Cash ISAs: The Best Currently Available List

Fella

Lady_K wrote: »

Is it that difficult to switch ISA accounts? Can't you just get the money out to a bank account, close the isa and then open a new one and put the money in?

No, absolutely not. You have to follow the transfer process.

Lady_K

Oh as I have an ING instant access ISA is it the same for that? as I can take the money out anytime I want.

How many ISA's can a person have at one time? I know that you can only open 1 a year but is there a limit to how many you can have?

fullstop

Lady_K wrote: »

Oh as I have an ING instant access ISA is it the same for that? as I can take the moey out anytime I want.

How many ISA's can a person have at one time? I know that you can only open 1 a year but is there a limit to how many you can have?

You can take money out any time you like with your ISA

You can open a new ISA every tax year, some people have ISA going back 10 years or so.

RayWolfe

But if you want to keep it tax free, don't withdraw it; transfer it.

cottager

Lady_K, see Martin's Cash ISA Transfer Guide:
http://www.moneysavingexpert.com/savings/cash-isa-transfers

Lady_K

Oh they are more confusing than I realised.

I don't understand why people would have lots of isa's as they can open 1 a year as there is a limit to how much you can save tax free isn't there. Does this mean they still have the allowance but then pay tax on any extra isa accounts they have? Whats the point keeping over 10 years collection of isa's if they arent tax free they may aswell be closed.

Why would my ing instant isa go from being tax free if I withdraw anything? is that if I withdraw the whole lot or some?

If I withdraw it all then close the ing isa can I reopen a new isa somewhere else for April and start all over again with that new tax free isa?

Lady_K

I just looked at the link that cottager sent and I already withrew from my isa a year or more ago so that means I lost the tax free status at that time then doesnt it? How would I sort that out then?

Are cash isas really worth all this messing about wouldnt it be better to just get a savings account

fullstop

Lady_K wrote: »

Oh they are more confusing than I realised.

I don't understand why people would have lots of isa's as they can open 1 a year as there is a limit to how much you can save tax free isn't there. Does this mean they still have the allowance but then pay tax on any extra isa accounts they have? Whats the point keeping over 10 years collection of isa's if they arent tax free they may aswell be closed.

Why would my ing instant isa go from being tax free if I withdraw anything? is that if I withdraw the whole lot or some?

If I withdraw it all then close the ing isa can I reopen a new isa somewhere else for April and start all over again with that new tax free isa?

You keep all your interest tax free for however long you keep it in an ISA., so 10 years worth of added interest will be worth quite a bit now.

If you can try and keep some money in this years ISA , then you can add it to next years one, with a provider who accepts transfers in.

Yes you can start a new ISA in April.

Any money you withdraw from your ISA looses it's tax free status..

whu

Lady_K wrote: »

Oh they are more confusing than I realised.

I don't understand why people would have lots of isa's as they can open 1 a year as there is a limit to how much you can save tax free isn't there. Does this mean they still have the allowance but then pay tax on any extra isa accounts they have? Whats the point keeping over 10 years collection of isa's if they arent tax free they may aswell be closed.

Why would my ing instant isa go from being tax free if I withdraw anything? is that if I withdraw the whole lot or some?

If I withdraw it all then close the ing isa can I reopen a new isa somewhere else for April and start all over again with that new tax free isa?

You can open 1 new isa each tax year (at the moment the limit is £3600 per year) and the interest you make is tax free on all of your isa's regardless of how many you have.You can only add the £3600 each year so if you don't use 1 years allowance you can't use it at a later stage - if you close your ing isa you will lose the tax free status and will not be able to reinvest it so you would be better off transferring it to another provider if you are not happy with the ing isa and then adding next years allowance to that isa

Lady_K

Ok so if you have 10 different isas collected over the years you can have £3600 in each one and have tax free interest on them all?

As I have lost my tax free staus on my ing isa when I withdrew last year is this forever or just for the remainder of the tax year? will it get tax free status back again in April?