Tell us you cash ISA questions

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Replies

  • edited 15 April 2014 at 8:30PM
    saintalansaintalan Forumite
    562 Posts
    edited 15 April 2014 at 8:30PM
    innovate wrote: »
    Well, you can get a 3% ISA with transfers in. Just takes a teeny weeny little bit of research to find it amongst the very few posts on the MSE ISA board.

    Yes but the poster jt3 said for a new ISA not the transfer in.

    Nevertheless I guess I should have done a teeny weeny little bit of research. It was meant to be a throw away question having aswered his post.

    Was also assuming it wasnt a Fixed Long Term or Regular Saver.

    Cheers

    Alan
  • innovateinnovate
    16.2K Posts
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    saintalan wrote: »
    Yes but the OP said for a new ISA not the transfer in.

    Nevertheless I guess I should have done a teeny weeny little bit of research. It was meant to be a throw away question having aswered his post.

    Was also assuming it wasnt a Fixed Long Term or Regular Saver.

    Easy to get a 3% new ISA, too. Including a lumpsum deposit one, not just a Regular Saver ISA. And it isn't a Fixed Long Term one either - nor an entirely an instant access one, but certainly not one of those 1 or more year fixed term ones.

    'nuff said. No point in me repeating stuff that is being discussed in other threads on the same board.
  • jt3_2jt3_2 Forumite
    3 Posts
    Thank you Alan. You did indeed understand my question and answer it fully.
    The 3% is for locking away for 5 years & is listed as one of Martin's top offers.
    Most accounts are offering an additional top up option in July to £15k if the account holder wants to.
  • innovateinnovate
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    jt3 wrote: »
    Thank you Alan. You did indeed understand my question and answer it fully.
    The 3% is for locking away for 5 years & is listed as one of Martin's top offers.


    The 3% I am talking about is not a 5-year deal, and it is not mentioned in Martin's top offers. Doesn't make it any less viable, quite the contrary. The main MSE site isn't the be all and end all, particularly not when it comes to ISAs, as is very obvious from several other threads on here.
  • bsms1147bsms1147 Forumite
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    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
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    I digress.
  • Hello,

    I've been trying to figure this out myself and am getting very confused!

    I have 2 previous cash ISAs and have just opened the new Nationwide cash ISA. However, this doesn't allow transfers in and I have since then realised that my oldest ISA with Virgin money goes down to 0.1% interest if no new payments are paid in.

    Am I correct in thinking that as I have already paid a deposit into this years Nationwide ISA I can't pay anything into the Virgin one to top the interest back up? If so, would the best option be to just leave the £3k in the rubbish account and make sure I choose an ISA that allows transfers next year or is there a better alternative?

    Any help would be much appreciated! Thank-you!

    xx
  • hgthgt Forumite
    301 Posts
    Part of the Furniture 100 Posts
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    Yes that's correct, as you've paid money into the Nationwide ISA during the current tax year, you've 'subscribed' to an ISA, so can't pay new money into any other ISA for the remainder of the tax year. So no, you won't be able to top up your Virgin ISA.

    However, what you can do is to open yet another new ISA (one which accepts transfers in) and transfer your Virgin ISA into it. The trick is not to pay any money into the new ISA when you open it, then follow the transfer process of the new provider. Depending on the rates, you might wish to consolidate both your old ISAs. In fact I believe Virgin have an account paying 1.5% at the moment, they would be able to transfer your old Virgin ISA over the phone if you were happy to stick with them.

    Though, as many people will tell you on here, you may get a better rate outside of an ISA, using one of the high interest current accounts etc, so it might be worth checking that option out too.
  • julesemmajulesemma Forumite
    7 Posts
    Part of the Furniture First Post Combo Breaker
    Hi, my mother in laws cash ISA has just matured with Lloyd's TSB, she has £13,482 in it. We went to speak to bank and the best they could give her was 2.15% fixed for 4 yrs. I said I would look at other rates. I don't believe she will ever have to access this money in her lifetime.
    My question is I am about to become her Power of Attorney, she only receives her state pension, but will soon need to claim a disablement benefit. When I tried last year and said to benefits about Power of Attorney they told me that her benefit money would have to be paid into my bank account.
    So will this mean that her banking will all have to be in my name, and if so do we transfer to a new higher paying ISA now, or after Power of Attorney comes into force?
    Help!
  • saintalansaintalan Forumite
    562 Posts
    Hi julesemma welcome to the forum. You will find a vast amount of info around.

    First, when you have a POA strictly speaking you should hold funds in a separate account for that purpose. Not all do though. It could be in your mums and you give the bank the POA or it could be yours or joint. However it is best that the account is separate from your personal finances

    Next will your mum's total income mean she will pay tax? Chances are that you can earn a better interest rate outside of an ISA. There are several current accounts discussed on forum but as an example a Santander 123 a/c could earn 3% up to £20,000 with conditions. Even if basic tax needed to be paid that woud mean 2.4% better than most ISA.

    You may get a lot more responses and better than mine if you reveal as much info as you feel able then you will get more accurate info.

    You say your mum may not need the money so there maybe other funds etc that could impact tax and whether an ISA is necessary or not. In any case this years ISA up to £15000 from July 1 will be available up to 5 April 2015 with better or worse rates, but there is no hurry at the mo.

    Hope thats a help to give you food for thought.

    Cheers, both my wife and I have been there with mums.

    Alan


    Rates in general are not great at the mo
  • julesemmajulesemma Forumite
    7 Posts
    Part of the Furniture First Post Combo Breaker
    Thanks for that.
    Mums got £6000 in a basic savings account as well as the ISA money. She gets just a state pension of £68 a week. That's the only income she has. She doesn't like spending any money, that's why I say she will never spend the ISA money in her lifetime! Lol
    We would welcome any advice about which way to go ISA or savings?
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