more than 1 isa

in_spired2

Apologies for being thick. I know you can only pay into 1 isa each year. I assume you can withdraw from more than 1 isa?

Finally (and far too late), I've decided to transfer / do something with my current Isa - into a higher rate Isa. The bonus rate expired last autumn (I've been too busy and just never got round to it) Less than £10k in it and I think the current rate is 1.75% I'm thinking about opening a nationwide flexclusive with £1. Move £5,759 into my current account and pay that into the new Isa. * (or would it be more sensible to withdraw the whole allowance to the current account and open the new isa with that?) Withdraw from the low rate Isa as and when I need it (driving lessons and a car planned for this year, which should mop up plenty of my savings ) May also be required to withdraw from the new account regularly (cost of living is increasing more than my salary).

*Additionally I think I have a stooze credit card requiring approx £2k paying off in full in the next few months, so perhaps it would be wise NOT to move that sum to the new ISA because it will definitely have to be withdrawn ?

(yes, I've woefully neglected my finances in the last year - long working day and ridiculously low salary leaves little time, energy and enthusiasm for it)

Any suggestions? I want to get a decent rate for my savings, but probably need to leave a little wiggle room in case my finances improve :rotfl:over the next year. Switching to a different provider seems a bit too much effort at the moment

thanks

xylophone

It would be to your advantage to arrange for the old isa to be transferred to one with a better rate ( Leeds BS perhaps?) and save your new allowance into it over the year if necessary?

http://www.leedsbuildingsociety.co.uk/savings/online-bonus-isa.html

MoneySaverLog

in_spired2 wrote: »

I'm thinking about opening a nationwide flexclusive with £1. Move £5,759 into my current account and pay that into the new Isa. * (or would it be more sensible to withdraw the whole allowance to the current account and open the new isa with that?)

Whatever you do DO NOT WITHDRAW the money from any old ISA.

If you want to transfer, YOU SHOULD complete a Transfer Form from the new provider. Doing this protects previous year ISA's Taking the money out or doing the transfer yourself will result in you losing that ISA wrapper for the old tax years

in_spired2

MoneySaverLog wrote: »

Whatever you do DO NOT WITHDRAW the money from any old ISA.

Unfortunately I have to just to meet my living costs. My isa is currently being used as an extension of my current account.

Bear in mind, that I can't see myself being able to pay any money into an ISA this year, and that in the next 6 months I'm likely to have less than £3k total savings.

I just want to know if I'm allowed to just put ISA money into a current account and immediately use it to open a new one. It seems to me that for the amount of savings I have, the fact that a chunk of it will be used in the next month or 2 and no paying in this year, then I don't have any "tax wrapper" to lose really :undecided

Really undecided and I MUST sort it today. I have no time during the week and I've already wasted 6 months of higher rate opportunity. I also just discovered that my tesco internet saver bonus is due to expire. and a visit to them yielded: Online Banking is currently unavailable

MoneySaverLog

Yes a ISA can be used as a savings account, just that you are not allowed to deposit more than the ISA limit per tax year in total.