Top Cash ISAs Discussion Area

Baldur

adindas wrote: »

I believe the one with interest rate 0f 3.2 is Flexible ISA.
With this ISA, it is only for new ISA (this tax year) and maximum £5,100 this is my understanding. If they allow to put old ISA I will put all my ISA into this a/c
Does anyone have another opinion ?

Not possible, I'm afraid, see my answer to your other post HERE.

If you are a Halifax current account customer, their ISA Direct Reward offers 3% (2.8% to non-current a/c holders) and accepts ISA transfers.

RLW116

I currently have 8k in an ISA that I want to move to Halifax to get a better rate. If I transfer that money in does it contribute to the £5100 I can put in per tax year? Or can I transfer the money in, and then be allowed to pay £5100 money in for the tax year on top of that?

Am so confused.....

blueberrypie

RLW116 wrote: »

I currently have 8k in an ISA that I want to move to Halifax to get a better rate. If I transfer that money in does it contribute to the £5100 I can put in per tax year? Or can I transfer the money in, and then be allowed to pay £5100 money in for the tax year on top of that?

Am so confused.....

The rule is that you can only *subscribe* £5100 to a cash ISA in any tax year. "Subscribe" means paying in new money - i.e. not money that is being transferred from another ISA (through the proper transfer process). So if your £8k was put into that ISA in a previous tax year, you can transfer it without it making any difference to your 10/11 ISA allowance.

adindas

Thank you Baldur

Indeed I am thinking to move my old ISA to Halifax. Indeed I have Halifax Reward CUrrent a/c

ADINDAS

Baldur wrote: »

Not possible, I'm afraid, see my answer to your other post HERE.

If you are a Halifax current account customer, their ISA Direct Reward offers 3% (2.8% to non-current a/c holders) and accepts ISA transfers.

LGG_2

regarding the barnsley 1 year fixed rate isa at 3%. it doesnt allow you to take any money out during the term of the fixed rate. would this also include transfering it to another provider?

ok think ive found it on their website.

another thing though is the below. family members have been caught out with this b4. does the below mean that if barnsley withdrawl the ISA say in january that means i cant put in 5100 when the new tax year comes around?

Please note: You can only make deposits to the Online Fixed Rate ISA whilst the issue remains open to new investors.

Baldur

LGG wrote: »

.....does the below mean that if barnsley withdrawl the ISA say in january that means i cant put in 5100 when the new tax year comes around?

Of course it does - it's quite normal. Many fixed rate accounts will only permit an opening deposit, so Barnsley are, in fact, being generous by permitting further deposits after the initial one.

It's highly unlikely that this account will still be available to new investors after more than a few weeks, let alone January, in my opinion.

LGG_2

Of course it does - it's quite normal. Many fixed rate accounts will only permit an opening deposit, so Barnsley are, in fact, being generous by permitting further deposits after the initial one.

thanks for that. was abit unsure. i know this sometimes happens with fixed rate "normal" savings accounts but was unsure with it being an ISA. not much point getting a decent intrest rate if i then cant put any money into it come the new tax year.

i guess my best bet at the mo is the halifax 2.8. impressive aswell seeing as you get intrest straight away which will add up for me

Baldur

LGG wrote: »

thanks for that. was abit unsure. i know this sometimes happens with fixed rate "normal" savings accounts but was unsure with it being an ISA. not much point getting a decent intrest rate if i then cant put any money into it come the new tax year.

Why not?

You simply open the best available Cash ISA for your 2011/12 allowance and leave your old ISA funds earning a decent fixed rate with Barnsley for a year - after which you can transfer the maturing funds to your new ISA provider or any other that may be offering a better rate at that time.

LGG_2

You simply open the best available Cash ISA for your 2011/12 allowance and leave your old ISA funds earning a decent fixed rate

but the 2011/12 isa will prob be at a rate around or lower than 3%. and my years allowance will go into that.so for the very little xtra it will gain it doesnt seem worth the hassle.i prefer to have one isa and all my money kept in that

Baldur

LGG wrote: »

but the 2011/12 isa will prob be at a rate around or lower than 3%. and my years allowance will go into that.so for the very little xtra it will gain it doesnt seem worth the hassle.i prefer to have one isa and all my money kept in that

Your choice - very limiting, though.

I currently have three Cash ISA accounts earning 6.2%, 4% and 3% fixed plus an easy access one earning 3.2%.