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Forgotten cash ISA
codemonkey
Posts: 6,534 Forumite
This is going to seem like a really stupid question and I can't believe I'm so dumb, but...
I was sorting out some old paperwork dating back a couple of years and I came upon paperwork for a forgotten ISA dating to 2008. Since then I have moved house and changed my name and somehow, in all the address and name changing, I forgot it existed.
The interest rate is pretty poor now and I'd like to change to another and actually save some money in there this time. But, as there's only about £60ish in there, is it worth transferring or should I just close it and open another Cash ISA. I don't have any other ISAs but this one at the moment.
TIA.
I was sorting out some old paperwork dating back a couple of years and I came upon paperwork for a forgotten ISA dating to 2008. Since then I have moved house and changed my name and somehow, in all the address and name changing, I forgot it existed.
The interest rate is pretty poor now and I'd like to change to another and actually save some money in there this time. But, as there's only about £60ish in there, is it worth transferring or should I just close it and open another Cash ISA. I don't have any other ISAs but this one at the moment.
TIA.
Eu não sou uma tartaruga. Eu sou um codigopombo.
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Comments
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Close it and don't bother with cash ISAs. There are lots of better accounts available.0
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What a coincidence I too have just come across by accident an ISA opened back in 2001, now valued about 7K. long story short, but the halifax have not ever sent me yearly statements (apparently they don't necessarily do !) and I obviously lost the original paperwork.
My big question is how can one find out all the ISA they have open currently. Obviously it's a bit daft calling each bank/BS asking !
I may have others I have lost the paperwork and forgotten about them.0 -
It's a fantastic situation to be in to have accounts with £7k sitting in that you have forgotten about. With larger sums can you check any existing paperwork or try to rack your memory about accounts you have?andy.pandy wrote: »My big question is how can one find out all the ISA they have open currently. Obviously it's a bit daft calling each bank/BS asking !
I may have others I have lost the paperwork and forgotten about them.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Whether you close it or not depends on your individual situation.Archi_Bald wrote: »Close it and don't bother with cash ISAs. There are lots of better accounts available.
You may wish to retain the funds in that cash ISA for use as a vehicle to manage any CGT issues now or in the future. Do you for example, hold any substantial shares outside of an ISA/in certificated form?Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0 -
C_Mababejive wrote: »Whether you close it or not depends on your individual situation.
You may wish to retain the funds in that cash ISA for use as a vehicle to manage any CGT issues now or in the future. Do you for example, hold any substantial shares outside of an ISA/in certificated form?
People on here are generally talking cash ISAs, and the thread is about a cash ISA, so I don't know how CGT comes into it. I am also at a loss how a cash ISA would help with CGT issues. If you want to save for any tax that might be due in the next few years, a cash ISA is most likely one of the worst places to save in.0 -
People on here are generally talking cash ISAs, and the thread is about a cash ISA, so I don't know how CGT comes into it. I am also at a loss how a cash ISA would help with CGT issues. If you want to save for any tax that might be due in the next few years, a cash ISA is most likely one of the worst places to save in.
I'm thinking that if you held cash in an ISA and shares outside an ISA, you might want to sell some shares,crystallise any gains/losses,transfer the cash in the cash isa into a S&S isa then buy back the shares within the ISA ?Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0 -
C_Mababejive wrote: »I'm thinking that if you held cash in an ISA and shares outside an ISA, you might want to sell some shares,crystallise any gains/losses,transfer the cash in the cash isa into a S&S isa then buy back the shares within the ISA ?
Having money sitting in a cash ISA for the purposes of buying S&S at a later stage would be very strange.0 -
Archi_Bald wrote: »Having money sitting in a cash ISA for the purposes of buying S&S at a later stage would be very strange.
Ah yes, but it could just be a change of circumstances that forces a reshuffle.
The cash in the cash ISA may have served its purpose merely as cash and now it may be required to purchase assets (shares) within an ISA ,crystallise any gains, and shelter the assets from future CGT and tax on dividends especially if you may be a higher rate taxpayer?Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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