Top Cash ISAs Discussion Area

rb10

Babycakes wrote: »

I have an ISA that I have been contributing to since the TESSA days. It is now worth over £50k and so I now fall foul of the FSCS limit of £50k.

Can I split my holding and put half into a new ISA and then add my 2010/11 payment into it? This way I will benefit from the FSCS protection.

Many Thanks
Baby

Yes, provided the old provider allows partial transfers out, and the new provider allows partial transfers in.

That is a sensible move.

AbbieCadabra

AbbieCadabra wrote: »

thanks Baldur, i hadn't even thought about not being able to top-up for 2009/10 on our current NR isa's. now you mention it, i seem to remember reading something ages ago & thinking 'pants, will have to something else for 2009/10'.

i've already transferred the money out of our savings in readyness for transferring to NR next week, do you think there's still time to get a brand new 2009/10 isa opened? i suppose i can always use my own bank if it will be quicker...

good job i asked! off to check NR t&c on our isa's now.

checked T&C & Baldur is right, we can't pay into it now as that issue is long closed. but, as hubby is over 50 he gets the new £5100 allowance & this can still be paid into isa's that are no longer available. so, a partial result for us to use our 2009/10 allowances up.

Baldur wrote: »

Shouldn't be a problem, especially if you do so in a branch - Santander/A&L's Flexible ISA @3.5% with a 12 month guarantee of BoE base rate +3% is a possibility, if you want easy access and would permit you to add your increased 2010/11 allowance on or after April 6th.

after reading around on the boards i've been put off this the Santander offer, just seems like too much hassle & people reporting problems.

so, my allowance for 2009/10 hasn't been used but i'll leave our previous isa's & hubbys £5100 for 2009/10 with NR until the fixed rate ends (3.25% until 15.6.10) then have a look around what's available for 2010/11 at that time. i can't really tie any of our money up for more than a year so i'm not beating a path to any of the decent fixed rates that will no doubt pop up 6th April. we won't be in a position to fully use either of our allowances for 2010/11 anyway but i don't want our money sitting there earning 0.5% either!

ooh, it's a game ain't it!

Baldur

AbbieCadabra wrote: »

checked T&C & Baldur is right, we can't pay into it now as that issue is long closed. but, as hubby is over 50 he gets the new £5100 allowance & this can still be paid into isa's that are no longer available. so, a partial result for us to use our 2009/10 allowances up.

Glad to hear that at least some of your allowances can be used.

......any of the decent fixed rates that will no doubt pop up 6th April.

It will be an unusual year if that occurs, the best rates are usually available in the last month or two of the tax year until shortly after the start of the new tax year. Not many worth having pop up at the start of the tax year - it looks particularly unlikely this year, given the way that institutions are currently cutting rates on many savings products.

AbbieCadabra

for the 2010/11 rates - hmm, yes. i've just been doing a little more reading on here & what you say does seem to be the general conclusion.

i've now confused myself & am thinking is it worth trying to get the 3.5% from Santander for both of us now for 2009/10 then add to for 2010/11? (if allowed?, can't remember if i've read that that will be ok).

based on this, i'm now thinking -
1) previous isa's with NR fixed rate until at least 15.6.10 (wouldn't be able to transfer before then as a penalty would be due)
2) 2009/10 & some of 2010/11 allowance for both of us with santander easy access 3.5% guaranteed until Feb 2011(?)
3) for old isa's, in June this year, check what rate NR falls back to & transfer out as necessary

IF i don't do that^^^but leave it until June, i'm going to be lucky to get a reasonable rate? (i think this was my 1st choice as for some reason, i like to try & keep everything all together in one place, but with isa's this isn't always the best plan is it...)

am i getting this wrapped around my neck a bit?!

Baldur

AbbieCadabra wrote: »

......(if allowed?, can't remember if i've read that that will be ok).

It says so on the website - http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237855061169&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

If you use your Flexible ISA for your 2009/2010 Cash ISA allowance you can use the same account for your 2010/2011 Cash ISA allowance

AbbieCadabra

thanks again Baldur , i'm going to give it a go with santander & see if i can get the accounts open in time to pay into for 2009/10.

i do this every time with isa's, think i've got a plan, then go & change my mind completely!

Baldur

AbbieCadabra wrote: »

thanks again Baldur , i'm going to give it a go with santander & see if i can get the accounts open in time to pay into for 2009/10.

i do this every time with isa's, think i've got a plan, then go & change my mind completely!

The main priority is to sort out your 2009/10 allowances, you have breathing space for 2010/11 and your maturing accounts in June.

AbbieCadabra

wow! confirmation of ISA's opened & all info to make payments into the accounts all received within a few hours of doing the online application, well done Alliance & Leicester!

smj

I transferred many years ISA allowance in a First Direct ISA just over a year ago and so it has now reverted to a poor interest rate. I did not make any contribution in 09/10 tax year and have no plans to add extra savings in 10/11

So can I do the following :

1) Put £3600 in Santander Flexible ISA this month to get 3.5% (just withdrawing from my FD ISA eg not transferring) for 09/10 tax year
2) Also open Santander Direct ISA this month tranferring in the balance of the FD ISA to get 2.75% rate.
3) In April, withdraw £5100 from Direct ISA and so make 10/11 contribution to Flexible ISA.

That way I have £8700 in Flexible ISA at 3.5% and rest in Direct ISA at 2.75%.

Is this possible and within the ISA rules ?

Any help/suggestions appreciated.

Thanks,

Steve.

Baldur

smj wrote: »

1) Put £3600 in Santander Flexible ISA this month to get 3.5% (just withdrawing from my FD ISA eg not transferring) for 09/10 tax year

Yes, as long as you do so before 5th April.

2) Also open Santander Direct ISA this month tranferring in the balance of the FD ISA to get 2.75% rate.

Yes, as long as you follow the ISA transfer process.

3) In April, withdraw £5100 from Direct ISA and so make 10/11 contribution to Flexible ISA.

Yes, on or after April 6th.