Tell us you cash ISA questions

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  • jimjamesjimjames Forumite
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    Mr_Prudent wrote: »
    This would then seem to make an ISA more attractive than just the interest rate as opposed to a normal savings account which may offer a better rate, but would count towards your earnings when filling out the dreaded self assessement tax form.
    Regards.

    For a basic rate taxpayer there is no form to fill unless they have complex affairs and no additional tax using non ISA accounts.

    If higher rate and you are prepared for the small admin of putting interest on your tax return - which needs completing anyway - then you can get at least double the best ISA returns using current accounts.

    S&S investment ISAs are definitely worth it though.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Archi_BaldArchi_Bald Forumite
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    jimjames wrote: »

    S&S investment ISAs are definitely worth it though.

    ...as long as you don't intend to treat it like an instant access savings account
  • jimjamesjimjames Forumite
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    Archi_Bald wrote: »
    ...as long as you don't intend to treat it like an instant access savings account

    Yes. Sorry if that wasn't clear.

    My reference was to avoiding hassle of tax returns. It is far more work to produce the calculations for investments than cash so an ISA DOES save a lot of time.

    The time saving for not having to input interest in a tax form is minimal if you are completing one anyway.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • dobbiesloandobbiesloan Forumite
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    Just over a year ago I opened an easy access ISA with Tesco as it had one of the top interest rates at 2%.
    Earlier this year I got a letter saying that from 1st July the rate would change from 1.75% to 1.25%.
    I have just had my statement for the year that says the interest rate is 1.250 000.50%.
    Is it legal for a bank to advertise an annual interest rate of 2% then only pay you 1.25%?
    GONE ENGLAND
  • Archi_BaldArchi_Bald Forumite
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    Variable rates are just that - variable.
  • I have £70k to invest and can put £15k into a nisa, but where best can I invest the remainder where I can access if I need to buy a house?
  • smc38smc38 Forumite
    2 Posts
    Dear MSE (and forum readers),

    On the MSE page on "Top Cash NISAs 2014/15", the advice is given to consider a 4yr fixed-rate cash NISA with a competitive rates, even if you want to access the money within 1 or 2 years as the 120 day interest penalty still doesn't bring the final interest rate below that offered by easy-access NISAs.

    Why is the advice different on the page about transferring existing (N)ISAs? There's a Virgin 3yr Fixed Rate Case E-ISA Issue 81 that seems to accept transfers in and offers 2.25% with only a 120 day interest penalty for early withdrawal OR transfer out – I've read the T&Cs and Key Facts document. Why does MSE not recommend this one as a medium term 1-2 year NISA?

    My question is why the advice is different on the two MSE pages, for new cash NISAs and for transferring (N)ISAs? I intend to open one to transfer in approx £20,000 from old ISAs and add my 2014/15 allowance, and probably won't access it for a few years but may need it if I decide to move house in 1 or 2 years. Can't see why this isn't a good choice?

    Thanks
  • Can I transfer money from last years isa and put it into 2 others? One a fixed term and the other an easy access.
  • Archi_BaldArchi_Bald Forumite
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    Provided your existing ISA provider allows partial transfers, yes you can.
  • In the current year I have £10000 in a stocks and shares ISA and £5000 in a cash ISA. Can I transfer the £5000 into a separate Stocks ans shares ISA before 5 April
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