Top Cash ISAs Discussion Area

in4quids

Only heard of ISAs on the Sunday show (new to the country). If we're careful, my partner and I might manage to have 1k by 5 April. I gather that the rules are we can each invest 3k per annum, rising to 3.6k in the new financial year, in an ISA and pay no tax on the interest. We can't have a joint ISA account.

I think that's all correct?

If we take money out during the year, we can't put it back. So, is this right? if we start the year with 1k in the account, and put in 2.5k, then take out 1k, we can only put in another 1.1k before we start paying tax.

If that's right, are we better opening an account each now with 500 in each, and putting money in each account up to the limit, or putting the whole 1k in a single account now and only open the 2nd account when we reach the limit on the first? (we see the money as ours, even though the rules don't seem to allow for that).

Or would we be better putting some money into a managed fund? and can you do that through a maxi ISA (which I don't fully understand yet). Sorry, lots of questions all all once.

losthour

Quick query if anyone can help...

I'm with Abbey right now and they offer a crap 3.75% I think for me. I'm thinking about changing...

I have about £1500 in my ISA right now and plan to pay in around £200 a month. When should I change (I presume after the end of March when the 3600 maximum returns?) and who should I change to? I am also moving in paril so will this affect who I can move to- credit rating etc?

Also is there a few with Abbey to change and do I set up the new one before I let Abbey know?

Thanks in advance!

anniemac63

I have an ISA with Bof S but at a poor rate.
I had to use the money for an emergency but I have £500 left to save this year. I'd like to chang to a higher rate provider. Is this possible now or must I wait til April and should I close the 1st account or just leave it empty?
thanks.

Lindsay-Lou

thanks for your help Crabman

Crabman wrote: »

Ahhh, you already have an ISA this year - in that case you could pay whatever is left of your allowance into the existing ING ISA then and then transfer to whichever account you prefer (see cash isa transfer article for best buys).

After 6th April you'd be free to open the Barclays account with the full £3600.

You asked about other considerations - be aware that after a year the 1% bonus on the Barclays ISA account expires so that will need to be transferred if you want to keep getting a decent rate of interest

anniemac63

Got it! Thanks.

English_Bob

see other post

English_Bob

dwigg wrote: »

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%.

hey dwigg,
you're partially right. but you can qualify for this 10% ISA if you are accepted for a NEW premier current account.
i have just applied, and A+L say they are allowing me to open an ISA this tax year and next WITHOUT taking out an investment product.

SEE T+C's:

2.1 You may only open an Account at the same time as and if:
2.1.1 You apply and are accepted for a Current Account provided that You do not currently hold or have held in the last three
months preceding Your Current Account application any Alliance & Leicester current account;
2.1.2 You hold an existing Current Account or a Premier Direct Current Account and apply for either a Legal & General or Credit
Suisse Investment product in a branch and invest at least £5,000 in that Investment product for at least 30 consecutive
days;


so as long as you don't currently hold an account with them, you can get the 10%


cheers,

BOB

stewie08

Hi quick question. If I open up a cash ISA in march, with for example Icesave for 6.1% and put in the maximum of £3000, will i recieve the full amount of £184 for the finacial year or will i get the interest for just that 1 month?

Thanks all

Crabman

stewie08 wrote: »

Hi quick question. If I open up a cash ISA in march, with for example Icesave for 6.1% and put in the maximum of £3000, will i recieve the full amount of £184 for the finacial year or will i get the interest for just that 1 month?

Thanks all

You can choose to have it paid annually or monthly - so for each month you'll earn £14.84 on your £3000 balance. You'll only receive interest for the period your cash has been in the account

aggro_2

Hi
My barclays tax beater cash ISA will be 1 year old on the 9th April 08 and it will lose it's 1% bonus, barclays advised me to open a new tax Heaven ISA and put 08/09 allowance into it, however they said to leave my old ISA alone. I understand that i could not pay into that account as i intend to pay the maximum allowed into the new ISA but would my (old ISA) tax beater ISA still be tax free? do you get tax free savings on all ISA's that you have as long as you only pay 3K into only 1 of them? thanks in advance.