Cash ISAs: The Best Currently Available List

neptcury

Hi. I'm confused and some clarification would be appreciated.

I current have an ISA with A&L (5.7% dropping to 5% end of April)

Firstly, I believe I can open an Abbey ISA and transfer my A&L funds into it.

Secondly, I want to take advantage of Barclays 6.5% and will open one with them and dump £3k into it during the year.

Problem is, both sites require me to open them with a minimum of £1, therefore I will have to subscribe (pay money in) to both of them before they are opened.

Is this breaking the ISA rules to do this ?

Or will the Abbey ISA accept my previous ISA funds as a deposit ?

KTF

On the Abbey website you can select the transfer option on the application form so you dont need to put in any new money (which would be breaking the rules as you say).

The A&L account number is 1 digit too long for the box they provide though so I guess you have to go to a branch to open it or phone them up.

medic1978

Hi
I've only just found out you can hold ISAs with 2 or more different providers- i always thought it all had to be with the same one!

I have £3200 in a nationwide cash ISA paying 5.1%
I have already topped up this year with £600 so i now have £3800

Presumably, its too late to go for the Barclays 6.5%?
Can i move the whole £3800 to a new provider and still top-up with another£2400 and use all this years allowance?

Can i split the transfer to more than one provider?

masonic

medic1978 wrote: »

I have £3200 in a nationwide cash ISA paying 5.1%
I have already topped up this year with £600 so i now have £3800

Really this year? i.e. since 5th April 2007

Presumably, its too late to go for the Barclays 6.5%?
Can i move the whole £3800 to a new provider and still top-up with another£2400 and use all this years allowance?

If you've contributed to the Nationwide one after the 5th April, then yes, the Barclays ISA is out of the question. You can transfer and top up as you suggest, though.

Can i split the transfer to more than one provider?

I don't fully understand the implications partial transfers when both current and previous years funds are involved. I can imagine multiple ISA managers sitting and scratching their heads, each wondering who got this years subscriptions. Hopefully, someone will also be able to enlighten me on this.

What would be the advantage to splitting the ISA at this stage - surely you'd want to move it all to the best account you can find?

AbbieCadabra

medic1978 wrote: »

Hi
I've only just found out you can hold ISAs with 2 or more different providers- i always thought it all had to be with the same one!

I have £3200 in a nationwide cash ISA paying 5.1%
I have already topped up this year with £600 so i now have £3800Presumably, its too late to go for the Barclays 6.5%?
Can i move the whole £3800 to a new provider and still top-up with another£2400 and use all this years allowance?

Can i split the transfer to more than one provider?

doesn't the new ISA limit change 2008/09? & wasn't it £3600?? sorry if this isn't what you mean?!

medic1978

AbbieCadabra wrote: »

doesn't the new ISA limit change 2008/09? & wasn't it £3600?? sorry if this isn't what you mean?!

i had £3200 from previous years, plus interest.

Yesterday (7/4/07) i topped up with £600.

As it is the start of new tax year it counts for this years 07/08 allowance

medic1978

masonic wrote: »

Really this year? i.e. since 5th April 2007


What would be the advantage to splitting the ISA at this stage - surely you'd want to move it all to the best account you can find?

I topped up my nationwide isa with the 600 on 7/4/07 -thought i was being organised!

Question about splitting ISAs was for my future reference

Thanks

Inactive

AbbieCadabra wrote: »

doesn't the new ISA limit change 2008/09? & wasn't it £3600?? sorry if this isn't what you mean?!

Indeed, Gordon is good at this sort of thing, puts up taxes with almost immediate effect, holds back allowances for a year.:rolleyes:

masonic

Inactive wrote: »

Indeed, Gordon is good at this sort of thing, puts up taxes with almost immediate effect, holds back allowances for a year.:rolleyes:

I thought all that fiddling with income tax rates was also held off until next year.

pavlovs_dog

ive skimmed the thread and i think i understand this this correctly, but just want to check...

if it says no transfers/new money only, its means that you cant transfer existing savings in existing ISAs over, not that you must be a new customer?

i have £9k in a halifax ISA, and have a new £3k to invest. if i was to put the £3k into the barclays account with the fab rate, does this mean i wouldnt be able to transfer my old £9k ISA to a new provider (paying better interest than halifax currently do ) this tax year?

or does transfering the isa not count as opening a new isa, as its money from previous tax years?

would i be better off (for the sake of compound interest etc) having the whole £12k in one account? my poor head is a sea of figures, and maths was never my strong point