Top Cash ISAs Discussion Area

trevjl

I have never bothered with an ISA before but am thinking of doing it now.
I bank with FD so as they have the best at the moment it makes sense to go with that. I have the full lump sum to put.
question is, when the rate drops next November, can I just move it to whichever is the best at that time ?

Lokolo

trevjl wrote: »

I have never bothered with an ISA before but am thinking of doing it now.
I bank with FD so as they have the best at the moment it makes sense to go with that. I have the full lump sum to put.
question is, when the rate drops next November, can I just move it to whichever is the best at that time ?

If it accepts transfers yes. Not all ISAs accept transfers. But most do, so at worst you'll get the 3rd best rate at the time or something like that.

dupuytren

hi all
sorry for being a dumb blonde, but just a question, ive got an ISA with birmingham and midshires, which matures on 19 November. obviously i dont want to bank with them again as there are better rates at other places, do i open a new isa now anyway and wait for it to mature, then facilitate the transfer on 19 nov, or can i only do it after 19 nov???

Lokolo

dupuytren wrote: »

hi all
sorry for being a dumb blonde, but just a question, ive got an ISA with birmingham and midshires, which matures on 19 November. obviously i dont want to bank with them again as there are better rates at other places, do i open a new isa now anyway and wait for it to mature, then facilitate the transfer on 19 nov, or can i only do it after 19 nov???

You can do it now. When you open it you ask for it to be a transfer, then fill in the form. On the form there will be a 'Transfer on Date", and there you can put 19th November

tashalove

hi all,

sorry this is going to sound a dumb question but I was thinking of transferring to FD cash E-ISA and came across this on the website:

3.00% AER (2.96% tax-free)

I thought cash ISAs were tax-free so is it not 3% tax free? If you know what I mean?

Also, as it is fixed rate till Nov but also instant access, does that mean I can transfer my ISA to another provider within the year if a better rate arises, or does it work like a fixed rate ISA and I cannot leave until the year ends?

Hope someone can help me out. Thanks!

tash x

Lokolo

tashalove wrote: »

hi all,

sorry this is going to sound a dumb question but I was thinking of transferring to FD cash E-ISA and came across this on the website:

3.00% AER (2.96% tax-free)

I thought cash ISAs were tax-free so is it not 3% tax free? If you know what I mean?

Also, as it is fixed rate till Nov but also instant access, does that mean I can transfer my ISA to another provider within the year if a better rate arises, or does it work like a fixed rate ISA and I cannot leave until the year ends?

Hope someone can help me out. Thanks!

tash x

You get the interest monthly at 2.96%, but because the interest then earns interest on itself, overall you end up with 3% or whatever is in the account.

Baldur

tashalove wrote: »

...as it is fixed rate till Nov but also instant access, does that mean I can transfer my ISA to another provider within the year if a better rate arises, or does it work like a fixed rate ISA and I cannot leave until the year ends?

Suggest that you read the Terms & Conditions, section 7.1:

7.1 This Clause is subject to the remaining provisions of Clause 7 and the Regulations. You can transfer amounts representing current Tax Year subscriptions in whole (but not in part) to a different ISA manager at any time. You can also transfer previous Tax Year subscriptions in whole or in part to a different ISA manager. Subject to the above, on your written instruction and within any time limit stipulated by you (subject to a minimum period of 30 days), we will transfer all or part of your Account as requested by you with, where appropriate, all rights and obligations to the new ISA manager, provided that they agree to the transfer. Whilst we will endeavour to carry out the transfer within 30 days, occasionally it may take longer to complete due to factors beyond our control. You can tell your new ISA manager in writing or us that you want to transfer all or part of your Account. If you ask us we will provide you with a transfer out form to complete, which we will then send to your new ISA manager.

rainbow_wizz

Hey all,

I was wondering if anybody could help me as I'm really new to all this ISA business. I have £5000 to put in an ISA but not sure which is the right/best one??I won't need it anytime soon so can put it away for a couple of years if needed. Not sure if a fixed rate or variable is better??please help

Thanks!

Baldur

rainbow_wizz wrote: »

I was wondering if anybody could help me as I'm really new to all this ISA business. I have £5000 to put in an ISA but not sure which is the right/best one??I won't need it anytime soon so can put it away for a couple of years if needed. Not sure if a fixed rate or variable is better?

If you are under 50 years of age up to and including 5th April 2010, you can only subscribe up to £3,600 to a Cash ISA, if 50 or over you can subscribe up to £5,100.

Whether fixed or variable depends on you - noone knows what's likely to happen with interest rates in the future, so you have to decide on a product that meets your present needs and pays an interest rate that suits you.

Have a read through this post, which lists the curent 'best buys' of various types.

If you need any clarification, post back here.

fullstop

Manchester BS Premier 45 ISA,

From 7th December the rate will fall from 3.26% to 2.71%. Have to at least give them credit for giving advance warning of a cut unlike some other providers.