Tell us you cash ISA questions

Archi_Bald

Yes, and those who put their money into S&S ISAs could have hundreds of thousands, or even over a million, in their ISAs.

Here's on of the millionaires: http://www.theguardian.com/money/2014/mar/15/investment-isas-shares-millionaire

maryb

sadly, I'm not one of them

sleepymans

My OH and I opened a Nationwide regular saver cash ISA each last summer by merely depositing £1 in each account. We had intended to deposit monthly up to the account maximum fr the remaining months. However due to a house removal in October 14 our plans changed and we had to not only cash in our existing ISAs but it prevented us from paying in any more than the initial £1 (to open the accounts) in the Nationwide regular saver ISAs.

We now have some spare funds which we would like to deposit in 2 completely different cash ISA s (at Coventry BS).

Are we legally entitled to deposit the balance of our cash ISA allowances for 2014/15 (£14,999) now, in this way, or have we scuppered our allowances for 2014/15 by opening and not using the Nationwide regular saver ISAs??

Any clarification gratefully received.
Thanks
Sleepy

colsten

The Nationwide ISA will allow you to top up to £15K during March.

Arfermo1

I once had an ISA in HENDERSON UK & IRISH SMALLER COMPANIES A ACC which Henderson wish to transfer into Henderson UK Equity. So I know what the cost of switching from one fund to another has been I keep the relative values in each of the above funds in a spreadsheet. To help me keep it up to date, I would like to know the rate of conversion between the above two Henderson funds. Any clues please.

gwapenut

I have a question. I know that you can transfer the current year's ISA, but that you must do so in its entirety.

But what if you had only contributed £5k to this year's ISA? Once transferred, can you then top up the remaining £10K at the new ISA provider?

So eg If I start a regular savings ISA but find I can't keep up the payments at the start of the tax year, thus losing the right to fully fund that ISA as a regular saver, is one way round that to transfer it near the end of the tax year to a "normal" provider and top it up then?

veryintrigued

gwapenut wrote: »

So eg If I start a regular savings ISA but find I can't keep up the payments at the start of the tax year, thus losing the right to fully fund that ISA as a regular saver, is one way round that to transfer it near the end of the tax year to a "normal" provider and top it up then?

In this particular example I cant see a problem with this but I would think that as part of the T&Cs you're signing up for (for the original ISA) would mean that you'd take a hit on this in terms of no interest or valuation of ISA reduced by x amount due to early withdrawal.

If it were me, and I was in any doubt about being able to keep up payments (where there was a penalty) I would think of a different method.

gwapenut wrote: »

But what if you had only contributed £5k to this year's ISA? Once transferred, can you then top up the remaining £10K at the new ISA provider?

If the new ISAs T&Cs allows this then thats fine - its certainly allowed under 'ISA rules'

gwapenut

Thanks, I understand what you're saying, however the ISA has penalty free access and is not a bonus rate - it just happens to be a regular saver. I see it as a way of depositing a lump sum at a very good rate at the start of the year, and then at the end of the tax year switching away to a poorer rate when I have more funds, to make full use of my allowance.

So as long as it's allowed by the Inland Revenue, then I'm OK. From what you say, it is OK.

veryintrigued

gwapenut wrote: »

So as long as it's allowed by the Inland Revenue, then I'm OK. From what you say, it is OK.

You just need to ensure that the new provider allows you to top up after transfer of ISA (their T&Cs) - and if they do for how long

colsten

Some regular saver ISAs let you top up to £15,000 in March. Does yours?