship interest rate will automatically apply to the account
Deposits can be made by anyone (annual ISA limits apply). As deposits are treated as a gift they cannot be returned to the Donor.
Bear in mind
Children born between 1st September 2002 and 2nd January 2011 were eligible for the government Child Trust Fund and so cannot open a Junior Cash ISA, unless the child was born abroad between these dates and is now a resident in the UK
The account must be opened by an adult with parental responsibility if the child is under 16, or by the child if they are aged 16-17
Withdrawals from any Junior Cash ISA are not allowed until the child reaches the age of 18, except in case of the child's death or terminal illness
14 day cancellation period – if you have saved the current year's allowance, you will not lose the allowance for that tax year and can invest it in another Junior ISA
Tax treatment depends on your individual circumstances and may change
If the adult registered contact's Halifax cash ISA balance falls below £1, the account is closed or transferred, the relationship interest rate will no longer apply to the Junior Cash ISA
Account Maturity
When the child reaches the age of 18 their Junior Cash ISA will mature into an adult cash ISA where they can continue to save without paying tax on their existing balances
Manage your money
Branch

Apply
To apply, use the Branch finder to find the nearest branch. In addition to your own identification, you'll need the child's birth certificate or passport.

If the Child is 16 or over the child will need to be present at account opening and their National Insurance Number will need to be provided.


He can have a standard ISA as well.http://www.ftadviser.com/2012/03/15/investments/savings-and-isas/loophole-allows-for-maximum-isa-and-jisa-benefits-hmrc-ayd8nv1Q3LxvrpCBA1pUUI/article.html

t0rt0ise

I've put my old ISAs into a Santander 2 year fixed at 4% interest. If you're just moving old ISAs then open the account and don't put any money in it, then when they email you having opened it for you, you can send the transfer form to them to transfer the old ISA.

Just one suggestion. Take a look at all the options and make your choice.