Top Cash ISAs Discussion Area

Lokolo_2

Beatoff wrote: »

First time using this so bear with me please. Just retired and am being bombarded with info about savings and investments. I have around £80g to invest. Anyone of you learned guys have any advice for me? Would really appreciate all aspects of opinion.

£80k? With that sort of money you would be best off seeing an IFA to discuss your options?

Do you want to Invest OR Save? Investing is much more risky and longer term option so it might not be right for you. If you want to save, have a look at the Banking/Saving tab at the top of this page for different savings accounts, either instant access/ISA/fixed term etc...

I think we need to know a bit more about what you are trying to achieve, if you need access to your money, and what your personal circumstances are.

Beatoff

Ta for the reply, I appreciate it. I have paid off all outstanding debts and have this money left. Please don't misunderstand, it's all I have left. I have a reasonable pension but will probably not be able to work again. I would obviously like my cash to give me a return but do not want anything too risky. I can afford to tie it up for up to 5 years or so.

garym1

Apologies if this has been covered.

I would like to know my options for this year 2011/2012 and don't always get a straight answer at my bank.

If I have 2 x ISA's at Barclays already (2009/2010 and 2010/2011), but they have suffered slightly with lower interest rates after initial bonus periods...

...can I open an ISA at Halifax (that allows transfers, unlike Barclays) with this years (2011/2012) allowance AND transfer one or both of my old Barclays ISA's to consolidate all in one new ISA?

APPROX EXAMPLE AND QUESTIONS
2009/10 ISA = £3600
2010/11 ISA = £5100

1) 2011/12 to use full allowance £5340 plus £3600 and £5100 all in one ISA???

2) Or just £5340 + £5100 from one ISA transferred?

3) Or just £5340 and no transfer?

4) Or if it's option 3 then... can transfer be separate? therefore can I transfer the £5100 existing ISA to Halifax AND THEN open a new £5340 at Barclays BOTH this year?

Sorry if that's over-complicated, but I've had poor advice in branch in the past...

Thanks in advance.

Lokolo_2

Beatoff wrote: »

Ta for the reply, I appreciate it. I have paid off all outstanding debts and have this money left. Please don't misunderstand, it's all I have left. I have a reasonable pension but will probably not be able to work again. I would obviously like my cash to give me a return but do not want anything too risky. I can afford to tie it up for up to 5 years or so.

Ahh well done, sounds like you are in a reasonable situation! So is the pension you have enough to live on? Otherwise it may be wise to set aside an emergency fund of a few grand in an Instant Access savings account.

The rest of what you have, for example £75k, I would put this into the Close Brothers 3yr fixed rate bond paying 5% interest, this is probably the best "safest" return you will get for your money and you'd only tie it up for 3 years.

Do you have an ISA? As your pension is still likely to make you a taxpayer, an ISA can provide a good source of tax free income, there is a 5% Skipton BS ISA which is fixed for 5 years, this ISA accepts tranfers in of previous years ISA and you can deposit up to £5100 into it this year and a further £5340 after April 6th :j

Lokolo_2

garym1 wrote: »

...can I open an ISA at Halifax (that allows transfers, unlike Barclays) with this years (2011/2012) allowance AND transfer one or both of my old Barclays ISA's to consolidate all in one new ISA?

YES you can do this, to combine the whole lot and also add to the ISA when we hit the new tax year on April 6th

garym1 wrote: »

APPROX EXAMPLE AND QUESTIONS
2009/10 ISA = £3600
2010/11 ISA = £5100

1) 2011/12 to use full allowance £5340 plus £3600 and £5100 all in one ISA??? Yes but there is a better option, see below

[STRIKE]2) Or just £5340 + £5100 from one ISA transferred?[/STRIKE]

[STRIKE]3) Or just £5340 and no transfer?[/STRIKE]

4) Or if it's option 3 then... can transfer be separate? Yes it can therefore can I transfer the £5100 existing ISA to Halifax AND THEN open a new £5340 at Barclays BOTH this year? Yes, see below

Sorry if that's over-complicated, but I've had poor advice in branch in the past...

Thanks in advance.

You can do ALL of the above options, however you would get the best interest by transfering BOTH your Barclays ISA's to Halifax one, AND opening a separate ISA for next tax years ISA allowance as the ISA's that only accept new money often offer higher rates of interest.

Hope that helps :j

poppyred

aaronmanz wrote: »

Ahh well done, sounds like you are in a reasonable situation! So is the pension you have enough to live on? Otherwise it may be wise to set aside an emergency fund of a few grand in an Instant Access savings account.

The rest of what you have, for example £75k, I would put this into the Close Brothers 3yr fixed rate bond paying 5% interest, this is probably the best "safest" return you will get for your money and you'd only tie it up for 3 years.

Do you have an ISA? As your pension is still likely to make you a taxpayer, an ISA can provide a good source of tax free income, there is a 5% Skipton BS ISA which is fixed for 5 years, this ISA accepts tranfers in of previous years ISA and you can deposit up to £5100 into it this year and a further £5340 after April 6th :j

I was told today by Skipton that it is unlikley that the 5% will be around for next year's allowence, so you may have to look elsewhere for tax year 2011/12 allowence as once withdrawn no further deposits will be allowed.

Lokolo_2

poppyred wrote: »

I was told today by Skipton that it is unlikley that the 5% will be around for next year's allowence, so you may have to look elsewhere for tax year 2011/12 allowence as once withdrawn no further deposits will be allowed.

Yes that is a fairly real possibility, as it is the market leading 5yr fixed rate ISA so when the demand is met then it'll be closed. I'm secretly hoping it will be around next tax year still as I'd like to put my next years allowance in there!

jetfighter

Sorry if this has been asked already at some point in the last 50+ pages! But anyway...

I have a 2010-2011 Halifax ISA which I want to leave where it is. I'm not going to pay anything else into it. It's just sitting there as a nest egg. I've already filled it up for this year and have no desire to transfer it, at least until a better rated "transfers in allowed" ISA comes up.

I'd like to open a new ISA for 2011-2012 with Santander as I'm a Santander customer, so can get this new snazzy 3.5% rate for customers (the tracker one Martin has just mentioned).

Do I have to wait until April 5th to open this new ISA for 2011-2012 or can I open it now?

KTF

You can open as many ISAs as you want but only pay into one each year. If you have paid into your Halifax one already and Santander doesnt ask for an initial opening deposit then it will be OK.

jetfighter

I tweeted the same question to Martin and he's told me to wait... ooh dilemma! I think I will hold my horses and wait if Mr Expert says so. I am not 100% sure why but will believe him anyway... might be to do with the standard £1 opening deposit.