Tell us you cash ISA questions

grumbler

Why is my Nationwide Regular Saver ISA showing "Gross interest rate 2.07%"?
I think it was lower (1.7%? 1.9%?) when I opened it few months ago.

Also I am curious, as their Flexclusive ISA rate is variable, why do they keep offering new 'issues' with lower rates instead of simply cutting it for all customers?

colsten

grumbler wrote: »

Why is my Nationwide Regular Saver ISA showing "Gross interest rate 2.07%"?
I think it was lower (1.7%? 1.9%?) when I opened it few months ago.

Seems your memory is playing tricks on you.

http://www.nationwide.co.uk/support/product-support/savings-and-isas

grumbler wrote: »

Also I am curious, as their Flexclusive ISA rate is variable, why do they keep offering new 'issues' with lower rates instead of simply cutting it for all customers?

it's no unusual that a provider offers different issues of the same account. The reason for different issues is generally a different interest rate. You are quite right, they could alternatively cut the rate for all customers. It's a business decision by the provider.

Scotch61

I'm confused !
What is the situation with Junior Cash ISA's
~The MSE guide has this
"You can only open one junior cash ISA and/or one junior stocks & shares ISA per tax year

You can only open one junior cash ISA and one junior shares ISA per tax year, and you can split the £4,080 allowance between them as you wish. You can transfer providers as much as you like, but can only hold one of each type at any one time."

So we set up 1 per year 2013-14 & 2014-15 with Halifax ( there was a good rate of 6%) for our son .
We have just had a letter from them cancelling one of them , stating that you can only have 1 Junior ISA at any one time, which means that although you can OPEN 1 per tax year , you have to transfer the money from the old one to the new one . This was not made clear to us at the time.
This is different from the way that adult ISA's work, where you can open 1 per tax year, and keep them open ( obviously you can only contribute to the current year one)

I think the guide needs to make this significant difference more clear , or are Halifax wrong ?

colsten

The MSE Guide is wrong if it says you can open a new JISA each year. Halifax are correct. https://www.gov.uk/junior-individual-savings-accounts/open-an-account

Marvel1

May sound stupid, but do cash ISA's like before even exist anymore? I looked at comparison sites and keep getting "help to buy ISAs"!

veryintrigued

cjdavies wrote: »

May sound stupid, but do cash ISA's like before even exist anymore? I looked at comparison sites and keep getting "help to buy ISAs"!

They sure do

mrviner

Hi,

If I get, say, a 3 year fixed term ISA. And I transfer my old ISA from 2014 in, and also deposit another £10k, all before April.

My question is, what can I do with next (financial) year's savings? Can I open another ISA next year and pay next years allowance into that? So basically keeping to the "only pay into 1 ISA per year" rule.

Alternatively, can I pay more into the 3 year fixed term ISA next year? I'm guessing it depends on the ISA concerned, so I'll tell you, I'm currently looking at the State Bank of India 3 year fixed term ISA. Do they allow further deposits? Or will I need another ISA next year with another provider?

Thanks

badger09

mrviner wrote: »

Hi,

If I get, say, a 3 year fixed term ISA. And I transfer my old ISA from 2014 in, and also deposit another £10k, all before April.

My question is, what can I do with next (financial) year's savings? Can I open another ISA next year and pay next years allowance into that? So basically keeping to the "only pay into 1 ISA per year" rule.

Yes

mrviner wrote: »

Hi,

Alternatively, can I pay more into the 3 year fixed term ISA next year? I'm guessing it depends on the ISA concerned, so I'll tell you, I'm currently looking at the State Bank of India 3 year fixed term ISA. Do they allow further deposits? Or will I need another ISA next year with another provider?

Thanks

It does indeed depend on the T&C of that particular ISA, and on a quick look at their website, I couldn't find any reference to deposits in later years. Most fixed rate/fixed term ISAs do not allow further subscriptions. In which case, you would need to open another cash ISA after 6th April.

Before anyone else comes along and asks..... Are you sure a cash ISA is the best home for your savings?:cool:

mrviner

Thanks for the response.

badger09 wrote: »

Before anyone else comes along and asks..... Are you sure a cash ISA is the best home for your savings?:cool:

I suspect so, but let's check. I've got the Santander 123 current account maxed out at the £20k 3% interest limit, plus a Santander ISA at 1.3%, and I'm a higher rate tax payer.

I do have a Nutmeg S&S ISA, but that's down 3.4% in 2y. I have Funding Circle loans which are doing fine (up 2% in 6m). And I have some Swiss Francs which are doing great (up 10% in 18m).

The proportions are pretty risk averse. Cashy things to subsequently described risky things: 70%/30%.

No interest bearing debt (10 months left on the 0% Santander CC). Plus 10% of income going to a Pension.

So I'm pretty sure an ISA makes sense, but happy to receive any advice. :wave:

ivephar

Hi, I am seeking some advices on CASH ISA account transfer issues. MY only cash isa acccount is with First Direct. The balance is now over 80K, which means part of the deposit is not protected by the compensation scheme. I have already put 10k into this account this year, so another 5k more to fill up this years allowance. I think the current rate is about 1.3%. My question is that, am I allowed to open another ISA account before the end of this tax year? for example, If I open a new ISA with Post office, can I transfer part of the 80K balance over, so that the money can be protected? Should I fill up this years allowance with the current ISA at First direct, or wait until the post office isa opend and put the 5k in there?