Top Cash ISAs Discussion Area

MOTO

Hi,
I hope someone can help...

If I put money into an ISA now do I get the rate for a full year from date of opening, or does it just last until April? I'm planning on opening the Santander ISA that gives 3% but know it drops to .5% but I'm not sure when.

Thanks!

Soliton

If you mean the Santander Loyalty Flexible ISA. The rate quoted is valid for 12 months from opening.

sushma_2

Hi, Apologies if this question has already been asked but I was wondering if someone could help clarify something for me.....

I have an ISA with Santander that I transferred a previous ISA into for 2010-2011, I have been told the interest will be paid on 1st March 2011, which gives me good enough time to collect the interest and then transfer into another ISA for 2011-2012 (as the bonus expired this month).

I am looking at the West Brom and Halifax ISA for 2011-2012 both recommended on the MSE Savings webpage, however, both ISAs state that the interest for the year will be paid on 6th April 2012. This doesn't leave me enough time switch to another ISA for 2012-2013 after the interest is paid.... if I transfer to a new ISA before the interest is paid, will I face a fee on my interest??

Very confused !

leaphaze

sushma wrote: »

Hi, Apologies if this question has already been asked but I was wondering if someone could help clarify something for me.....

I have an ISA with Santander that I transferred a previous ISA into for 2010-2011, I have been told the interest will be paid on 1st March 2011, which gives me good enough time to collect the interest and then transfer into another ISA for 2011-2012 (as the bonus expired this month).

I am looking at the West Brom and Halifax ISA for 2011-2012 both recommended on the MSE Savings webpage, however, both ISAs state that the interest for the year will be paid on 6th April 2012. This doesn't leave me enough time switch to another ISA for 2012-2013 after the interest is paid.... if I transfer to a new ISA before the interest is paid, will I face a fee on my interest??

Very confused !

The interest dates quoted only apply if you still have an account with them. If you close the account or transfer to another provider, your interest up to that date will be added to the balance. If you think about it, it has to be this way to avoid having more than one provider for the current tax year.

poppy10_2

Angelic wrote: »

Silly question but..Is the fixed rate two year Natwest ISA any good?

Have you read the guide?
Halifax and the Yorkshire BS both offer 3.5% on two year fixed rate ISAs, compared to NatWest's 3.2%.

leaphaze

Angelic wrote: »

I can't really tranfer at the moment so was hoping to stick with my bank or leave my old ISA and not bother.

I think you have been sedated into accepting a lower interest rate. Why can't you transfer at the moment?

MrISA

Hi, I need to understand the rules for this: I open a Cash ISA in Bank1, add the 5100 I am allowed to.
Can I then, within the same tax year, transfer 2000 of these into a Fixed ISA in the same bank (Bank1).
And, can I two months later, transfer another 3000 into yet another Fixed ISA within Bank1 ?

blueberrypie

MrISA wrote: »

Hi, I need to understand the rules for this: I open a Cash ISA in Bank1, add the 5100 I am allowed to.
Can I then, within the same tax year, transfer 2000 of these into a Fixed ISA in the same bank (Bank1).
And, can I two months later, transfer another 3000 into yet another Fixed ISA within Bank1 ?

No.

All of the current tax year's allowance must stay together until the end of this tax year.

So you can open a Cash ISA in Bank1 and add the £5100.
And you can transfer that £5100 to another ISA, fixed or not, with Bank1 or any other provider, within the same tax year.
But you cannot split the current year's contributions between separate providers.
After April 5th, those funds are no longer the current tax year's contributions, and can be split however you wish.

MrISA

blueberrypie wrote: »

No.

All of the current tax year's allowance must stay together until the end of this tax year.

So you can open a Cash ISA in Bank1 and add the £5100.
And you can transfer that £5100 to another ISA, fixed or not, with Bank1 or any other provider, within the same tax year.
But you cannot split the current year's contributions between separate providers.
After April 5th, those funds are no longer the current tax year's contributions, and can be split however you wish.

Thanks - what if I have the 5 previous year's investments in one cash ISA, let's say I have 25.000 in this.
Can I invest 10.000 of this into a Fixed ISA in the same bank, and then as the example above, invest other 10.000 two months later, still in the same bank ?
Would they open 2 new accounts to hold this, and will there be a limit on the # of accounts compared to the number of years I have had the original ISA ?

blueberrypie

MrISA wrote: »

Thanks - what if I have the 5 previous year's investments in one cash ISA, let's say I have 50.000 in this.
Can I invest 20.000 of this into a Fixed ISA in the same bank, and then as the example above, invest other 25.000 two months later, still in the same bank ?
Would they open 2 new accounts to hold this, and will there be a limit on the # of accounts compared to the number of years I have had the original ISA ?

You can do whatever you want with your contributions from previous years. So yes, you could invest part of it in a fixed ISA and then another part of it in another ISA with the same provider (or a different provider).

There is no limit to the number of accounts related to the number of years you've had the original ISA. Whether the provider would open two separate accounts probably depends on the provider and the particular ISAs you hold - e.g. if you have a one-year fixed-term fixed-rate ISA which you fund in May, and another of the same kind which you fund in June, they would have different maturity dates, so would be two separate accounts.