Tell us you cash ISA questions

masonic

Elika0215 wrote: »

Thank you. Which account is better than 2.01% as that was the top displayed on here (with FCS protection) isn't it?

It's a bit off-topic to be discussing non-ISA accounts here, but...
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#sharia

2.2%, 2.17% and 2.1% are all offered by three different Sharia compliant providers. They have FSCS protection and once you get over the linguistic somersaults the only actual difference is they can change the rate with the option for you to end the fix early, penalty free, if you don't want to continue at the new rate (though this is very unlikely to happen in practise).

Elika0215

masonic wrote: »

It's a bit off-topic to be discussing non-ISA accounts here, but...
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#sharia

2.2%, 2.17% and 2.1% are all offered by three different Sharia compliant providers. They have FSCS protection and once you get over the linguistic somersaults the only actual difference is they can change the rate with the option for you to end the fix early, penalty free, if you don't want to continue at the new rate (though this is very unlikely to happen in practise).

I did have a look at that page before posting and automatically dismissed Sharia accounts as I interpreted "Profits are not guaranteed" as "you could make a loss on your investment". Have just opened one so thanks again you lovely person!

nsluker

Hi - if I have numerous past year cash ISAs paying rubbish interest rates and I want to transfer them to get better rates, can I transfer into more than one provider's cash ISA in the same year i.e. hypothetically, if I had 10 previous ISAs worth over £100k, then could I transfer six of them worth £75k in one new cash ISA with provider A and four of them worth £25k in another new cash ISA with provider B? All within the same financial year. I obviously want to avoid having more than £85k with one provider. I assume I could also then use my £20k allowance for 2018/19 and open a third cash ISA with provider C and put new money into it?
Please let me know, as I can't find any examples similar to this online or in the FAQs.

eskbanker

nsluker wrote: »

Hi - if I have numerous past year cash ISAs paying rubbish interest rates and I want to transfer them to get better rates, can I transfer into more than one provider's cash ISA in the same year i.e. hypothetically, if I had 10 previous ISAs worth over £100k, then could I transfer six of them worth £75k in one new cash ISA with provider A and four of them worth £25k in another new cash ISA with provider B? All within the same financial year. I obviously want to avoid having more than £85k with one provider. I assume I could also then use my £20k allowance for 2018/19 and open a third cash ISA with provider C and put new money into it?
Please let me know, as I can't find any examples similar to this online or in the FAQs.

Yes, you can do what you like with contributions made in previous years, but need to keep current year contributions together.

If you have so much in cash ISAs that you're concerned about the £85K FSCS protection limit then you might wish to consider how much of your pot actually needs to be in such readily accessible form while potentially losing value to inflation, and evaluate whether investing some of it for the long term (within S&S ISAs) would make more sense....

nsluker

Thanks for the reply. I have a follow up question - if I have just inherited various ISA sums from my wife, which are eligible for Additional Permitted Subscription - does the same apply that I can use this allowance with multiple new ISA providers? i.e. if I inherited £100k consisting of 5 ISAs with different providers of £40k, £30k, £10k, £10k and £10k, once theses are sold, can I choose to put each individual ISA's part value of the £100k APS allowance into APS eligible ISAs with multiple providers, or does it all need to go into just one provider's new APS eligible ISA? I'm not clear on what flexibility I have - does it all have to go into one new ISA provider? I'm struggling to make sense of the constraints!

eskbanker

The APS rules are defined at https://www.gov.uk/guidance/manage-additional-permitted-subscriptions-into-an-isa but it's not immediately obvious to me exactly how much flexibility you have in the scenario you paint.

It does say

Where the deceased held ISAs with a number of different managers the surviving spouse or civil partner will have additional permitted subscription limits with each manager.

but also suggests that everything can be transferred to one other ISA manager.

I'd suggest that the path of least resistance would probably be to retain ISAs with each of the managers involved and look at consolidating or moving in the following tax year.

spannerman

nsluker wrote: »

Hi - if I have numerous past year cash ISAs paying rubbish interest rates and I want to transfer them to get better rates, can I transfer into more than one provider's cash ISA in the same year i.e. hypothetically, if I had 10 previous ISAs worth over £100k, then could I transfer six of them worth £75k in one new cash ISA with provider A and four of them worth £25k in another new cash ISA with provider B? All within the same financial year. I obviously want to avoid having more than £85k with one provider. I assume I could also then use my £20k allowance for 2018/19 and open a third cash ISA with provider C and put new money into it?
Please let me know, as I can't find any examples similar to this online or in the FAQs.

Hi,
I have a query similar to nsluker - back in October 2018 myself and better half opened new fix rate ISA's with Charter Bank and transferred our previous years' cash ISA from Santander to obtain a better rate but haven't yet used any of this tax years allowance. My question is are we allowed to open another cash ISA within the same tax year with Charter or another provider to enable us to invest this years ISA allowance or do we have to wait until the new tax year before I can meaning we lose out on this years allowance?
I'm rather confused as to what 'only being allowed to subscribe to 1 cash ISA a year' actually means.


Many Thanks

eskbanker

spannerman wrote: »

I have a query similar to nsluker - back in October 2018 myself and better half opened new fix rate ISA's with Charter Bank and transferred our previous years' cash ISA from Santander to obtain a better rate but haven't yet used any of this tax years allowance. My question is are we allowed to open another cash ISA within the same tax year with Charter or another provider to enable us to invest this years ISA allowance or do we have to wait until the new tax year before I can meaning we lose out on this years allowance?
I'm rather confused as to what 'only being allowed to subscribe to 1 cash ISA a year' actually means.

In this context 'subscribe' means 'pay new money into', so if you haven't paid any new (current year) money into any ISA during 2018/19 then you're free to do what you want without needing to wait - the transfer of prior year money doesn't affect this.

spannerman

Many thanks eskbanker for your assistance - will look into opening a new cash ISA asap if that's the case.

Becks07

I have a question about the lifetimes isa

I have applied for a lifeime isa and it should be open within the next couple of weeks. I am going to pay £4000 into it in the middle of March so should receive the £1000 bonus in April (after the 2018/19 tax year ends)

So my question is, is if I pay £4000 in the current tax year and get the bonus after the tax year ends will I still be able to pay £4000 into it in the next tax year (2019/20) and get another £1000 bonus?