ISA Transfer query

Blair61

Hope someone can help me re the following:

I haven't opened an ISA this financial year yet (and could put about £10,000 cash into one when opened). Normally opt for fixed rate.

My previous fixed rate cash ISA matures in November 2015 and am looking for a fixed rate cash ISA, to open now, which would allow the transfer in then. So far have only seen ones which have a short time deadline for transferring in old ISAs, so not much use, I think?

Found a West Brom easy access, variable and low interest rate currently which would allow transfer in November.

Would it be best to wait until November and then open fixed rate with cash available and transfer in old ISA? Not brilliant at maths, also a full time carer so time is a luxury I don't have to really investigate such matters. Crazy but true. ANY help greatly appreciated. Sums involved are £10,000 to invest now and in November about £55,000.00 to transfer in from previous fixed rate maturing ISA.

I realise this may seem a meagre sum to folk on here, but due to giving up my career to become a full time carer and taking a massive hit on my work pension, it's important that I make it work for me as best I can.

Again, thanks for reading and hopefully understanding my dilema and the associated worry it's generating for me.

Blair61

xylophone

I think you are going to have to wait until late October to find a home for the maturing ISA.

You say that you have taken a massive hit on your occupational pension - what exactly do you mean?

Even though you are not earning, you can still contribute up to £2880 to a relief at source pension and receive tax relief of £720 - might be worth considering.

http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Blair61

Due to my partner's severe disability I made the decision to 'retire' 3+ years before I planned. (He has no-one else who could look after him and we lived in different parts of the country). I had just introduced a new roster in my workplace, which would have given me substantial additional earnings to put into my pension pot. I enjoyed the roster benefits for 1 month then left to become a full time Carer. I now draw a small final salary pension. The 'hit' was the loss of throwing those 3+ years' earnings into my works' pension in the form of AVCs and a substantial salary to invest for 'my old age'.

Was in receipt of Carer's Allowance, for a matter of months, but when informed by the DWP that due to being in reciept of CA I could not have the benefit of deferring my State Pension so that it would accrue and increase, I opted to give up CA (about £59.00 weekly) and draw my SP instead.

I do thank you for taking the time to answer my query, as where I have to live, it's pretty isolated, and due to my partner's medical condition, we don't have contact with many folk.

Best Regards
Blair61

xylophone

https://forums.moneysavingexpert.com/discussion/5226030

This thread might be of interest - in view of the fact that you are over 55, you could pay in £2880, get the tax relief, draw out?

The Virgin offering might be suitable?

badger09

OP

Its not clear from your posts what your tax position is, but if you are a non taxpayer then please forget about a cash ISA, at least for your £10k.

I realise you probably don't want to get involved in multiple current accounts, but even with a single Santander 123 account you could get 3% on your £10k. There is a monthly account fee of £2 but you can easily recoup that with cashback on direct debits for utilities/phone/council tax.

Even if you are a basic rate taxpayer you will get 2.4% after tax.