Tell us you cash ISA questions

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  • DazjameswalshDazjameswalsh Forumite
    12 Posts
    Eighth Anniversary Name Dropper First Post Combo Breaker
    I have a Nationwide Flexclusive ISA Issue 4 from last year with a 2.25% interest rate that will drop at the end of November. Should I start using this ISA for this years allowance, and switch when the rate drops. Or should I look for a new ISA account to put this years allowance in?

    Also, can I open more than one ISA account per year/ use my allowance in more than one account?
  • michdebmichdeb Forumite
    6 Posts
    Seventh Anniversary Combo Breaker
    I opened an ISA on 6th April 2014 which pays interest each month which I would like to top up. Do I take 15000 minus my current total (including the interest) or is it 15000 minus my original investment (not including any interest earned to date) please?
  • colstencolsten Forumite
    17.6K Posts
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
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    £15,000 minus any deposit you made since April 6 2014. Ignore any interest that has been added to your deposits.
  • edited 5 July 2014 at 11:13AM
    HoodieHoodie Forumite
    1 Post
    edited 5 July 2014 at 11:13AM
    There seems to be a strange restriction on this account, that once their issue is closed, you can't subscribe additional funds to it (understood), but in addition you can't subscribe to any other ISA in this tax year ??

    Can they do that ?

    From their blurb..... (apologies for the dodgy pasting)

    Oncethisissueiswithdrawnyoucandepositadditionalfunds,includingISAtransfersin,intoyour(alreadyopened) Cash ISA for a period of 30 days only. Any additional deposits received after 30 days will be returned to you. Please ensure that you initiate any ISA ‘transfers in’ as soon as you receive your new Cash ISA details.
    ■■ After the 30 day period,you cannot make any additional deposits in to this ISA or subscribe to any other Cash ISA in the current tax year, even if you have not reached your annual subscription limit. Current year’s subscriptions can be transferred and these will count towards your current tax-free allowance of £15,000.
  • jimjamesjimjames Forumite
    15.1K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    Hoodie wrote: »
    Can they do that ?

    Yes.

    If you don't want the restrictions of a fixed rate cash ISA then go for a variable one.

    Or put the money in current accounts outside and get 5%. You can then put the lump sum inside the ISA in one go, thus meeting their requirements.

    PS It isn't strictly true that you can't put money into ANY other ISA, you can still use the remaining allowance for a S&S ISA, just not cash.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • KalKal Forumite
    171 Posts
    Hoodie wrote: »
    There seems to be a strange restriction on this account, that once their issue is closed, you can't subscribe additional funds to it (understood), but in addition you can't subscribe to any other ISA in this tax year ??

    I'm having the same issue with them. Opened a 3yr Fixed in March 14 and topped up with the 30 day window. I didn't understand that no further could be put in. Now that the limit as increased - Virgin won't let me add the extra in. But surely the fact I put money in this tax year now means that I can't open another cash isa this year and therefore cannot make the use of my new limit.
  • colstencolsten Forumite
    17.6K Posts
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
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    In common with most other FRISA providers, Virgin are allowing an exceptional top-up window for a short period of time to cater for the ISA allowance increase to £15,000. I can't find anything on their website about it on the quick but I believe their deadline is 31 July 2014. Why not give them a call and ask them.

    There's not a lot of point, though, to argue that you didn't know you only had a limited amount of time to make your deposits when you opened the FRISA. It is common across the entire industry that fixed rate savings accounts do not allow an unlimited number of deposits throughout the fixed term period, This is not limited to ISAs, it applies to any fixed term savings account. Moreover, the Key Product Information document will have specified something like this:
    To ensure funds are accepted into your new account we must receive all funds within 30 days from your account
    opening date

    Which is as clear as they can be expected to make it.

    The documents for the ISA you have will be on the Virgin website if you don't have a printout.
  • Hello,
    Am I going mad or have the details changed in the "close it early" information on cash NISA's which showed details of effective percentage rates for Virgin, Leeds and Coventry if their ISA's were closed early. I was sure when I first read it that Leeds was the best option but that has now completely changed?
    Thanks.
  • vkharchvkharch Forumite
    38 Posts
    Tenth Anniversary Combo Breaker
    Hi, can anyone advise on the following. I have not open this year N/ISA yet and I have 20k of previous years ISA with HSBC. I'd like to top up HSBC ISA with 15k allowance also I'd like to transfer 5K of the previous year ISA to Halifax for Halifax Savers Prize Draw. Shall I top up 15k and then transfer 5k or open Halifax ISA transfer 5k and then top up HSBC one?

    Thank you

    V
  • bethesdabethesda Forumite
    539 Posts
    i'm very confused about isas and would like to know if it's worth opening one if i can only save a few hundred pounds before april and if i did save the money in an isa would i be able to transfer my money into a new one next year to keep building up some savings?
    tia
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