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Need ISA advice please...
Bob4321
Posts: 2 Newbie
Hi there, newbie to the Forum here.
I had a Virgin ISA (not a fixed length/locked in one) and have, in the last few days (13 February 2015), just transferred it to a better rate Virgin ISA (Fixed for 1 year, thats what I needed).
The previous ISA was an old ISA which I have had for over 12 months (over two tax years) and I may have added a £1000 or so in this years tax year allowance before transferring.
Question:
a) Can I open a New ISA given that:
- I have just transferred to a brand new ISA.
- I may have added funds to the previous ISA, before transferring, in this, the current tax year?
b) or do I need to wait until the next tax year in April 2015?
See I wanted to turn my previous transferrable ISA's in to an ISA which was locked in for a year and open another ISA (tax free) which I can get at at any time in addition to the Savings accounts I already have.
Many thanks in advance :beer:
Bob
I had a Virgin ISA (not a fixed length/locked in one) and have, in the last few days (13 February 2015), just transferred it to a better rate Virgin ISA (Fixed for 1 year, thats what I needed).
The previous ISA was an old ISA which I have had for over 12 months (over two tax years) and I may have added a £1000 or so in this years tax year allowance before transferring.
Question:
a) Can I open a New ISA given that:
- I have just transferred to a brand new ISA.
- I may have added funds to the previous ISA, before transferring, in this, the current tax year?
b) or do I need to wait until the next tax year in April 2015?
See I wanted to turn my previous transferrable ISA's in to an ISA which was locked in for a year and open another ISA (tax free) which I can get at at any time in addition to the Savings accounts I already have.
Many thanks in advance :beer:
Bob
0
Comments
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The answer is b) subject to your "may have added a £1000 or so" statement...and the new tax year starts on 6th April.0
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If you paid into the isa in this current tax year before locking it in then you cannot open another cash isa until 6 April. You can open a stocks and shares isa if you have only put in around £1k or alternatively stick your savings in a high interest current account which often beats isas these days anyway even taking the tax off if you are a BR taxpayer. You can get up to 5% gross on some current accounts.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£2000
365 day 1p Challenge 2026 £667.95/£165
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
Thought so, never mind. Cheers, I may look for a high interest savings account in the mean time. Ideally I didn't want yet another bank account with another institution, not to worry. Thanks again.0
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Thought so, never mind. Cheers, I may look for a high interest savings account in the mean time. Ideally I didn't want yet another bank account with another institution, not to worry. Thanks again.
For £1000 you can get 5% with TSB, far more than any ISA out there and with instant access. That's a current account not a savings account by the way.
Combine it with a Halifax current account paying £5 per month and your annual return equates to 12.5%. No cash ISA comes anywhere close!Remember the saying: if it looks too good to be true it almost certainly is.0
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