Tell us you cash ISA questions

YorkshireBoy

Tony-Montana wrote: »

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?

https://www.gov.uk/individual-savings-accounts/transferring-your-isa


See "What you can transfer", 3rd and 4th paragraphs

katies_mum

Hi, please can anyone advise. I have Santander ISA due to mature on 1st May. I am thinking of opening their new 2 year 123 ISA fixed at 2%, putting in £6,000 before the 5th April and then transferring the money in the maturing ISA in on maturity.

As the transfer will take place in May 2015 will this mean that I am unable to open up another ISA in the tax year 2015/2016? or does it not count as its a transfer and not an actual payment.

Many thanks

masonic

katies_mum wrote: »

As the transfer will take place in May 2015 will this mean that I am unable to open up another ISA in the tax year 2015/2016? or does it not count as its a transfer and not an actual payment.

It will be a transfer of previous years subscriptions, so won't affect your ability to fully subscribe to another cash ISA.

enthusiasticsaver

I would double check with Santander as to whether you can do this as it is a fixed rate cash isa and usually there is a limit as to when you can make deposits into it. You can certainly open one if you have not already done so before 5 April with the £6000 but you probably will not be able to transfer your matured one in at the beginning of May. They may accept your transfer separately but I am not sure if that 2% deal accepts matured isas. Also of course there is also the possibility they may pull the deal off before your fixed rate one matures in May.


This of course does not affect you being able to invest in a new ISA in 2015-2016 but again fixed rate ISAs will not usually accept further deposits once open.

katies_mum

Thank you.

Santander say: To transfer in to a new Fixed Rate ISA, we need to receive your transfer application by 31 May 2015. So I assumed it was OK.

Think I`d better give them a ring tomorrow.

DopeyDylan

Hi All,

I'm looking to transferring my ISA from a few years back as the interest will drop to a very poor rate as of the end of March.

I notice that the MSE suggest one of the best Transfer in ISA's is the Post Office.

Looking at the following page:
https://www.postofficeeisa.co.uk/
it says to be eligible I must:
not already have a cash ISA with current year's deposits (unless you are transferring this to us to open your Online ISA)

I have opened a 2014-2015 ISA with Coventry Building Society and this still has a better rate than the post office, so I don't wish to transfer that ISA, but do want to transfer my ISA from several years back.

Can I do this? eg. Open this ISA, but just transfer an older ISA in, and not invest any other money, or is the act of opening 2 ISA's in one tax year just not allowed.

Your help in clarifying this would be much appreciated.

Dylan

cha1n

Hi

I'm not sure how the taxation of money works. I have a large sum in my debit account, would there be any benefit transferring it into a Cash ISA before April 5th?

If so, I was looking to open a cash ISA but don't want to take away my potential to open a help to buy ISA.

Any help is greatly appreciated, thank you in advance.

badger09

DopeyDylan wrote: »

Hi All,

I'm looking to transferring my ISA from a few years back as the interest will drop to a very poor rate as of the end of March.

I notice that the MSE suggest one of the best Transfer in ISA's is the Post Office.

Looking at the following page:
https://www.postofficeeisa.co.uk/
it says to be eligible I must:
not already have a cash ISA with current year's deposits (unless you are transferring this to us to open your Online ISA)

I have opened a 2014-2015 ISA with Coventry Building Society and this still has a better rate than the post office, so I don't wish to transfer that ISA, but do want to transfer my ISA from several years back.

Can I do this? eg. Open this ISA, but just transfer an older ISA in, and not invest any other money, or is the act of opening 2 ISA's in one tax year just not allowed.

Your help in clarifying this would be much appreciated.

Dylan

Yes, you can do what you're planning.

You can open as many ISAs as you want - but you can only pay new money into one cash ISA (and one S&S ISA) at a time.

badger09

cha1n wrote: »

Hi

I'm not sure how the taxation of money works. I have a large sum in my debit account, would there be any benefit transferring it into a Cash ISA before April 5th?

If so, I was looking to open a cash ISA but don't want to take away my potential to open a help to buy ISA.

Any help is greatly appreciated, thank you in advance.

The only advantage to opening a cash ISA & paying in up to £15k before 5th April, is to secure this tax year's ISA allowance.

However, ISA rates are dire at the moment, and for up to about £50k :cool: you can achieve much higher interest in various current and regular save accounts.

How much is in your 'debit' account?
What is the name of the account?

cha1n

Thank you for the reply.

I have about 6k in my HSBC account, it's just a standard account linked to my VISA card. Got it with a 'SOLO' card when I was 15 and had it ever since (I'm 29 now).

Any savings that I have will be going towards a house deposit that I plan to purchase within the next year or so. I'll be a first time buyer so not sure if it's worth bothering with the HTB ISA or not.

As I say, I have an existing ISA (was northern rock, now virgin money) which I could transfer the money into before the end of the tax year. Is it worth doing that at least so I have the option of starting a new cash ISA if I decide not to open a HTB ISA?