Top Cash ISAs Discussion Area

davidphillipwood

Hi, I started applying for the first direct ISA but stopped as I assumed later in the application it would ask me how much I was transferring. Whilst it will be the whole lot, the amount I could state now would be significantly more at the end of March once the annual interest is applied - whilst I appreciate I won't lose the interest, if this isn't transferred then I will lose this interest contributing to my total ISA pot OR when I transfer previous ISAs will first direct and my present provider liaise and transfer over all funds in my pot inclusive of interest to that date?

Baldur

davidphillipwood wrote: »

Hi, I started applying for the first direct ISA but stopped as I assumed later in the application it would ask me how much I was transferring. Whilst it will be the whole lot, the amount I could state now would be significantly more at the end of March once the annual interest is applied - whilst I appreciate I won't lose the interest, if this isn't transferred then I will lose this interest contributing to my total ISA pot OR when I transfer previous ISAs will first direct and my present provider liaise and transfer over all funds in my pot inclusive of interest to that date?

You simply enter 'Full balance' as the amount to be transferred - the full balance, including any interest accrued up to the date of closure on transfer, will be forwarded to the new provider.

mary

I'm of the opinion that when the new ISA season gets going April 5th 2010, although I am in a position to open up a new one immediately, with rates as low as they are for 1 year fixes (which is the max I will do), it would be wiser to wait until much nearer the end of that tax year, say March 2011 and then grab one then, in order to benefit from the tax free status, as I feel I would be better off with my 4 Lloyds Vantage accounts earning me 4% gross at the moment (unless of course they drop).

Anyone share my views?

chamelion

mary wrote: »

I'm of the opinion that when the new ISA season gets going April 5th 2010, although I am in a position to open up a new one immediately, with rates as low as they are for 1 year fixes (which is the max I will do), it would be wiser to wait until much nearer the end of that tax year, say March 2011 and then grab one then, in order to benefit from the tax free status, as I feel I would be better off with my 4 Lloyds Vantage accounts earning me 4% gross at the moment (unless of course they drop).

Anyone share my views?

yes, get it as late as possible. the 4% lloyds equates to 3.2% after tax, so unless you can get an ISA over 3.2% (which is currently not doable) then you're losing money by subscribing earlier.

Of course the future benefits of an ISA means that you SHOULD use your allowance prior to the end of this tax year. just do it as late as possible

chamelion

hey guys,

i still have a natwest 3.01% AER isa from natwest which has held steady. I'm wondering if anybody else with this account knows whether this will drop in the new ISA year, or whether it's a rate that remains fixed based on when you subscribed to it?

As far as I know it is a variable rate ISA, but the rate has held steady the full year which is unusual.

Baldur

chamelion wrote: »

hey guys,

i still have a natwest 3.01% AER isa from natwest which has held steady. I'm wondering if anybody else with this account knows whether this will drop in the new ISA year, or whether it's a rate that remains fixed based on when you subscribed to it?

As far as I know it is a variable rate ISA, but the rate has held steady the full year which is unusual.

Is it the e-ISA?

If so, it hasn't remained static. Current rates are shown here - http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx

Previous rates are shown here - http://www.natwest.com/personal/savings/g6/rates/previous-rates.ashx#eISA

chamelion

Baldur wrote: »

Is it the e-ISA?

If so, it hasn't remained static. Current rates are shown here - http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx

Previous rates are shown here - http://www.natwest.com/personal/savings/g6/rates/previous-rates.ashx#eISA

yes, e-isa.

static for existing customers. i joined in march '09, my interest in march '09 was 3.01% AER. i'm currently still earning 3.01% AER.

edit: ahh never mind. it used to be 3.26% AER according to that table, and its down to 3.01%.

i guess they'll keep lowering, i'll keep an eye out!

bigup7

hi guys

i opened a IF.com isa in october 2009 thinking i would put in £1000 at the time.

the £1000 never came free so only managed to put in only £100 at the time.

i now have £2000 available to me which i would like to put it in a firstdirect isa which is currently offering 2.75 fixed until 31 August 2011.

Am i able to transfer the £100 from IF.com into a new firstdirect isa and also add £2000 cash?

or do i add the £2000 into my IF.com isa and wait till new tax year and then transfer out to firstdirect?

any advice much appreciated!

thanks

Baldur

bigup7 wrote: »

Am i able to transfer the £100 from IF.com into a new firstdirect isa and also add £2000 cash?

or do i add the £2000 into my IF.com isa and wait till new tax year and then transfer out to firstdirect?

You can add the £2,000 to the IF ISA before or after you transfer it, the tax year is irrelevant as far as ISA transfers are concerned, it only relates to new money subscribed to an ISA.

As it's not too long before the end of the tax year, to minimise any potential delay/administrative problems, I would add it now, and apply to FD to transfer the full balance immediately. You do not have to wait until the new tax year.

Subscribing the £2,000 before 5th April uses that much of the current tax year's allowance - if you wait until 6th April to subscribe it, it becomes part of your 2010/11 allowance and you will only be able to add an additional £3,100 in that tax year, instead of the full allowance of £5,100.

minerva_windsong

After my last attempt to get a First Direct ISA fell through because Halifax never sent me the paper statement I needed to prove I was who I said I was, I've reapplied for the current one that's on offer and the forms are waiting to be posted back to First Direct. However, A&L have now come along with their higher rate, but I've noticed that you can't transfer in previous years' ISAs on that one.

I've got £2,500 sitting in my current ISA with the Halifax (opened November 2008), which I was going to transfer across to the First Direct ISA, and will probably have another £500 to put in there before the end of the tax year, so is it worth carrying on with the First Direct application and then leaving the £3,000 in there and starting again in April with the A&L one? Or should I take the £2,500 out of the current ISA, put it in a savings account for holding purposes, open the A&L ISA and put it all in there?