Tell us you cash ISA questions

badger09

mrviner wrote: »

Thanks for the response.

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.

There are several current accounts paying more than Santander's 3% - TSB Classic Plus, Nationwide Flexdirect and Club Lloyds for starters. Also several Regular Savers paying up to 6% - First Direct, HSBC, M&S, TSB, Nationwide, Club Lloyds etc Then there are other current accounts paying 3% but with no fees -BoS Vantage, Tesco etc

There is lots of information on these boards and on the main MSE site. Setting the accounts up takes a little effort, but they can then be set to run automatically. All will pay more than your 1.3% ISA;)

mrviner wrote: »

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%.

The performance of the Nutmeg S&S ISA will of course depend on the investments held in it. If you want to discuss that, it would be better to start a new thread.

mrviner wrote: »

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.

'Pretty risk averse'? There are of course many different sorts of risk. Depending on your age and other factors, many would say that having 70% in 'cashy things':cool: is much higher risk than a balanced investment portfolio.

mrviner wrote: »

Plus 10% of income going to a Pension.

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

Again, 10% of your income into a pension might be extremely risky, unless you are in your early 20s. Also, you are giving up the tax advantage of paying more into your pension.

From the information you've given, I don't think a cash ISA makes sense at all.

Feel free to start a new thread on the Savings & Investments board. No-one here can give you advice (as that's regulated) but lots of experienced posters will give their opinions:)

badger09

ivephar wrote: »

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?

You can open another Cash ISA with another provider before the end of this tax year and ask the new provider to transfer some of your FD ISA.

You must keep all of this current year's subscriptions together. There will be boxes on the transfer form to indicate how much you want to transfer and whether or not this includes current year's subscription.

Before deciding on the Post Office ISA, please have a read around the forum - there are several threads from people who have found it very difficult to access their savings in the PO.:o

Finally, are you sure a cash ISA paying 1.3% or thereabouts is the best place for your cash savings at the moment?

niskia

Hi,

Just a quick question, I am aware you are unable to open two ISA's in one year but what about paying into an old ISA when you've opened a new one in current tax year?

I basically have an old ISA with Tesco Bank but this tax year I also opened the 'help to buy' ISA. Due to the limit of £200 which the help to buy ISA has on it i was wondering if i would be able to pay additional funds into my old one?... Or if there would be a similar/better alternative?

Thanks

badger09

niskia wrote: »

Hi,

Just a quick question, I am aware you are unable to open two ISA's in one year but what about paying into an old ISA when you've opened a new one in current tax year?

I basically have an old ISA with Tesco Bank but this tax year I also opened the 'help to buy' ISA. Due to the limit of £200 which the help to buy ISA has on it i was wondering if i would be able to pay additional funds into my old one?... Or if there would be a similar/better alternative?

Thanks

You can open as many cash ISAs as you like. However, you can only pay new money into one*. It doesn't matter whether it is an ISA opened in the current tax year or last year, or 10 years ago.

* unless your cash ISA is with one of the very few providers who allow you to split your subscription between 2 or more products - Nationwide is one such.

One or more of the current accounts paying up to 5%, or Regular Savers paying up to 6% is a better home than a bog standard cash ISA for the rest of your savings;)

ivephar

Thanks Badger09 for your quick reply. If I understand correctly, I can open a new ISA with Post office or whatever provider without paying in any money for this years allowance, Instead I can transfer some money from my old ISA in FD to it. I can still pay into my oid ISA in FD to fill up this years allowance.

I know the current ISA rate at 1.3% is very poor. I have already had Santander 123 and Lloyds current account for higher interests. and I need easy access to my saving as I am in the market to buy a new property.

jimjames

ivephar wrote: »

I know the current ISA rate at 1.3% is very poor. I have already had Santander 123 and Lloyds current account for higher interests. and I need easy access to my saving as I am in the market to buy a new property.

Depending when you are looking to buy that's even more reason to not use a cash ISA.

redux

ivephar wrote: »

Thanks Badger09 for your quick reply. If I understand correctly, I can open a new ISA with Post office or whatever provider without paying in any money for this years allowance, Instead I can transfer some money from my old ISA in FD to it. I can still pay into my oid ISA in FD to fill up this years allowance.

I thought you said you already paid into a Help to Buy ISA this year?

badger09

redux wrote: »

I thought you said you already paid into a Help to Buy ISA this year?

No ivephar did not say anything about a HTB ISA.

That was niskia, whose query I also answered;)

badger09

ivephar wrote: »

Thanks Badger09 for your quick reply. If I understand correctly, I can open a new ISA with Post office or whatever provider without paying in any money for this years allowance, Instead I can transfer some money from my old ISA in FD to it. I can still pay into my oid ISA in FD to fill up this years allowance.

I know the current ISA rate at 1.3% is very poor. I have already had Santander 123 and Lloyds current account for higher interests. and I need easy access to my saving as I am in the market to buy a new property.

Yes, you understand correctly.

Again, in view of what you say, I wouldn't choose the PO ISA because of frequently reported access issues. The difference in interest rates will have little impact whichever you choose:o

Which brings me back to my earlier comment. Rather than filling your FD ISA, why not make use of one or more of the high interest paying current accounts?

ivephar

badger09 wrote: »

Yes, you understand correctly.

Again, in view of what you say, I wouldn't choose the PO ISA because of frequently reported access issues. The difference in interest rates will have little impact whichever you choose:o

Which brings me back to my earlier comment. Rather than filling your FD ISA, why not make use of one or more of the high interest paying current accounts?

Thanks. If PO ISA has got access tech issues from time to time, is Virgin Money any good? I think its interest rate is only slightly lower at 1.41%, but obviously with limited withdraws.
As for high interest paying current account, I have maxed out on santander123 and Lloyed. Nationwide would not allowed me to open a new Flexdirect, as I closed mine only a few month ago after 12 month bonus interest ended. I may open a TSB account, but the maximum balance to have interest is too low. Are there anything else that I am not aware of?
.
I can not have help-to-buy ISA since I am not eligible anymore.