Top Cash ISAs Discussion Area

[Deleted User]

Thank you very much Sir. :T

black_taxi_2

totaly confused about transfering isa,s for better interest rate

year to year---month to month---if its outwith the tax year ect

can you monthly invest full isa allowance in a transfered account?

can you monthly invest oct to oct insteand of april to april?

The_Enforcer

Your subscription can only be £3,600 or £5,100 during each tax year. The subscription is money that comes into an ISA from a source other than a transfer from an existing ISA account. The subscription for the current financial year can be paid as a single lump sum or as separate installments, depending on the ISA account's terms and conditions, but it has to reside in one ISA account at any one time. It can be transferred to another ISA account, but only as a whole and if below the maximums above can only be increased through a subscription to the ISA account that it is residing in at that time.

Transfers can take place at any time during the year and as many times as the account holder chooses, but the current years' subscriptions must be kept together. It is possible to split up contributions from previous financial years depending on the terms and conditions of the accounts involved with the switch. Bear in mind fixed rate and notice accounts apply penalties to transfers.

black_taxi_2

big thx enforcer

The_Enforcer

To count as a transfer it must happen via a transfer request form submitted to the new ISA provider, who will then request the funds from the existing ISA provider.

I should also have said that the fixed rate and notice accounts will usually apply some penalties as there are a few exceptions.

trinidadone

hi all, I received a letter from my current provider today telling me the interest rate is falling from 31st November 2009.

I currently the natwest cash ISA (currently paying 3.0%) but will fall to 1.7% next month. I understand the best offers available are First Direct and Abbey which pay 3% for a year, are these the best at the moment?

I am really looking for a easy access account

The_Enforcer

First Direct is generally regarded as the best easy access option at the moment, because its 3% rate is fixed until 9th November 2010, investments start from £1 and still all the flexbility of a typical easy access ISA. Drops to 0.2% at end of fixed rate, so certainly switch then.

Abbey, on the other hand is a tiered product, where you need to have a minimum deposit of £9,000 to qualify for 3%, otherwise it's 2%. Both the underlying rate of 1% and the 12-month bonus of 2% are variable, so they could both drop within the bonus period. Will certainly be uncompetetive after 12 months, so that will also be time to switch.

black_taxi_2

you hav to open up a current account with first direct to get fixed rate

they charge £10 a month fees

The_Enforcer

That's true for some FD accounts, certainly when their Regular Saver ISA was available, I don't think that applies to this one as I can't see this as a condition here:

http://www.firstdirect.com/savings/cash-eisa-indetail.shtml

"Charge free instant withdrawals can be made by transfer to another first direct account in your name, over the phone or via Internet Banking. Transfers to other banks may take longer."

black_taxi_2

thx---looked at reg saver by mistake

its amazing how u hav to look at small print every isa--catch u out