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quickie on ISA's - can anybody answer please?
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theLearner_3
Posts: 73 Forumite

hi all,
i've currently got a Natwest Mini Cash Isa that pays 5.3%AER on my £3200 balance.
£3000 of which was deposited in the 2006-2007 tax year and i deposited £200 of birthday money in May 2007. Because I deposited £200 into this ISA within the current 07-08 tax year, does this mean that i can only deposit any new savings into this Natwest ISA rather than open a better-paying new one in the current tax year?
Or is it OK to transfer the whole £3200 into a single better-paying ISA (looking at the Yorkshire BS e-ISA)?
any help will greatly appreciated :T
i've currently got a Natwest Mini Cash Isa that pays 5.3%AER on my £3200 balance.
£3000 of which was deposited in the 2006-2007 tax year and i deposited £200 of birthday money in May 2007. Because I deposited £200 into this ISA within the current 07-08 tax year, does this mean that i can only deposit any new savings into this Natwest ISA rather than open a better-paying new one in the current tax year?
Or is it OK to transfer the whole £3200 into a single better-paying ISA (looking at the Yorkshire BS e-ISA)?
any help will greatly appreciated :T
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as far as i understand it. you can only pay into one isa within a financial year, also the limit i believe is £3000 per tax year
but you can transfer the money from one isa to another, as long as your total payments dont exceed the tax year limitsmile --- it makes people wonder what you are up to....:cool:
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theLearner wrote: »hi all,
i've currently got a Natwest Mini Cash Isa that pays 5.3%AER on my £3200 balance.
£3000 of which was deposited in the 2006-2007 tax year and i deposited £200 of birthday money in May 2007. Because I deposited £200 into this ISA within the current 07-08 tax year, does this mean that i can only deposit any new savings into this Natwest ISA rather than open a better-paying new one in the current tax year?
Yes it does unfortunately. By paying £200 into the Natwest ISA this tax year you have committed to them. You can not open a brand new one like NS&I.Or is it OK to transfer the whole £3200 into a single better-paying ISA (looking at the Yorkshire BS e-ISA)?
any help will greatly appreciated :T
Yes you can do this. If you transfer the £3200 from natwest to YBS you will still be able to desposit the balance of the £2800 into the YBS also.0 -
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Yes you can do this. If you transfer the £3200 from natwest to YBS you will still be able to desposit the balance of the £2800 into the YBS also.[/quote]
thanks for clarifying this for me, i can get a new ISA sorted now to transfer the lot into :j0
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