Top Cash ISAs Discussion Area

lizzyshep

I've just seen the new A&L ISA that promises to stay 3% above base rate - I assume this is a good thing. I'm planning to take this out but I know that if I do, I won't be able to take out another ISA if a better one comes along. I don't know much about this sort of thing, but bearing in mind the A&L one has the base rate guarantee, is this the best one to go for? I won't be saving a lot over the next year but hopefully it will be regular savings. I don't want to go for an account that locks my money away, by the way.

gottohaveit

Can someone advise me please, I've never had an ISA, have £5k sitting in an e-saver account earning peanuts. Last week I applied for the ISA deal Martyn pointed out with First Direct, I'm still waiting to here from them, however the deal this week with A&L seems a lot better, can I cancel the first ISA and go with A&L or am I committed to First Direct now?

I understand I can only put in £3600 a year, should I put the remainder £1,400 in after April or open another one in my wifes name?

Also, if you say had £5k in an ISA and wanted to transfer to another ISA as the deal was better, can you only transfer £3.6k as that is the limit or are you allowed to transfer all of it as it's been in an ISA previously?

thanks in advance

Baldur

gottohaveit wrote: »

Last week I applied for the ISA deal Martyn pointed out with First Direct, I'm still waiting to here from them, however the deal this week with A&L seems a lot better, can I cancel the first ISA and go with A&L or am I committed to First Direct now?

Have you paid anything (een a penny) into the FD ISA? If not, you can subscribe to any ISA provider you like. If you have, then you are stuck with FD.

I understand I can only put in £3600 a year, should I put the remainder £1,400 in after April or open another one in my wifes name?

That's per tax year, not per year. Your choice, any funds in an ISA in anyone's name but your own is technically their money, not yours.

Also, if you say had £5k in an ISA and wanted to transfer to another ISA as the deal was better, can you only transfer £3.6k as that is the limit or are you allowed to transfer all of it as it's been in an ISA previously?

You can transfer the full balance - the annual allowance only relates to new money.

gottohaveit

Thanks Baldur, I haven't paid anything into FD yet, still waiting for forms or whatever to arrive, it was a very complicated form that asked for all sorts and I presumed I may be committed to the account as they will be running checks etc on me.

But if I'm not tied in, I'll get in touch with A&L.

thank you

nicksk

I went to the Alliance & Leicester website, and clicked to apply for their ISA offering 3.5% for the first year.

On the first screen of the application form it says

"Thank you for deciding to apply to subscribe for an Alliance & Leicester Flexible ISA for the tax year 2009/10, **and each subsequent year until further notice**" (my emphasis).

I didn't go any further.

What does the "each subsequent year" bit mean? Does this mean that Alliance & Leicester will automatically open a new ISA for me on 6th April 2010, thus preventing me from opening a new ISA with anyone else in that tax year? I definitely don't want that, I want to be able to shop around.

If anyone can shed light on this I'd be very grateful...

Baldur

nicksk wrote: »

"Thank you for deciding to apply to subscribe for an Alliance & Leicester Flexible ISA for the tax year 2009/10, **and each subsequent year until further notice**" (my emphasis).

I didn't go any further.

What does the "each subsequent year" bit mean? Does this mean that Alliance & Leicester will automatically open a new ISA for me on 6th April 2010, thus preventing me from opening a new ISA with anyone else in that tax year? I definitely don't want that, I want to be able to shop around.

This is standard wording on any Cash ISA application.

It merely permits you to continue to subscribe to that account in future years, if you wish, without the need to complete a new application form each time, rather than compelling you to do so.

You are free to subscribe future tax years' ISA funds with whichever provider you choose, as long as you do not pay any new money into the A&L one after 5th April 2010.

partlydave

I'm not surprised A & L have offered this rate on an ISA. I said to my partner last week that as the end of the tax year approaches the banks will be offering higher ISA rates.

seroxat_chick

Would somebody be so kind as to confirm if the following is possible?

I opened a First Direct ISA last week after reading the weekly email. I received the paperwork in the post yesterday and returned my signed form along with a £10 cheque to open the account with.

After receiving this week's email, I would prefer to have the A&L's new ISA for the following tax year.

So, is it possible to leave my £10 with First Direct, then on April 6th open an ISA with A&L, and then transfer my A&L money over to First Direct on April 6th 2011?

KingL

seroxat_chick wrote: »

So, is it possible to leave my £10 with First Direct, then on April 6th open an ISA with A&L, and then transfer my A&L money over to First Direct on April 6th 2011?

Yes it's possible to do that (provided the A&L/Santander account is still on offer come 6 April 2010), but you might want to pay more than £10 into the FD one before April 2010 as that will get it safe into the tax-free world during the 2009/2010 tax year. You can add another £3500 (or £5000 if you are 50+) provided you have it to hand.

Just to note that you can transfer your A&L money to FD (or somewhere else) whenever you like. Transfers are not linked to tax-years. If something better comes along in the interim, you can open another (empty) cash ISA and transfer either the FD, the A&L or both into it whenever you like.
.

tintax

I've already subscribed to a cash ISA this tax year. Is it correct I could open a another one today-so long as I don't actually pay in any money-so it would be available to subscribe to from 6 April?