Top Cash ISAs Discussion Area

KingL

Hi

you can open a new cash ISA and transfer your old ones into it without impacting on this years allowance

Lokolo

cordjam wrote: »

Hello.

I intend to use my ISA allowance this year for a stocks/shares ISA. However I also have some old cash ISAs which I want to transfer into higher interest accounts.

Can I open a new cash ISA account just to transfer old funds into, or will the new account then count against my allowance for the year?

Any insights would be greatly appreciated! Many thanks.

Yes. But don't deposit money in. Fill in the ISA transfer forms.

tashalove

Hi everyone,

I've a slight problem regarding my ISA with A&L. I recently asked to transfer it to a better A&L account offering 2% and am waiting for them to send me the details and confirmation letter etc. even though they sent an email saying I have successfully opened an account. I want to transfer my previous ISA into this and still waiting for the transfer form.

Now, I just had a look at the Top ISAs article and found that First Direct is offering a very convenient fixed 3% instant access ISA. Can I apply for this instead? Or have I broken the only one Cash ISA rule? I'm asking this because I've not actually transferred my old ISA into the new A&L one yet.

I'm really confused! Thanks!

Baldur

tashalove wrote: »

I've a slight problem regarding my ISA with A&L. I recently asked to transfer it to a better A&L account offering 2% and am waiting for them to send me the details and confirmation letter etc. even though they sent an email saying I have successfully opened an account. I want to transfer my previous ISA into this and still waiting for the transfer form.

Now, I just had a look at the Top ISAs article and found that First Direct is offering a very convenient fixed 3% instant access ISA. Can I apply for this instead? Or have I broken the only one Cash ISA rule? I'm asking this because I've not actually transferred my old ISA into the new A&L one yet.

You can transfer a Cash ISA to any provider at any time.

There is no 'one Cash ISA rule' as far as ISA transfers are concerned - the rule is that you can only subscribe (pay new money into) to one Cash ISA per tax year.

incesticde

Folks,

sorting out finances for my dad and have a question... My dad retired at the start of the financial year and thus now no longer pays tax, as such would it still make sense to invest in an ISA (at say 3 %) then opposed to a fixed length savings acct (@ 3.7 %) as he wouldn't pay tax on the interest in the fixed rate bond???

Thanks

Lokolo

incesticde wrote: »

Folks,

sorting out finances for my dad and have a question... My dad retired at the start of the financial year and thus now no longer pays tax, as such would it still make sense to invest in an ISA (at say 3 %) then opposed to a fixed length savings acct (@ 3.7 %) as he wouldn't pay tax on the interest in the fixed rate bond???

Thanks

How far is he off the personal allowance limit?

Savings interest adds to this so if he went over outside of ISAs there are tax issues.

If its just shortterm then maximise returns with whatever is best.

tashalove

Baldur wrote: »

You can transfer a Cash ISA to any provider at any time.

There is no 'one Cash ISA rule' as far as ISA transfers are concerned - the rule is that you can only subscribe (pay new money into) to one Cash ISA per tax year.

Hi Baldur

Thanks for that. I'm probably still not getting the jist of things but since I've opened the account with A&L, can I still open one with First Direct? And transfer my old ISA and put new money into that one even though I've opened a new A&L one? If you know what I mean?

As long as I don't deposit money into the A&L, I should be ok?

Baldur

Have you paid any new money into the A&L account since 6th April 2009? If not, it is not an ISA account as far as HMRC is concerned - it's just an empty account into which you *could* pay your ISA subscription if you chose to do so.

Remember that the limitation is on subscribing (paying new money into) to more than one Cash ISA per tax year, not on simply opening accounts.

tashalove

Baldur wrote: »

Have you paid any new money into the A&L account since 6th April 2009? If not, it is not an ISA account as far as HMRC is concerned - it's just an empty account into which you *could* pay your ISA subscription if you chose to do so.

Remember that the limitation is on subscribing (paying new money into) to more than one Cash ISA per tax year, not on simply opening accounts.

I haven't paid any new money into this A&L account offering 2%. I applied online and they just said I've opened an account successfully and that they will send me documents. As of now I've still not received anythng through the post (possibly due to the postal strike). So no, no new money deposited or transfer of existing ISAs.

I have withdrawn and deposited money into my current A&L isa from last year though. But I don't think that affects it since I'll be transferring the entire balance to a 'new' ISA?

Also, does anyone know if you are allowed to transfer out of First Direct if the rates increases next year? It says its fixed rate but it doesn't seem to be a strict fixed rate ISA which doesn't allow withdrawals or regular deposits...

Thanks for your help!

SusieQ49

:money:
On the advice of the E-mails I transferred my ISA to the Nat West Online one. I have been given a leaflet by Chelsea BS as they have a guaranteed 11.5% ISA over 5 years on a fixed investment term but it closes early October. The guarantee is the obligation of Credit Suisse International. They are hoping it will be more than 11.5% but that obviously cannot be guaranteed. I dd not see this mentioned in the Top Deals and would welcome advice. Thanks. Sue