Cash ISAs: The Best Currently Available List

Aidanmc

Catbells said:

I am in the process of applying for an M&S cash ISA for £5000.  I bought a YBS ISA a few days ago (£10000).  M&S state they won't accept an application if a cash ISA has been bought within the last 12 months.  What I would like to know is why is it not permissible to do this given that I haven't spent the maximum £20,000 this year on ISAs?   (New to buying ISAs).

Was the YBS ISA a fixed ISA or a easy access. If it is easy access, you could add £5000 to it, then transfer the lot to a M&S ISA.

RG2015

eskbanker said:

Emily_Joy said:

hamski said:

Think your only allowed to fund one type of isa per year (one cash and one stocks and share)

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

Four actually!

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

Can you also include the Help to Buy ISA alongside the Lifetime ISA?

razord

RG2015 said:

eskbanker said:

Emily_Joy said:

hamski said:

Think your only allowed to fund one type of isa per year (one cash and one stocks and share)

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

Four actually!

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

Can you also include the Help to Buy ISA alongside the Lifetime ISA?

Pretty sure a Help to Buy ISA counts as a Cash ISA.

Ocelot

eskbanker said:

Emily_Joy said:

hamski said:

Think your only allowed to fund one type of isa per year (one cash and one stocks and share)

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

Four actually!

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

I used to have an Insurance ISA (anyone remember those?), now converted automatically to a S&S ISA.

RG2015

razord said:

RG2015 said:

eskbanker said:

Emily_Joy said:

hamski said:

Think your only allowed to fund one type of isa per year (one cash and one stocks and share)

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

Four actually!

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

Can you also include the Help to Buy ISA alongside the Lifetime ISA?

Pretty sure a Help to Buy ISA counts as a Cash ISA.

Would this mean that anyone making monthly subscriptions to a Help to Buy ISA could not subscribe to a standard cash ISA?

I thought that Help to Buy ISAs were replaced by Lifetime ISAs which are a category on their own.

Aidanmc

RG2015 said:

razord said:

RG2015 said:

eskbanker said:

Emily_Joy said:

hamski said:

Think your only allowed to fund one type of isa per year (one cash and one stocks and share)

+ one LISA, if you have one. So 3 in total: one cash, one S&S, one LISA.

Four actually!

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

Can you also include the Help to Buy ISA alongside the Lifetime ISA?

Pretty sure a Help to Buy ISA counts as a Cash ISA.

Would this mean that anyone making monthly subscriptions to a Help to Buy ISA could not subscribe to a standard cash ISA?

I thought that Help to Buy ISAs were replaced by Lifetime ISAs which are a category on their own.

If the bank the Help 2 Buy Isa is with offers split type isa, it possible to pay into both. I don't think there are many that offer this now though. H2B are not available to new customers any more

eskbanker

RG2015 said:

I thought that Help to Buy ISAs were replaced by Lifetime ISAs which are a category on their own.

Not really, the LISA effectively superseded HTB ISA in terms of still being available and offering a comparable bonus, but wasn't a direct like-for-like replacement in terms of ISA rules - it's possible to hold and fund both concurrently for example.

To add to the above point about only being able to fund HTB alongside another cash ISA if both are with one of the providers supporting the 'split ISA' model, these are listed at https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-620297425-6

• Aldermore
  
• Charter Savings Bank
• Ford Money
• Kent Reliance
• Nationwide
• NatWest
• Newcastle Building Society
• Paragon Bank
• Post Office

RG2015

Just to clarity then, if you are paying every month into an HTB ISA then you cannot open another Cash ISA with a different provider? 

eskbanker

RG2015 said:

Just to clarity then, if you are paying every month into an HTB ISA then you cannot open another Cash ISA with a different provider? 

To make the usual pedantic but important distinction, you can open a cash ISA with a different provider but can't pay new money into it if you're already funding another cash ISA in the same tax year.

RG2015

eskbanker said:

RG2015 said:

Just to clarity then, if you are paying every month into an HTB ISA then you cannot open another Cash ISA with a different provider? 

To make the usual pedantic but important distinction, you can open a cash ISA with a different provider but can't pay new money into it if you're already funding another cash ISA in the same tax year.

And as final a clarification, the HTB ISA is classified as a Cash ISA for the purposes of subscribing to different types of ISA in the same tax year?