Did I make a mistake?

Jusifay

Hi, I opened a ISA saver fixed for 18 months with Halifax -I chose it because is a lot easier to manage online and the interest wasnt bad (1.75%),

I transferred my last year Coventry Poppy ISA into it and I kept transferring money since, however I wanted to transfer some money today and realised I couldnt do it as the 60 days to do so are now gone.

Tbh its my fault because I didnt read the Terms and Conditions properly, I didnt know that I only had 60 days to put up to 15K.

No that I now it, I want to keep saving but I cant put any more money into this ISA, what shall I do?

I have got about 7K in this NISA and about 5K in a Barclays Saving account (former ING account). Shall I open a new NISA that allows me to put more money in it and make the most of this years tax free allowance? or from now on shall I keep putting my money in the Barclays saving account?

Thank you for your help in advance!

Jus:(

jimjames

Or use a current account paying 5%?

YorkshireBoy

Why don't you put the lot in a Santander 1-2-3 current account*. You'll get 2.4% after BR tax, or 1.8% after HR tax.


* Other current accounts are available - and pay more interest - but you'll need several of them because the max balances are low.

colsten

Jusifay wrote: »

Shall I open a new NISA that allows me to put more money in it and make the most of this years tax free allowance?

You cannot pay into two cash ISAs in the same financial year

polymaff

Jusifay wrote: »

No that I now it, I want to keep saving but I cant put any more money into this ISA, what shall I do?

I get the impression that you are working on the wrong basis. What you should be looking for is the best nett return on your savings rather than being "wow"-ed by "Tax-Free" accounts.

Your 1.75% tax free interest returns the same pounds and pence as would a 2.19% account to a basic rate tax-payer, or a 2.92% account to a 40% tax-payer. So a Santander 123 current account (AER 3% variable on £3-20k) beats the nett return on your tax-free ISA - even if you are a 40% taxpayer.

Once upon a time, ISAs offered crazily high interest rates - now they don't. Today, there are bank accounts offering crazily high interest rates. The same principle applies - look for the best nett return.

Naturally, there are other considerations, but the above change of approach may be relevant to one who seems to think that ISAs are the obvious way to go.

badger09

Jusifay wrote: »

Hi, I opened a ISA saver fixed for 18 months with Halifax -I chose it because is a lot easier to manage online and the interest wasnt bad (1.75%),

I transferred my last year Coventry Poppy ISA into it and I kept transferring money since, however I wanted to transfer some money today and realised I couldnt do it as the 60 days to do so are now gone.

Tbh its my fault because I didnt read the Terms and Conditions properly, I didnt know that I only had 60 days to put up to 15K.

No that I now it, I want to keep saving but I cant put any more money into this ISA, what shall I do?

I have got about 7K in this NISA and about 5K in a Barclays Saving account (former ING account). Shall I open a new NISA that allows me to put more money in it and make the most of this years tax free allowance? or from now on shall I keep putting my money in the Barclays saving account?

Thank you for your help in advance!

Jus:(

You asked exactly the same question on 9 November.

https://forums.moneysavingexpert.com/discussion/5105064

Didn't you like the answer you got then :cool:

kingrulzuk

And he will ask the same question end of this month funny