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Is anyone bothering with a cash ISA in 13/14?
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I would if I had any money.
You only get the year's allowance once, so money you put away now will get the tax free status in future. Especially as I plan to have to have to pay higher rate tax in a few years.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Use the allowances while you can. Apparently you can transfer cash ISA's into stocks and shares isa's later on. Virgin are doing a 2.75% 5 year isa, if that's still around in the new tax year I may go for that.0
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stinktankcynic wrote: »Apparently you can transfer cash ISA's into stocks and shares isa's later on.
It's not 'apparently', it is true. Subject to restrictions on your cash ISAs (see T&Cs), you can request your S&S ISA provider to transfer any percentage of your previous tax years' cash ISAs into your S&S ISA anytime you like. You can also request your current tax year's cash ISA to be transferred but bit must be transferred in full, and closed.
In neither case do you have to wait until "later on" - but you may want to, if there are restrictions on early transfers of your cash ISA(s). This would usually apply to fixed-term cash ISAs.
You cannot transfer anything from a S&S ISA into a cash ISA.0 -
Yes because you can save up for when the rates increase, WHEN being a crucial word.
:j
Planning for my future early
:T Thank you to the members of the MSE Forum :T
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Rates will increase when inflation increases, so you'll never be better off in real terms...Yes because you can save up for when the rates increase, WHEN being a crucial word.Mortgage Feb 2001 - £129,000
Mortgage July 2007 - £0
Original Mortgage Termination Date - Nov 2018
Mortgage Interest saved - £63790.60
ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)0 -
Martinslovechild wrote: »Rates will increase when inflation increases, so you'll never be better off in real terms...
Unless of cause if rates went up quicker than inflation. Unlikely I know.0
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