Tell us you cash ISA questions

Threewheeler

Can I transfer part of my Isa into this years new Isa account with a different bank, I have £88k in one Isa and am concerned that is now over the £75k gee amount?

eskbanker

Threewheeler wrote: »

Can I transfer part of my Isa into this years new Isa account with a different bank, I have £88k in one Isa and am concerned that is now over the £75k gee amount?

Yes you can, provided that your new product accepts transfers in.

Usual caveats apply: do you need that much in cash form, have you considered S&S ISAs and/or better interest cash products?

Halemum

Daughter 16 has not yet paid into her JISA this year. We want to do this and for her to open a Help to Buy ISA this year.
Santander have said I can only do one or the other not both. I referred them to MSE website to no avail.
Have checked the HMRC website and on their JISA page, I quote
"Children aged 16 and 17 can open their own Junior ISA as well as an adult cash ISA"
I have phone HMRC to absolutely make sure and they are saying that my daughter can hold a JISA and an adult Cash ISA (or Help to Buy) but not pay into both. So they are agreeing with Santander.
I have tried explaining to them that the wording on their website does not actually say that but they are insistent. You cannot pay into both.
Utterly frustrated
Any chance we can get MSE guys onto this?

Aniah

Hi
My son who is 27 is the freeholder of our property on which we have a 125 yr lease and a mortgage. Will he be eligible for a first time buyers ISA as he does not have his own home yet?

eskbanker

Aniah wrote: »

My son who is 27 is the freeholder of our property on which we have a 125 yr lease and a mortgage. Will he be eligible for a first time buyers ISA as he does not have his own home yet?

If your son owns any property then no, he isn't a first time buyer for the purposes of this scheme.

The full official definition is at page 61 of the scheme rules at https://www.helptobuy.gov.uk/documents/2015/12/scheme-rules.pdf

Aniah

Thank you for your reply. It is a shame as he does not have his own home and as our lease is for 125 years, he will never be able to access it in his lifetime. And now it appears that he will miss out on the opportunity to access the benefit of a first time buyers ISA as well.

colsten

Aniah wrote: »

And now it appears that he will miss out on the opportunity to access the benefit of a first time buyers ISA as well.

It's because he is not eligible, for the reasons already mentioned by eskbanker.

Louisana

Warning . We have found out too late that you can't open a help to buy isa and a junior Isa if you are turning 18 in that tax year. We have been told by the bank this is because the junior ISA converts to a cash isa once the child isa at 18.

eskbanker

Louisana wrote: »

Warning . We have found out too late that you can't open a help to buy isa and a junior Isa if you are turning 18 in that tax year. We have been told by the bank this is because the junior ISA converts to a cash isa once the child isa at 18.

The bank is wrong, see this recent thread: https://forums.moneysavingexpert.com/discussion/5439684

Douglasishalffull

End of fixed rate ISA with Virgin at 1.6% so have transferred into another Virgin fixed rate ISA at 1.35%. So is this a new one and consequently I cannot open another ISA account? I have reached the £75K limit.
If I'd have left the funds in the old ISA the rate would have reverted to a much lower rate? This will be a problem every year!
How to open a second account when a fixed rate finishes and it is transferred to another fixed rate ISA - £75K limit reached