Top Cash ISAs Discussion Area

practicaleq

LADY_A wrote: »

:rotfl: Thanks,just realised that is the case if you wish to open an account online,otherwise I need to visit a branch
Thanks again bristolleedsfan

As Barclays will only let non-customers open an ISA if you see one of their personal banking advisors, who are heavily booked up apparently and you have to book an appointment in advance! So I had a wasted journey to my branch and have opened a 6.25% ISA with Alliance and Leicester instead - it took less than 5 minutes. I'll get £7.50 less interest at the end of the year but have saved myself a couple of hours.

zzzLazyDaisy

Can you pay regular amounts through the year into the Barclays Tax Haven Isa? I have put a lump sum in for this year, but don't have a lump sum available for next year, so will want to put a bit away as and when I can.

Thanks

10_66

Yes, you can add to the Tax Haven ISA once opened.

Crabman

zzzLazyDaisy wrote: »

Can you pay regular amounts through the year into the Barclays Tax Haven Isa? I have put a lump sum in for this year, but don't have a lump sum available for next year, so will want to put a bit away as and when I can.

Thanks

As long as the account is opened with £1 or more, you can make deposits whenever you like, up to the allowance of £3600 (account details here)

aggro_2

Crabman wrote: »

Hi, welcome to MSE

Once money is placed into an ISA account, it remains tax-free until you withdraw it. You can place £3000 into an ISA account each year however, from 6th April 2008 the annual cash allowance increases to £3600.

You could transfer last year's "Tax Beater Cash ISA" over to a provider offering a better interest rate - e.g. A&L at 6.25% or Icesave at 6.1% - details in the Cash ISA Transfer Article.

Thanks Crabman, you say tax free until i withdraw it? what do i then have to pay tax on? is it on all of the interest i earned that year? if so how can ISA's be advertised as tax free?

10_66

You don't pay tax on the interest earned on an ISA. What Crabman means is that when you withdraw from an ISA you lose the tax free status on the money you withdraw i.e., you can't put the money back into the ISA. For example, if you'd paid £3,000 into an ISA, withdrew £1,000, you can't put the £1,000 back into the ISA in that tax year as you've already put the maximum allowance of £3,000 in. If you don't withdraw from an ISA, it continues to earn interest on a tax free basis.

cariad84

On the Mini ISA page, Martin says "Only one mini-cash ISA per year. You can only have a Mini Cash ISA with one provider in any tax year – you can't split it. However you can hold cash-ISAs from different years with different providers."

Does that mean I could open one before April 5th, open another after April 6th and contribute to both during the next tax year?

Thanks for the clarification!

royeee

sannesley wrote: »

I have a question:- Which is better??? An ISA account with with an interest rate of 5.50% paid monthly as paid by Natwest or an intererest rate of 6.20% paid yearly by the Halifax?

NatWest (e-ISA) actually pay 5.37% gross monthly, when retained and cumulated for a year is equivalent to the quoted 5.50% yearly AER.

Sarahcat

Hi,
I do have this form but I do not have an A&L ISA number which they ask for on line 2.
Also under Nat Ins No it states 'You cannot make an ISA transfer unless you have been accepted for an A&L Cash ISA'.

So I'm even more confused now as I've used all this year's ISA allowance! S.

Crabman

Sarahcat wrote: »

Hi,
I do have this form but I do not have an A&L ISA number which they ask for on line 2.
Also under Nat Ins No it states 'You cannot make an ISA transfer unless you have been accepted for an A&L Cash ISA'.

So I'm even more confused now as I've used all this year's ISA allowance! S.

Hi Sarah - if this is about the transfer from ING to A&L then there is no effect on your ISA allowance.

Are you sure the A&L account is open? When I applied for mine it was confirmed by email within a couple of days and I had my account number in the post together with a transfer form for me to send to my old provider.

If you've not yet received this info, try calling them (find a non rip-off number on www.saynoto0870.com ) for your account number or if you use online banking, log in and it should be visible there.