Top Cash ISAs Discussion Area

Lokolo

STRAWB wrote: »

I think the Halifax 4 year fixed at 4.25% is looking a good deal there is no withdrawal's but the rate makes up for this

My friend just got his today.

I personally wouldn't fix for 4 years. It took 2 years for rates to go from 6% -> 3%, I am hoping it takes as long to go back

ian-d

I'm in the tricky situation of not knowing what to do! My ISA allocation since they first started is full, but currently tied into a fixed 3.2% deal until May this year. What I'm not sure on is whether I should put £5,100 into a new ISA, then merge it with the fixed when it ends, then go hunting for a new deal; or whether the risk of moving the £5,100 in only just over a month would result in me loosing more interest than just leaving in a savings account for now, and paying the £5,100 into the fixed deal once it reverts to a normal ISA account...then move it all!

Any thoughts guys?

Stompa

blueberrypie wrote: »

I haven't checked Santander's website, but the A&L website now shows an interest rate of 3.5% on balances up to £10,200. As it doesn't allow transfers in, the only way to *have* a balance of £10,200 would be to have put money into it in 09/10 and to add to it in 10/11.

I can't see the previous rate on the Santander website (nor the A&L website?). Oddly though, here:

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

under a box mentioning 'Bank of England Base Rate + 2.70%' it states: "- If you used your Flexible ISA for your 2009/2010 Cash ISA allowance you can use the same account for your 2010/2011 Cash ISA allowance". Yet people who have done so are reporting that just a single total balance appears online. So is part of this total balance earning at one rate, and the rest at a different rate? Clear as mud!

Mickygg

ian-d wrote: »

I'm in the tricky situation of not knowing what to do! My ISA allocation since they first started is full, but currently tied into a fixed 3.2% deal until May this year. What I'm not sure on is whether I should put £5,100 into a new ISA, then merge it with the fixed when it ends, then go hunting for a new deal; or whether the risk of moving the £5,100 in only just over a month would result in me loosing more interest than just leaving in a savings account for now, and paying the £5,100 into the fixed deal once it reverts to a normal ISA account...then move it all!

Any thoughts guys?

I'm in the same boat as you - not sure what to do, although only have £3,600 from last year which matures in a month.

I was about to open a Santander account, but I was playing about with figures etc and realised in years to come (if I can save for an ISA each year) I don't want ISA's all over the place, and unless base rates rocket in the next year (highly unlikey IMO) there is not much extra interest to gain. Because of that I will probably wait for a month, then transfer last years ISA and pay in this years to one provider at the same time. I don't want to be constantly transferring various ISA's all the time.

peterbaker

blueberrypie wrote: »

I think he probably means this:
If you add money to an ISA you opened last year, you will not be able to put new money into *any other ISA* this tax year, as adding the money to last year's will count as subscribing (in this tax year) with that provider.

Ah ... got hold of wrong end of that stick

I haven't checked Santander's website, but the A&L website now shows an interest rate of 3.5% on balances up to £10,200. As it doesn't allow transfers in, the only way to *have* a balance of £10,200 would be to have put money into it in 09/10 and to add to it in 10/11.

... have you a link to that, please? I can only find reference to the 3.2% now ...

katiej76

Hi

I was confused about this last year, but I never found the answer and now I am faced with the same question this year. I wonder if anyone can help.

The situation is ~

I want to open a new A&L ISA and put my full allowance for this year into it.
I also want to transfer my old ISA to a new one with a better rate (this cannot be the same A&L one I am using for this year's allowance since it does not allow transfers in.)

Seems easy, BUT, the problem is ~

The way transfers seem to work (and please correct me if I am wrong, this is what I have experienced in the past) is that first you open the account, and THEN you transfer your money. It does not seem to be possible to "open & tranfer" all in one step. Since the minimum opening balance for any ISA I've seen is £1, and this must come from THIS YEAR'S allowance, I do not see how it is possible both to have a new ISA account for old balances AND a new ISA account for this year's allowance, since this would mean subscribing to more than one ISA in the same year, which is not allowed.

Last year I overcame the problem by opening a new ISA which was both a good rate AND allowed me to transfer in a previous ISA. So I only had one ISA account in total. But this year I don't want to do that.

Does anyone have any experience of this? Did you find an account that allowed you to open with zero balance or to open & transfer in one step?

Any information would be greatly appreciated!

Thanks in advance for your help!

Katharine.

STRAWB

Lokolo wrote: »

My friend just got his today.

I personally wouldn't fix for 4 years. It took 2 years for rates to go from 6% -> 3%, I am hoping it takes as long to go back

Agree it took 2 years to go down but no chance of it going up as fast not in the current climate

blueberrypie

katiej76 wrote: »

The way transfers seem to work (and please correct me if I am wrong, this is what I have experienced in the past) is that first you open the account, and THEN you transfer your money. It does not seem to be possible to "open & tranfer" all in one step. Since the minimum opening balance for any ISA I've seen is £1, and this must come from THIS YEAR'S allowance, I do not see how it is possible both to have a new ISA account for old balances AND a new ISA account for this year's allowance, since this would mean subscribing to more than one ISA in the same year, which is not allowed.

ISAs which accept transfers in will have the option to fund the ISA by transfer from another provider. If you say which ISA you are wanting to transfer into, someone may be able to point you to the exact page/step you need.

blueberrypie

peterbaker wrote: »

... have you a link to that, please? I can only find reference to the 3.2% now ...

The interest rates page is here: http://www.alliance-leicester.co.uk/savings/interest-rates.aspx

Put the first three digits of your account number (should be 897 or 898) into the box near the top of the page and click the red button labelled "Find" - that'll take you to the interest rates for Flexible ISAs at 3.5%.

Spiggle

Stompa wrote: »

I can't see the previous rate on the Santander website (nor the A&L website?). Oddly though, here:

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

under a box mentioning 'Bank of England Base Rate + 2.70%' it states: "- If you used your Flexible ISA for your 2009/2010 Cash ISA allowance you can use the same account for your 2010/2011 Cash ISA allowance". Yet people who have done so are reporting that just a single total balance appears online. So is part of this total balance earning at one rate, and the rest at a different rate? Clear as mud!

Ok, specifically on the A&L guaranteed 3.5% now closed Flexible ISA account: if you opened the account before the rate drop then you will have the guaranteed rate for 12 months from date of opening on your balances up to a maximum of £10,200 (2009-10 allowance and 2010-11 allowance).

The information IS on the website and states the following:

Tax Efficient Accounts

Flexible ISA (accounts beginning with 897, 898)

Annual GrossGross p.a./AER tax free£1 - £10,200 3.50% 3.50%
Rates effective from 22 February 2010. For 12 months the rate will be 3.00% above the Bank of England base rate, but is guaranteed not to drop below 3.50% for 12 months. From 6 April 2010 the annual Cash ISA limit is £5,100.

It appears that people are looking for the information as if the ISA was available now which we all know it is not. The web address for the information quoted above is http://www.alliance-leicester.co.uk/savings/interest-rates.aspx scroll down a long way or when looking for interest rates on the A&L site shoose 'closed issue accounts' from the type of account search drop down menu.

I hope this now clarifies the issue.

Spigs