Old Mini ISAs

ForkHandles_2

Hi,

Looking for some help please.

I used to have a mini stocks and shares ISA and a mini cash ISA. I stopped paying into the mini S&S ISA some years ago but kept up the mini cash ISA with regular monthly contributions.

I understand now there is no such thing as a 'mini' ISA they are just ISAs.

I'm thinking of starting another S&S ISA but how do I proceed as I already have and been contributing into an ex-mini cash ISA.

Can I just open one up from anywhere and pay into an S&S ISA, just so long as I don't go over the limit?


Many thanks

FH

thenudeone

[corrected now that I have re-read the original post - Sorry]

The mini S&S ISA will just be a S&S ISA now.

The mini Cash ISA will just be a Cash ISA now.

You can only contribute to one Cash ISA in any one tax year (unless it's transferred and you make more contributions after it's transferred)

So you can't put new money into a different Cash ISA this year; but you can increase the amount you put into the one you already have.

You are free to start a new S&S ISA this year or re-start contributions to the existing one.

ForkHandles_2

Thank you for the info.

As my current ISA is a cash one, I guess I'm free to just open up any s&s ISA.

Thanks again :beer:

FH

Spiggle

Hi,

If the cash ISA is as old as your post makes it appear, have you checked what interest rate you are getting?

Are you planning on continuing to fund the cash ISA on a monthly basis too?

You may be better opening a new cash ISA that allows transfers in and asking that provider to transfer your whole balance or at least any new money you have paid in during the 2012-13 tax year.

All the best,
Spigs

xylophone

The OP said that he had a stocks and shares ISA to which he contributed (and stopped contributing) many years ago.
He also had a mini cash ISA to which he contributed many years ago and has continued to contribute.

The OP has not contributed to an S&S Isa in this tax year (12-13). If he wishes to contribute the maximum to his cash ISA in this tax year, he can do so and contribute up to £5640 into an S&S Isa this year, either with his old S&S provider or with another of his choice. http://www.hmrc.gov.uk/isa/faqs.htm

The OP should check the rates he is getting on his cash ISA as he might find a better deal elsewhere. http://www.moneysupermarket.com/savings/cash-isas/?gclid=CM3F5_Tu4bACFYQMfAodOx7Pzw&source=GOO-1317744B&p=0&keywords=isa+rates+ukPhrase&ef_id=zg29z9B6MjYAADLkFkwAAAAP:20120622124007:s

He might also wish to check the charges on his S&S Isa as he might do better elsewhere.
http://www.moneysupermarket.com/investments/stocks-shares-isas/

ForkHandles_2

Thank you for all the help

I'm planning on keeping contributions going on the cash ISA.

I was wondering about the interest rates too. It's a passbook Nationwide ISA taken out maybe 8 years ago, to be honest there isn't much in it as I needed to make a withdrawal about a year ago.

I'll go into the branch tomorrow and find out the rates and maybe see about a transfer.

Many thanks!

:T

FH

ForkHandles_2

Just checked on-line and it's a pretty low aer of 0.25%.

Looks like I'll be transferring first thing tomorrow. Santander looks the highest but I know they used to have customer service issues.

I'll probably go with the post office at 3.01%, huge increase compared to what I'm currently getting.

Cheers!

All the best

FH