Tell us you cash ISA questions

eskbanker

masonic said:

eskbanker said:

Agreed - I can't think of any reason why such data should have been organised into structured form for storage in a database and would strongly suspect that it's only ever been in free text form.  Likewise I can't really see any value in analysing it over time, given changing environments, such as the PSA introduction in 2016 and the consequent reduced appeal of cash ISAs, as well as providers coming and going.

OP - what sort of queries would you anticipate applying to such data if it was stored in structured form, and to what end?

The data has been mined and put together in structured form, albeit not by MSE as far as I'm aware. The most significant use of this data was by BBC Money Box presenter Paul Lewis, when trying to substantiate his view that "active cash" can be better than S&S investments, see https://paullewismoney.blogspot.com/2016/06/cash-vs-shares.html?m=1

That study has been widely discredited for a number of reasons, but shows how the data may have value to certain specialist individuals for marketing and journalistic purposes. It should be noted that Paul Lewis had to piece together the cash data (or have one of his team do it). Someone would surely be selling it if it were of sufficient value to more than just a small number of curious people. It is probably of some use for marketing companies to collect such data for use in statistics, such as 'savings rates haven't been this high since X'.

Yes, I should have specified MSE in particular - as you say there may be some academic mileage in analysis of historical data, to illustrate trends, such as that at https://www.swanlowpark.co.uk/savings-interest-data too, but I was under the impression that OP was after something way more detailed than monthly snapshots, on the apparent assumption that if MSE is publishing regular updates, the underlying data must be stored in a structured form somewhere....

mazurka1

A quick double check: In a single tax year, can I both (a) transfer an existing ISA into a new ISA, AND (b) open a completely new ISA somewhere else (using my £20K allowance), or potentially even 2 new ISAs (one cash and one stocks & shares)? Thank you!  

eskbanker

mazurka1 said:

A quick double check: In a single tax year, can I both (a) transfer an existing ISA into a new ISA, AND (b) open a completely new ISA somewhere else (using my £20K allowance), or potentially even 2 new ISAs (one cash and one stocks & shares)? Thank you!  

Yes, you can pay new money into one ISA of each type, and transfers of prior year money don't affect this.

melvinss

Can you transfer an ISA several times within the same tax year?
I had an ISA with Cynergy which I last paid into in November 2021, I made some withdrawals after that in late April 2022. After that over the summer I transferred the ISA to Tesco Bank as it was one of the better ones at the time; I have not deposited or withdrawn from the Tesco ISA at all. Tesco sadly has not kept pace with the last few rate rises so I am looking at moving it again. Is this allowed or is the Tesco one now considered to be my subscription for this tax year even though I've not deposited any new money into it?

As an extension, assuming transferring the Tesco account is allowed could I transfer it to a fixed rate ISA (and not add any new money again) and then open a new easy access ISA for any new deposits between now and the end of the tax year?

masonic

melvinss said:

Can you transfer an ISA several times within the same tax year?
I had an ISA with Cynergy which I last paid into in November 2021, I made some withdrawals after that in late April 2022. After that over the summer I transferred the ISA to Tesco Bank as it was one of the better ones at the time; I have not deposited or withdrawn from the Tesco ISA at all. Tesco sadly has not kept pace with the last few rate rises so I am looking at moving it again. Is this allowed or is the Tesco one now considered to be my subscription for this tax year even though I've not deposited any new money into it?

As an extension, assuming transferring the Tesco account is allowed could I transfer it to a fixed rate ISA (and not add any new money again) and then open a new easy access ISA for any new deposits between now and the end of the tax year?

Yes, you can do all of that.

Stegor

Hi, I have a cash ISA with Marcus which says I have £19900.00 of my remaining allowance left so I have paid in £100 this year. Can I open a new cash ISA with Virgin and pay into that going forward or do I need to close my Marcus ISA and transfer the £100 from this year? Thanks.

dantaden

Need advice.

I have stocks & share ISA in investengine with £10k invested in current financial year(this is NOT a flexible isa).
Suppose I open virgin money FLEXIBLE cash isa with £10k deposit. Can I then, till 5 Apr 2023, withdraw whole 10k in parts and invest in my investengine isa?
Acc to moneysavingexpert, one can replace in only flexible to flexible isa

You must replace the money in the same ISA
The key rule is you must replace the money in the same ISA account you took it out from, though you are allowed to withdraw from a flexible cash ISA and replace it in a flexible stocks and shares ISA or flexible innovate finance ISA.

Thanks

masonic

Stegor said:

Hi, I have a cash ISA with Marcus which says I have £19900.00 of my remaining allowance left so I have paid in £100 this year. Can I open a new cash ISA with Virgin and pay into that going forward or do I need to close my Marcus ISA and transfer the £100 from this year? Thanks.

You need to transfer your cash ISA (or at a minimum the £100 paid in this tax year) if you want to use any of this year's allowance in a cash ISA somewhere else.

dantaden said:

Need advice.

I have stocks & share ISA in investengine with £10k invested in current financial year(this is NOT a flexible isa).
Suppose I open virgin money FLEXIBLE cash isa with £10k deposit. Can I then, till 5 Apr 2023, withdraw whole 10k in parts and invest in my investengine isa?
Acc to moneysavingexpert, one can replace in only flexible to flexible isa

You must replace the money in the same ISA
The key rule is you must replace the money in the same ISA account you took it out from, though you are allowed to withdraw from a flexible cash ISA and replace it in a flexible stocks and shares ISA or flexible innovate finance ISA.

Thanks

The quote from MSE is wrong. If you flexibly withdraw current year money, then it is treated as not having been subscribed and can be paid into an ISA of a different type. Only the account from which the money was withdrawn needs to be flexible. You can do as you suggest and drip-feed into InvestEngine during the remainder of this tax year.

dantaden

The quote from MSE is wrong. If you flexibly withdraw current year money, then it is treated as not having been subscribed and can be paid into an ISA of a different type. Only the account from which the money was withdrawn needs to be flexible. You can do as you suggest and drip-feed into InvestEngine during the remainder of this tax year.

Thank you @masonic. Could you please point me to some official documentation which confirms the same?

masonic

dantaden said:

The quote from MSE is wrong. If you flexibly withdraw current year money, then it is treated as not having been subscribed and can be paid into an ISA of a different type. Only the account from which the money was withdrawn needs to be flexible. You can do as you suggest and drip-feed into InvestEngine during the remainder of this tax year.

Thank you @masonic. Could you please point me to some official documentation which confirms the same?

You can find it in the usual place: https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isa