Tell us you cash ISA questions

Vortigern

cha1n wrote: »

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).

You have £6000 in an account that pays no interest - and has paid no internet for the last 14 years?

Forget ISAs for now. Look up high interest current accounts elsewhere on MSE. You could be earning 5%

Consider the Help-to-buy ISA later in the year, when the terms are known.

cha1n

Thankfully I've saved the 6K over the past 6 months but I've never worried that much about what accounts I have I must admit.

So I shouldn't bother having my money in a savings account? I get a bit worried that if someone got access to my account that I would have no protection if it was stolen.

Vortigern

cha1n wrote: »

Thankfully I've saved the 6K over the past 6 months but I've never worried that much about what accounts I have I must admit.

So I shouldn't bother having my money in a savings account? I get a bit worried that if someone got access to my account that I would have no protection if it was stolen.

Sorry. Looks like I assumed wrongly that your HSBC was a current account. As a savings account it probably pays a little interest, but not much.

You'd still do better in current accounts. If you're worried that you, or somebody else, would spend or steal the money in a current account you could have more than one current account. One for normal use where you keep the card in your wallet, and others for savings where you keep the cards securely under lock and key. If you're really paranoid, make sure the PINs and CVV numbers are unknown to anybody, including yourself.

DopeyDylan

badger09 wrote: »

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.

Thank you! I'll get on to it now!

DopeyDylan

I read a few posts of people saying they didn't like the Post Office ISA, and decided against it.

Am thinking of fixing it for a year with Virgin Money:
http://uk.virginmoney.com/savings/pdf/Virgin_Fixed_Rate_Cash_E_ISA_Issue_114-key_product_info.pdf

Am still confused by the cross talk of terms and conditions, as this one reads:
Additional deposits are accepted (subject to the terms and conditions of your account) for any amount from £1 up
to the maximum investment, currently £15,000 for this tax year (2014/2015). This amount does not include ISA
subscriptions in respect of previous tax years transferred in from other providers or an existing Virgin Money ISA,
which are allowed regardless of the balance.

Subscriptions are not allowed to any other Cash ISA in the current tax year, even if you have not reached your annual
subscription limit. Current year’s subscriptions can be transferred and these will count towards your current tax-free
allowance of £15,000.

All I'm trying to do is transfer a 2 year old ISA into an ISA paying a higher rate.

My current years ISA (Cov Building Society) is earning a better rate than the 2 year old one, but didn't accept transfers. Obviously any new ISA deposits I make would be into this as the rate is better.

Is this a case of poor wording in ISA providers T&C's, or am I trying to do something that can't be done?

karla_p

Hi there

My Dad has about £25k in his ISA with Halifax. He wants to move it before the April deadline but had no idea what is the best deal. He doesn't access the money and just saves it....any suggestions?

Please help!
:eek:

badger09

DopeyDylan wrote: »

I read a few posts of people saying they didn't like the Post Office ISA, and decided against it.

Am thinking of fixing it for a year with Virgin Money:
http://uk.virginmoney.com/savings/pdf/Virgin_Fixed_Rate_Cash_E_ISA_Issue_114-key_product_info.pdf

Am still confused by the cross talk of terms and conditions, as this one reads:
Additional deposits are accepted (subject to the terms and conditions of your account) for any amount from £1 up
to the maximum investment, currently £15,000 for this tax year (2014/2015). This amount does not include ISA
subscriptions in respect of previous tax years transferred in from other providers or an existing Virgin Money ISA,
which are allowed regardless of the balance.

Subscriptions are not allowed to any other Cash ISA in the current tax year, even if you have not reached your annual
subscription limit. Current year’s subscriptions can be transferred and these will count towards your current tax-free
allowance of £15,000.

All I'm trying to do is transfer a 2 year old ISA into an ISA paying a higher rate.

My current years ISA (Cov Building Society) is earning a better rate than the 2 year old one, but didn't accept transfers. Obviously any new ISA deposits I make would be into this as the rate is better.

Is this a case of poor wording in ISA providers T&C's, or am I trying to do something that can't be done?

Which bit do you find confusing?

You can transfer your 2 year old ISA to anywhere which accepts transfers in - using that new providers transfer process of course.

Assuming your Coventry ISA allows further subscriptions, you can pay into it up to £15k by 5th April, then up to another £15240 from 6th April.

What you cant do, is pay new money into both the Virgin & Coventry ISAs.

Are you absolutely sure a cash ISA is the best home for your savings :cool:

badger09

karla_p wrote: »

Hi there

My Dad has about £25k in his ISA with Halifax. He wants to move it before the April deadline but had no idea what is the best deal. He doesn't access the money and just saves it....any suggestions?

Please help!
:eek:

There is no April deadline for transfers :cool:

DopeyDylan

badger09 wrote: »

Which bit do you find confusing?

You can transfer your 2 year old ISA to anywhere which accepts transfers in - using that new providers transfer process of course.

Assuming your Coventry ISA allows further subscriptions, you can pay into it up to £15k by 5th April, then up to another £15240 from 6th April.

What you cant do, is pay new money into both the Virgin & Coventry ISAs.

Are you absolutely sure a cash ISA is the best home for your savings :cool:

I don't tend to go too risky on my savings, but are there much better alternatives to ISA's Badger?

I agree with you're understanding on the ISA's, the bit that is causing confusion is this:
Subscriptions are not allowed to any other Cash ISA in the current tax year, even if you have not reached your annual
subscription limit. Current year’s subscriptions can be transferred and these will count towards your current tax-free allowance of £15,000.

It reads like the minute you open the ISA with Virgin, it becomes your 'current' ISA. Surely, as you say, as long as I don't add money to both I'm not doing anything wrong!

jimjames

DopeyDylan wrote: »

I don't tend to go too risky on my savings, but are there much better alternatives to ISA's Badger?

Depends how much money but plenty paying way more than ISAs. Check out the current account threads here