Top Cash ISAs Discussion Area

10_66

purplestar133 wrote: »

...I don't have to pay £500 of 'new money' into this account as well as transferring do I?

You're correct in thinking that the £500 would be for amounts transferred in too, ie you don't have to pay new money into it, (as long as the terms and conditions of the ISA into which you want transfer permits transfers in).

purplestar133

10_66 wrote: »

You're correct in thinking that the £500 would be for amounts transferred in too, ie you don't have to pay new money into it, (as long as the terms and conditions of the ISA into which you want transfer permits transfers in).

Thanks for reassuring me!

nigelb_2

Hello all,
i was advised years ago to open an isa and stick away a small amount each month and it will grow considerably.
Well it never really did, I have only about £5000 in there according to my last statement but I also have £5000 in credit card debt.
Not good I know.

My question is, should I withdraw my cash out of the ISA and clear my cebt and start again, or keep saving a little and keep paying the credit card bill??

Thanks.

ISA_ISA_Baby

Simple! The interest your loosing on your credit card is likely to be greater than the interest your gaining on your ISA so pay off your debts and start again.

rm55

Hi, I'm not sure if this the right place to ask, but hopefully someone can help me out. I opened an Alliance & Leicester ISA in March 2010 with the full £3600. This tax year I have paid more money into that account, but have not opened any new ISA accounts. Does this mean I can still open a new one before the end of this tax year? Thanks.

blueberrypie

rm55 wrote: »

Hi, I'm not sure if this the right place to ask, but hopefully someone can help me out. I opened an Alliance & Leicester ISA in March 2010 with the full £3600. This tax year I have paid more money into that account, but have not opened any new ISA accounts. Does this mean I can still open a new one before the end of this tax year? Thanks.

No, you can't. The limit is not on *opening* accounts, it's about *subscribing* to them - i.e. funding them with new money. As you've already put new money into your A&L ISA during this tax year (10/11), you have subscribed to it, and it therefore becomes your cash ISA for this tax year.

If you want to move this year's contributions to another ISA, you must move them all together - you can split previous years' contributions between various places, but the current tax year's contributions must stay together in one place.

rm55

blueberrypie wrote: »

No, you can't. The limit is not on *opening* accounts, it's about *subscribing* to them - i.e. funding them with new money.

Thanks, I don't have much money to put into one anyway, so having to wait until later on is not a problem!

jbryce

kiridoh wrote: »

Cheers rb10!


Fair enough, but should I be worried? What could potentially happen?

So for a certain period I will have to keep open two ISA accounts -one with the old institution where my interest will be paid and one with the new institution where I moved the capital?

So technically I could put £5100 on Apr 5th 2011 and £5100 on Apr 7th 2011 and not be taxed a penny until Apr 6th 2012? Or will I not get taxed as long as I don't widthraw the money?

I have five different ISA accounts and I'm perfectly within the rules.

You are only allowed to pay money into one ISA in each tax year. You can choose a different ISA each year, and I do, for risk management reasons. You can also transfer money from one ISA to another, and that can be to a different account from the one you are paying money into this year. It is also legal to split previous years' ISA money between different accounts, but not all banks provide this facility, and they don't have to.

ninamyers

Hi guys,

I'm looking into a Cash ISA for this year, which i need to sort out before April. I already have £5100 ready to deposit, and would (all things going well) not need to access it for the next year.

I've had a look around the site and noticed that the Coventry and Northern Rock ISAs look good.

Coventry BS 3.05% & Northern Rock 3.05% (I can't link in my post but they're both featured in the ISA guide and email)

What are peoples thoughts on the two? I'll be looking to transfer the ISA at some point to maximise savings, so just wondering which of the two people have preferred? Do either of them have particularly slow application processes or poor customer services? Are they loathe to help transfer your ISA when it comes to that point?

Thank you very much for your help!

Pound

ninamyers wrote: »

What are peoples thoughts on the two? I'll be looking to transfer the ISA at some point to maximise savings, so just wondering which of the two people have preferred? Do either of them have particularly slow application processes or poor customer services? Are they loathe to help transfer your ISA when it comes to that point?

I've just renewed my NR ISA for the third year. I've never had to use their customer service but they always send a letter shortly before maturity asking what I want to do with my account and they've always been fairly quick at acting on my instruction.

One drawback with NR is that when they withdraw an ISA (which they seem to do quite regularly) they prevent any customers with that ISA from paying any more money in. So pay in £500 and NR withdraw the account, you'll end up losing the rest of your ISA entitlement!

So if you're going to bang the maximum ISA allowance in one lump sum, it's OK but not if you plan to drip feed it over the year.