Tell us you cash ISA questions

Lesley101

Many thanks Colsten. Am now busy searching the best rates available. Thanks for the great, quick, reply.

zivilesi

Hello,
I've been reading cash ISA guides and other info but can't find the answer to my questions easily.

1. I have Virgin cash ISA that I've had for a couple of years (I haven't paid into it this financial year). I also have a cash ISA with Newcastle Building Society that I paid into this year (but only £100 or so). Because NBS rate dropped and it's only £1000 that I have in there I want to take money out and close it. But I also want to be able to pay into Virgin cash ISA this financial year. Can I do it? Can I just close my NBS ISA and because I haven't used my full ISA allowance this financial year I would be able to pay into my Virgin ISA.

2. Can someone else pay into my cash ISA? I lend my friend some money and now he is about to give it back and I would like him to transfer them directly into my Cash ISA but don't know if that's ok.

Thanks a lot for any advice.

masonic

zivilesi wrote: »

1. I have Virgin cash ISA that I've had for a couple of years (I haven't paid into it this financial year). I also have a cash ISA with Newcastle Building Society that I paid into this year (but only £100 or so). Because NBS rate dropped and it's only £1000 that I have in there I want to take money out and close it. But I also want to be able to pay into Virgin cash ISA this financial year. Can I do it? Can I just close my NBS ISA and because I haven't used my full ISA allowance this financial year I would be able to pay into my Virgin ISA.

Yes, you could 'self-transfer' it (but only once in this tax year). The more correct procedure would be to fill out an ISA transfer form from Virgin and let them handle it.

2. Can someone else pay into my cash ISA? I lend my friend some money and now he is about to give it back and I would like him to transfer them directly into my Cash ISA but don't know if that's ok.

This will depend more on whether your ISA accepts direct transfers from other bank accounts. Some don't. Obviously an ISA must hold only your money, but it's not as though you're giving someone else the benefit of an ISA in your name, which would be a problem.

kaytea

Its just a bit help to see if I have worked out my ISA allowances correctly.


If I pay in the maximum of £200 per month for 9 months into my help to buy ISA does this leave me £13,440 of my allowance to use in a cash ISA?


Many thanks

eskbanker

kaytea wrote: »

If I pay in the maximum of £200 per month for 9 months into my help to buy ISA does this leave me £13,440 of my allowance to use in a cash ISA?

It does leave that amount of unused allowance for the current tax year but you can't pay any of it into another cash ISA if you're already paying into an HTB one.

You could pay it into a stocks and shares ISA if you're happy to invest outside cash savings, or a better bet is likely to be to open some interest-paying current accounts or regular savers for 3-6% interest, significantly more than you'd get in a cash ISA anyway....

colsten

eskbanker wrote: »

It does leave that amount of unused allowance for the current tax year but you can't pay any of it into another cash ISA if you're already paying into an HTB one.

You can, at a split ISA provider such as Nationwide. Although saving in a normal cash ISA is perhaps not the best idea, as you say. S&S ISAs should only be used if the money isn't needed in the next 5-7 years

gwynfryn

Hi,

I have used my isa allowance with Santander for this year, cash isa. Noticed they have cut the rate from 1% to 0.75%. My question is if I find a better isa rate (dreaming I know as they are all at it) can I transfer all my funds to the new isa (providing it allows transfers) I can't pay anymore in so just looking for a better return.

Thanks

badger09

gwynfryn wrote: »

Hi,

I have used my isa allowance with Santander for this year, cash isa. Noticed they have cut the rate from 1% to 0.75%. My question is if I find a better isa rate (dreaming I know as they are all at it) can I transfer all my funds to the new isa (providing it allows transfers) I can't pay anymore in so just looking for a better return.

Thanks

Assuming your Santander ISA is instant access, you can xfer without penalty. If its fixed term/fixed rate, there will be a penalty for transferring.

You must use the new ISA provider's xfer process though - don't just move it yourself.

gwynfryn

Thanks, yes it is an instant isa.

StuartWR

I just started a thread with a cash ISA question before I saw this thread. My question thread has the title 'Can I transfer money from an ISA more than once in a tax year?' (I'm a new user and so not allowed to post links).

I think what I want to know is can I transfer the same money more than once a year if I move the full balance? I moved money from an old PO ISA earlier this month to a new issue PO ISA and am now considering a Leeds BS fixed rate ISA. The PO reduced their rates.