Cash ISAs: The Best Currently Available List

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Lady_K wrote: »

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?

Yes, but it was only £3000 till this tax year.

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Lady_K wrote: »

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?

If you withdrew it all it's lost forever, but any left carries on earning tax free interest.

whu

Lady_K wrote: »

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

When you withdrew from your isa you lost the tax free benefit on the amount you took out - you can't replace it
ISA's are worth it to get the tax free benefit especially if you are a higher rate tax payer eg if the isa rate is 4% you would have to have a savings interest rate of 4.8% if you are a lower rate tax payer and 5.6% if you are a higher rate tax payer

Lady_K

Oh I withdrew quite a lot as I had a bit of a crisis at the time so I just left £1 in to keep it open, I wasnt aware of the isa rules then. I thought it was just for the rest of that year. So its not really worth keeping then is it even after April this year?

MarkyMarkD

It's not worth keeping that £1 account, particularly. But it might be worth keeping the account so that if their rate becomes attractive again, you can top it up with a new year's tax allowance without all the account opening rigmarole.

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Lady_K wrote: »

Oh I withdrew quite a lot as I had a bit of a crisis at the time so I just left £1 in to keep it open, I wasnt aware of the isa rules then. I thought it was just for the rest of that year. So its not really worth keeping then is it even after April this year?

Might as well keep it open, if you want to open another account with them it will be easier and quicker as your already a customer.

whu

Lady_K wrote: »

Oh I withdrew quite a lot as I had a bit of a crisis at the time so I just left £1 in to keep it open, I wasnt aware of the isa rules then. I thought it was just for the rest of that year. So its not really worth keeping then is it even after April this year?

iIf you are not happy with ING why not close it and then open another isa with £3600 this financial year and then add another £3600 to it in the next financial year - make sure to check that the isa you open this year will accept transfers in next year or open one this year with one isa provider and another one with another next financial year if you can find a better rate

Lady_K

MarkyMarkD wrote: »

It's not worth keeping that £1 account, particularly. But it might be worth keeping the account so that if their rate becomes attractive again, you can top it up with a new year's tax allowance without all the account opening rigmarole.

If I topped it up again in April would it regain its tax free status too?

Lady_K

whu wrote: »

iIf you are not happy with ING why not close it and then open another isa with £3600 this financial year and then add another £3600 to it in the next financial year - make sure to check that the isa you open this year will accept transfers in next year

I probably will open another one but thought if the ing regains iyts tax free status after April it wont do any harm keeping that open too

whu

Lady_K wrote: »

I probably will open another one but thought if the ing regains iyts tax free status after April it wont do any harm keeping that open too

As you have money in there it has never lost its tax free status but you will only be getting interest on £1