Tell us you cash ISA questions

bsms1147

I see no reason why not, you wouldn't be breaking any ISA rules.

pow-lo

bsms1147 wrote: »

I see no reason why not, you wouldn't be breaking any ISA rules.

Great thanks, it was as I thought. I have found some language used regarding "opening" and "subscribing" ISA's confusing. I also consider if it was breaking any ISA rules then Coventry would not let me!

badger09

pow-lo wrote: »

Great thanks, it was as I thought. I have found some language used regarding "opening" and "subscribing" ISA's confusing. I also consider if it was breaking any ISA rules then Coventry would not let me!

But you might also want to consider some of the high interest paying current accounts where you can achieve between 3% and 5% (before tax). Unless you're a higher rate tax payer, all of these accounts will give you better returns than the cash ISA @ 2.25%

restless6

Hi.
I opened an instant access ISA last year with a years promotional rate, which will decrease this year.

I am new to ISA's so if I wish to move this money to a different one, is there a certain time of the year it has to be done ? Do i have to move all the money, or part of it? i know you can only pay into one isa per year but is it ok to have two open? if there would be any advantage to this, i dont really know.

Archi_Bald

restless6 wrote: »

is there a certain time of the year it has to be done ?

no

However, "ISA year" is the financial year, April 6 to April 5. Not a calendar year.

restless6 wrote: »

Do i have to move all the money, or part of it?

if your rate drops, there's not much point leaving any money behind. If you move the money yourself, you have lost the ISA wrapper - so ask the new provider to transfer your ISA.

If you want to transfer any money deposited in the current ISA year, you must transfer all of it.

restless6 wrote: »

i know you can only pay into one isa per year but is it ok to have two open?

strictly speaking, you can pay into two each year - one cash and one S&S. You can hold as many ISAs as you like.

restless6 wrote: »

if there would be any advantage to this, i dont really know.

there might be a case - for example: if you took out a 5-year fixed term ISA one year. If you then wanted to make use of your ISA allowance the next 4 years, you would open another 4. If you have cash and S&S ISAs, you have at least two.

Depending on how much is in your ISA, there might be more rewarding places to keep your cash in. Read around on the forum.

[Deleted User]

I am thinking of moving my present Virgin cash ISA into a 1-year fixed rate ISA, also with Virgin. I notice that the info says that's it not suitable for regular savers. Does this mean that I cannot add to the ISA at all during the year?

bsms1147

Abrielle wrote: »

I am thinking of moving my present Virgin cash ISA into a 1-year fixed rate ISA, also with Virgin. I notice that the info says that's it not suitable for regular savers. Does this mean that I cannot add to the ISA at all during the year?

Fixed rates (typically fixed-term) ISAs (and any type of fixed term savings product) will usually only allow payments in for a defined window at the start. Check with their T&Cs, but what you've read sounds typical.

There are better rates available outside of ISAs if you haven't considered or don't have these already.

_Maxim_

Wanted to ask why you don't mention the Danske Cash ISA in you top Cash ISAs list. It offers the best rate (1.75%) for £30,000+ and allows transfers.

masonic

_Maxim_ wrote: »

Wanted to ask why you don't mention the Danske Cash ISA in you top Cash ISAs list. It offers the best rate (1.75%) for £30,000+ and allows transfers.

It's on the real best cash ISAs list here: https://forums.moneysavingexpert.com/discussion/401374
Beaten by Punjab bank cash ISA, which pays 2% on all balances and accepts transfers.

Tony-Montana

MSE_Sally wrote: »

Hi folks,

We've just updated our Cash ISA guide to include FAQs at the end. We'd love to know if we've missed anything so if you've got an ISA question we've not already answered, post it below and we'll try to help.

Thank you

MSE Sally

Hi MSE Sally,

My question is in relation to ISA transfers.

I want to open a new cash ISA and to transfer funds from my old one, what I need to know is:

Is it possible to transfer some of the funds or do I have transfer the full amount?

Regards

Tony