Budget: £15000 ISA Limit from 01/07 for Cash OR S&S

Doshwaster

Interesting news but I'll have to go over the details.

If there is only going to be a single New ISA does that means you won't be able to contribute cash and S&S ISA with different providers? I have a S&S ISA with HL but their cash ISA rate is fairly poor.

lisyloo

If there is only going to be a single New ISA does that means you won't be able to contribute cash and S&S ISA with different providers? I have a S&S ISA with HL but their cash ISA rate is fairly poor.

This is exactly my concern.
I have a single S&S provider that my advisor/broker uses (Novia).
I tend to tart my cash ISA to the best rate every 12-18 months or so.
I can't see one provider giving the best of both worlds.
I really don't read it as a "virtual" NISA.

This would tempt me into putting the whole lot into S&S but clearly there's more to that decision than just the NISA (poor cash ISA rates and general goals).

DragonQ

Another point is what happens between 6th April and 1st July? Can people deposit £5940 before July, then deposit a further £15,000 afterwards?

yatinsardana

Maybe.. MAYBE ( I might be being too optimistic) that with this change all the s&s isa platforms may see this as a way of attracting more savers and as a result they may improve their cash interest rates - only time will tell.

Otherwise I have that concern too that your cash won't be beating inflation at all in the tradition s&s isa platform.

Consumerist

Shark wrote: »

Why does it increase to 15k in July and not when new ISA allowance opens... ISA.

This was a rabbit-out-of-the-hat measure so I suspect the savings institutions will need time to gear up for the new ISA.

boglehead

Shark wrote: »

Why does it increase to 15k in July and not when new ISA allowance opens...

Means going to have to pay extra fees to top up the extra £3k in July for maxing ISA.

Am I hearing that you are unhappy with the gift you just were granted today?

knack92

From the fact sheet already posted in this thread: "You are able to open one Cash NISA and one Stocks and Shares NISA each tax-year. However, once open, you can transfer your Cash or Stocks and Shares NISA between providers as many times as you wish."

yatinsardana

knack92 wrote: »

From the fact sheet already posted in this thread: "You are able to open one Cash NISA and one Stocks and Shares NISA each tax-year. However, once open, you can transfer your Cash or Stocks and Shares NISA between providers as many times as you wish."

I've never transferred money between isas in the past. Do you know how easy it is to transfer money?
Previously you've been able to transfer from cash to stocks - any experience on how quick and easy it is?

Nednats

I'm guessing in July we will see NISA products being advertised like we see now for Cash ISAs but these may be more attractive as they will be based on funds

knack92

yatinsardana wrote: »

I've never transferred money between isas in the past. Do you know how easy it is to transfer money?
Previously you've been able to transfer from cash to stocks - any experience on how quick and easy it is?

I've only ever done a cash>cash ISA transfer, which was very quick.

Not sure about cash>s&S. There is a thread about transfers here.