Top Cash ISAs Discussion Area

10_66

cariad84 wrote: »

On the Mini ISA page, Martin says "Only one mini-cash ISA per year. You can only have a Mini Cash ISA with one provider in any tax year – you can't split it. However you can hold cash-ISAs from different years with different providers."

Does that mean I could open one before April 5th, open another after April 6th and contribute to both during the next tax year?

Thanks for the clarification!

You can open one this tax year (07/08) and contribute up to £3,000. You can then open another in the next tax year (08/09) and contribute up to £3,600. However, if you don't contribute the full £3,000 in this year's ISA, you can't add to it after the end of this tax year.

jonny1664

TO anyone who opened a Barclays Tax haven ISA online how long did it take for the ISA to be created and does it just appear on line or does something drop through the letter box?

Meggymay

Hi Husband and I both have isa which were taken out from the start. Also both have toisa accounts. Can anyone advise on the offer from Lloyds TSB of fixed rate of 6.5% for one year on transfer ins. Just caught the end of Martin's television spot this morning when he said not to put more than £35,000 in any one bank - does this apply to isas also

lisyloo

he said not to put more than £35,000 in any one bank - does this apply to isas also

Yes.
If the bank goes bust you are only covered up to a certain amount.
Previously i would have said that chances of a UK bank going bust were negligeable but post Northern Rock and Bear Stearns then I think it's best to follow Martins advice as we live in interesting times.

King_Weasel

A quick supplement on the £35K limit (which probably belongs elsewhere too, as some topics overlap):

I've heard the limit relates to a "Banking Licence", whatever that may be. The point is, as I understand it, that the £35K limit relates to the holding company, not the individual provider. For example, HSBC and First Direct effectively share the same Licence, so to be fully protected you should not have more than £35K IN TOTAL in deposits with these two banks. (And presumably you should include non-ISA cash too, though I'm only guessing on this.)

No doubt there are many other examples, though Mutual Building Societies I presume do not have these ownership structures.

foxmeister

My wife and I have just completed online applications for a mini cash ISA each with Alliance & Leicester.
We have £3k each to invest straight away.
My question is can we still pay into the accounts each month or is £3k the limit?
Thank you,
Foxy.

lisyloo

Hello Foxy,

For the tax year April 2007 - April 2008 the limit is £3000.
For the tax year April 2008 - April 2009 the limit is £3600

So if I were you I would get your money in the ISA in the next 3 weeks and use the 2007/2008 limit leaving the other limit still available.
I think the new tax years starts on 5th April. I'm not precisely sure of the date but as that's a Saturday it doesn't make much difference. Your money will need to be in by April 4th.

You can certainly pay monthly if you chose as long as you don't exceed the limits.

kateo

OK - this is probably a really obvious question., but what happens to the money in the isa, when the tax year finishes - does it still continue to get interest.

The reason I ask is had a nationwide isa passbook updated yesterday. I hadn' put any xtramoney into it llast year - but it had earned no interest.

kate

GoodRiddance

kateo wrote: »

OK - this is probably a really obvious question., but what happens to the money in the isa, when the tax year finishes - does it still continue to get interest.

The reason I ask is had a nationwide isa passbook updated yesterday. I hadn' put any xtramoney into it llast year - but it had earned no interest.

kate

Yes, as long as there is money in the account interest is calculated daily. If you get your passbook updated on 6th April the interest should be shown. The interest is normally added at the end of each financial year.

QT2006

cariad84 wrote: »

On the Mini ISA page, Martin says "Only one mini-cash ISA per year. You can only have a Mini Cash ISA with one provider in any tax year – you can't split it. However you can hold cash-ISAs from different years with different providers."

Does that mean I could open one before April 5th, open another after April 6th and contribute to both during the next tax year?

Thanks for the clarification!

I currently have a Abbey ISA and have saved the maximum £3000 for this year, do this mean that next financial year I can open a ISA with lets says A&L save up to £3000 and also save £3000 in Abbey. Basically can you ever have more than one mini-case ISA....