Cash ISAs: The Best Currently Available List

Paul_Herring

easilyconfused wrote: »

My wife is worried she has subscribed to 2 cash ISAs in 2010/2011. Last July [09/10] she subscribed £100 of her ISA allowance to a fixed-rate Santander ISA which matured last January. She immediately transferred it to an M&S fixed-rate ISA which didn't allow any further additions. So she had £5000 of unused ISA allowance.[for [10/11]

As Mark points out, she had her full allowance - a transfer of funds (from either current or previous years) does not count as contributions.

easilyconfused_2

Paul_Herring wrote: »

As Mark points out, she had her full allowance - a transfer of funds (from either current or previous years) does not count as contributions.

Thanks for the replies. I understand there is no problem with transferring to M&S, but what about the £500 she put in the AA ISA in the same tax year as she subscribed £100 to the Santander ISA?

Lokolo_2

easilyconfused wrote: »

Thanks for the replies. I understand there is no problem with transferring to M&S, but what about the £500 she put in the AA ISA in the same tax year as she subscribed £100 to the Santander ISA?

Yes, that does breach ISA rules unfortunately, since this was done a while ago now though there isn't much that can be done, best is to wait for HMRC to contact your wife regarding this as it was an honest mistake and she didn't go over the ISA allowance, even though she did breach HMRC ISA rules.

Peonie

Can someone please help. I have around £8500 in a cash ISA and I hope to use up both this years and next years cash ISA allowances in full. Here's my question: Is there an absolute upper limit one person can save in an ISA?

ctdctd

Peonie wrote: »

Can someone please help. I have around £8500 in a cash ISA and I hope to use up both this years and next years cash ISA allowances in full. Here's my question: Is there an absolute upper limit one person can save in an ISA?

No - so long as you don't exceed the yearly limit each year.

HTH

tingtong

A little help please, looking to switch my wife's ISA to the 18-month fixed at Nationwide (on below link):

http://www.nationwide.co.uk/savings/cash_isa/fixedrateisabonds/summary-18-month-fixedrateisabond-monthly.htm

We'd like to take advantage of the higher rate for £25k+ but the current ISA is below this value. So I'd just like to clarify, do we:

1. Add to existing ISA in the current year, then transfer across (I think this is the correct way)
or
2. Transfer, then top up

Many thanks in advance.

Lokolo

tingtong wrote: »

A little help please, looking to switch my wife's ISA to the 18-month fixed at Nationwide (on below link):

http://www.nationwide.co.uk/savings/cash_isa/fixedrateisabonds/summary-18-month-fixedrateisabond-monthly.htm

We'd like to take advantage of the higher rate for £25k+ but the current ISA is below this value. So I'd just like to clarify, do we:

1. Add to existing ISA in the current year, then transfer across (I think this is the correct way)
or
2. Transfer, then top up

Many thanks in advance.

Number 1 would be the easier and most likely stop anything going wrong, a lot of fixed terms only allow one deposit, so when the transfer goes across you wouldn't be able to top it up by the new allowance.

tingtong

Lokolo wrote: »

Number 1 would be the easier and most likely stop anything going wrong, a lot of fixed terms only allow one deposit, so when the transfer goes across you wouldn't be able to top it up by the new allowance.

Thanks, I thought that would be the best option but thought I'd check on here as people seem to know what they are talking about. I sometimes find that even if you ask in the bank/BS, the staff don't always know the correct answer.

rexel

first trust bank are paying a top rate for one year i do not see it listed here

Lokolo_2

rexel wrote: »

first trust bank are paying a top rate for one year i do not see it listed here

Because of the "£200 bonus"...it is NOT a guaranteed rate of 4%+ and people shouldn't assume it pays that, if for any reason you don't qualify for the bonus, then the 0.5% rate is actually very pitiful!