Tell us you cash ISA questions

MissSeaforth

eskbanker said:

MissSeaforth said:

Each year I would re-invest the £20K ISA as it matures into a new ISA and accumulate the amount of tax free savings in ISAs over the years?

Just to be clear, the concept of ISAs 'maturing' only applies to fixed-term products - for any other type of ISA you can simply continue to contribute to the same one rather than having to do anything different from one year to the next.

Thank you for your help

SustainabilityMary

Some additional questions not covered in FAQ's etc

Can I open a cash ISA and stocks and shares ISA in the current tax year?

SustainabilityMary

Another questions for FAQ's please

What organisations offer both cash ISA and sticks and shares ISAs?

masonic

https://forums.moneysavingexpert.com/discussion/comment/82035935#Comment_82035935

Yes.

https://forums.moneysavingexpert.com/discussion/comment/82035940#Comment_82035940

There are not many examples (and you don't need to open a cash and S&S ISA with the same provider). Trading212 is one, and conveniently allows you to instantly shift money between the two (that is until the restrictions on transferring S&S to cash come into play in the next tax year). In general, it is probably best to shop around independently for cash ISAs and S&S ISAs as the best of each will probably not be with the same provider.

Ms_Money_Penny

I am 57 now and not happy that the new S&S ISA changes mean I can’t withdraw my money to a cash ISA until age 65. I am thinking of cashing up all my stocks that I’ve built up over 20 years and transferring everything to a cash ISA. I’ve had enough of the stock market fluctuations over the past 5 years. I can live on the interest payments should I need to withdraw monies. People should be allowed to retire when they want and not be restricted to the age 65 rule.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82053781#Comment_82053781

People can retire when they want. Whether they should be able to or not is a matter for debate (elsewhere, not here).

You can access a personal pension from your mid-fifties, a Lifetime ISA from 60, and of course other types of ISA including cash ISA from any age. For the type of retirement drawdown you mention, keeping most of your pot invested is usually the best strategy, especially if you have enough to live off the income. You do not normally need the whole lot on day 1 of retirement.

There are plenty of low risk options that won't be subject to the stock market fluctuations you don't want, and all but 100% money market fund would be safe from the tax charge.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82053781#Comment_82053781

There is nothing to stop you withdrawing from your S&S ISA before you're 65, you just can't transfer it to a cash ISA when the new rules come in. So I don't see how the new rules are preventing anyone from retiring when they want.

evilpinguini

Hi,

My husband and I currently have a joint ISA with Santander which is returning rubbish % interest. Can we transfer from this Joint ISA into 2 personal ISA's with a better rate?

Aceace

https://forums.moneysavingexpert.com/discussion/comment/82077866#Comment_82077866

You must be mistaken. ISAs can't be held in joint names. They are "Individual" Savings Accounts.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82077866#Comment_82077866

There is no such thing as a joint ISA. The "I" in ISA stands for individual.

If you have a joint account, it's not an ISA.

You would be able to split your savings and putting them into ISAs, with up to a maximum of £20k contribution this financial year.

But: does an ISA even make sense for you? It very much depends on your tax rates and on the amount of savings. Please read through this: https://www.moneysavingexpert.com/savings/best-cash-isa/

You can find an up-to-date list of all savings accounts on https://moneyfactscompare.co.uk/savings-accounts/