Top Cash ISAs Discussion Area

snapper_daz

Hi,

Was looking at the A&L 10% ISA / current account offering and as I already have an ISA for this year, does this mean I can't open the A&L one until next tax year, or can it be opened but not used?

Or will it be better to close my this years ISA and withdraw the cash and open the A&L?
The A&L will only let you transfer in if 50% goes to shares ISA...

I only have a few hundred in my current ISA with NCBS, and can only afford £50 per month, so withdrawing cash isn't so bad????

Cheers

d.

Dilthethrill

Hi

If I take a mini cash Isa out before April 5th 2008 with an interest of 6.20% and pay in the maximum of £3,000, I calculate that I will earn £186.00 tax free for the tax year 07/08. If I then withdraw or close my ISA after April 08 will I loose my interest that I will have earnt 07/08 or pay any penalties.

Thanks

[/quote]

bristolleedsfan

Dilthethrill wrote: »

Hi

If I take a mini cash Isa out before April 5th 2008 with an interest of 6.20% and pay in the maximum of £3,000, I calculate that I will earn £186.00 tax free for the tax year 07/08. If I then withdraw or close my ISA after April 08 will I loose my interest that I will have earnt 07/08 or pay any penalties.

Thanks

[/quote]


Halifax 6.20 % Fixed for 4 Years is only "6.20%" ISA that im aware of

"Although it's best to leave a fixed rate Halifax ISA Saver open until the end of the fixed term, you can close your account or transfer out to another ISA Manager. However, you will lose an amount equal to 180 days' interest, calculated on the rate at which interest is paid on your account."

agal

Dilthethrill wrote: »

Hi

If I take a mini cash Isa out before April 5th 2008 with an interest of 6.20% and pay in the maximum of £3,000, I calculate that I will earn £186.00 tax free for the tax year 07/08. If I then withdraw or close my ISA after April 08 will I loose my interest that I will have earnt 07/08 or pay any penalties.

Thanks

[/QUOTE]

The interest amount you quote is for 1 year. You seem to be under the impression that you would receive that amount of interest between now and April 5th. It doesn't work like that - but would be very nice if it did!

Lindsay-Lou

Hi, mine's a similar situation to _daz below.
With only a few hundred in my current isa would i be as well withdrawing the money (with ing currently 4.8%) and opening the 6.5% barclays a/c or going for a lower rate with an isa i can transfer into?

ta.

snapper_daz wrote: »

Hi,

Was looking at the A&L 10% ISA / current account offering and as I already have an ISA for this year, does this mean I can't open the A&L one until next tax year, or can it be opened but not used?

Or will it be better to close my this years ISA and withdraw the cash and open the A&L?
The A&L will only let you transfer in if 50% goes to shares ISA...

I only have a few hundred in my current ISA with NCBS, and can only afford £50 per month, so withdrawing cash isn't so bad????

Cheers

d.

Crabman

Lindsay-Lou wrote: »

With only a few hundred in my current isa would i be as well withdrawing the money (with ing currently 4.8%) and opening the 6.5% barclays a/c or going for a lower rate with an isa i can transfer into?

ta.

If you're absolutely sure you won't need to use what remains of your £3000 allowance this tax year (before 6 April 2008) then you could do that and open the Barclays 6.5% account.

After the first year you'll need to ditch Barclays as the 1% bonus rate will end so at that time you could find the best buy provider that accepts transfers in.

dwigg

Snapper_daz, look carefully at that A&L 10% ISA - you need to invest an equal amount in one of their 'guaranteed return' accounts.

This other account will repay you 50% of the gains in the FTSE100, and if there are no gains you are guaranteed to get your initial investment back. Should this actually happen, your 10% suddenly becomes 5%.

jonnyspendthrift

Hi I have been reading the stuff about transfering my isa over. I am going for the icesave as it is online and it allows you to transfer your money into it.
So, i have read that the deposit date is 1 April. Do I need to open it and start the transfer before this date and that is it, or can I do it after this date? Also if i transfer my money from my existing isa before the tak year where does this leave me with the interest from my current isa

thanks jonny xx

Crabman

jonnyspendthrift wrote: »

Hi I have been reading the stuff about transfering my isa over. I am going for the icesave as it is online and it allows you to transfer your money into it.
So, i have read that the deposit date is 1 April. Do I need to open it and start the transfer before this date and that is it, or can I do it after this date? Also if i transfer my money from my existing isa before the tak year where does this leave me with the interest from my current isa

thanks jonny xx

Hi Jonny

Regarding the interest your current provider should pay it into your account on the day of the transfer then transfer the lot to Icesave. You'd be best to check with them that this is the case

If you're transferring directly from one ISA to another it doesn't affect this year's allowance at all as you're not placing any new money in an ISA. As such it doesn't matter when you ask them to transfer to the new provider.

Liz_Curry

I've got £3,000 to put into an ISA in this tax year (yr ending 5th April 2008). I'm slightly confused about what to do with it. Is your advice to put it into the exisiting Barclays Cash ISA for this tax year? If yes, will I then miss out on the 6.5% interest rate for the 2008/09 tax year? Or can I transfer it over after 5th April? From the literature it doesn't look like I can...

Any advice anyone?

Thanks