Top Cash ISAs Discussion Area

RLW116

I've just tried to open a new ISA - it says "Do you already have a cash ISA with us or any other provider and have funded it in this tax year? Does it mean have I put my full allowance in or does it mean have I paid any money in to it at all in this tax year??

Baldur

RLW116 wrote: »

I've just tried to open a new ISA - it says "Do you already have a cash ISA with us or any other provider and have funded it in this tax year? Does it mean have I put my full allowance in or does it mean have I paid any money in to it at all in this tax year??

If you have subscribed even £1 to a Cash ISA with one provider in the current tax year, you can't subscribe to one with a different provider until April 6th 2011.

The only exception to the above is if you transfer the current ISA and the new provider permits you to subscribe any balance of your current tax year's allowance.

RLW116

Baldur wrote: »

If you have subscribed even £1 to a Cash ISA with one provider in the current tax year, you can't subscribe to one with a different provider until April 6th 2011.

The only exception to the above is if you transfer the current ISA and the new provider permits you to subscribe any balance of your current tax year's allowance.

I was worried that would be the case... thanks for that! Start looking for normal high interest savings accounts it is then!

LGG_2

Your choice - very limiting, though.

ive just been offered pretty much the same rate by first direct to stay wth them and its fixed for a year and i can pay in aswell so i think im just gonna stick with them after all. i prefer to keep all my isa money in one account as i have over 30k in it built up over the last 10 years or so.

Baldur

LGG wrote: »

i prefer to keep all my isa money in one account as i have over 30k in it built up over the last 10 years or so.

As I said, very limiting - at 2.7% for a year with FD, £30,000 will earn £810 interest, as opposed to £900 in a 3% fixed rate ISA account.

My four ISA accounts contain funds totalling more than £60k, earning rates ranging from 3% to 6.2%.

black_taxi_2

i think LLG is right to keep the savings in one account--if he/she feels more comfortable.im also that way--having it in diff accounts transfers here there everywhere.your only one mistake away.

i admire your accounting thou baldur

leaphaze

The problem with dumping everything in one a/c is you have to be very organised and your planning must be unshackable. You're limited to ISAs that allow transfers in, and you'll probably avoid fixed rate a/cs in case you have an emergency. For new cash why not just go with the highest rate, even if you have to transfer after 12 months.

Notice that Baldur has 60k. I wouldn't put more that 50k (if I had that much) in a single institution. I wanna sleep at night.

Baldur

leaphaze wrote: »

Notice that Baldur has 60k. I wouldn't put more that 50k (if I had that much) in a single institution. I wanna sleep at night.

Yes, that's another reason for multiple accounts/providers - on maturity of the account containing the largest tranche of my Cash ISA funds, I would have to consider splitting the funds in that account, if the FSCS limit remained at £50,000.

Woodyrocks

I opened am ISA with Newcastle Building Society I think in 2009 April - would the rate have gone down would you think & is it worth moving my current ISA in. I can't find any paperwork at my new place so am not even sure what issue number it is.

Baldur

Woodyrocks wrote: »

I opened am ISA with Newcastle Building Society I think in 2009 April - would the rate have gone down would you think & is it worth moving my current ISA in. I can't find any paperwork at my new place so am not even sure what issue number it is.

Have you tried contacting NBS for details of your account, if you can't find your paperwork?

Without knowing which account you have, noone can accurately advise you.