Top Cash ISAs Discussion Area

blueberrypie

lea123e wrote: »

Yes Blueberrypie, this is what I meant! So thats ok then?

It would be legal - but as I said, it would also reduce your 2011/12 ISA allowance by that amount (and would make that particular ISA your ISA for 11/12), so it's not really advisable.

jicms

jicms wrote: »

I've abandoned my application with the intention of funding it after 6 April, as the site clearly states -

"Your opening balance will be at least £1
You haven't paid into a cash ISA in the current Tax year"

As they have my bank details from the current year's ISA I was concerned that if I stated I would be funding it with either £1 or £5340 they would debit my account immediately and take me over my allowance.

I've just been on the phone to Santander to ask whether I could open the ISA in readiness for 6 April. Fun trying to get through the options as option 9, to speak to an advisor, didn't work!

He was a nice friendly bloke but didn't know much. Had to keep putting me on hold to try and find out. Eventually told me the system would update tomorrow, 1st April which is when I can apply for the new tax year. He said the interest rate would be the same 3.3% or 3.5% for existing customers which he said I was. I had to tell him I didn't think I was because I don't hold a mortgage or current account, only an existing ISA.

Oh dear, so I'll fill in the form again for the third time tomorrow.

ieimimiai

Hi so i have been reading through and think i got it straight in my head but just want to check, i have just topped my ISA up for this year to reach the £5100, am i right in thinking i can set up and transfer this money now into a halifax ISA or do i have to wait till after the 6th to transfer and can i set up a Sandander one now ready to start paying into after the 6th? also as long as im only paying into one in the tax year 2011/2012 is it ok to still take money out of both in the same year if i needed to?

psychic_teabag

You can transfer your existing ISA any time you want - no need to synchronize it with the end of the tax year.

You can open a Santander one now, as long as you don't pay anything into it until after the 5th.

You can withdraw money from any of your instant-access cash ISAs any time you want - it's your money. It's only paying in that has restrictions.

ieimimiai

that greats thanks, therefore does that mean that during the year i could transfer both ISA's about for better interest rates if they should arise as long as i keep only paying into the same one once its moved about? if you move does the exsisting bank pay you interest up till that point of moving if this is correct?

Wings_of_Ambition

gallygirl wrote: »

You can OPEN as many ISA's as you like in any year - but only pay new money into one.

Can I just double-check that this is correct? I'm opening a Santander ISA for this tax-year, and filling it with new money before Apr 6th. I understand this account doesn't accept transfers from old ISAs.

I also have an old NS&I ISA, but the rate isn't great, so if the above quote is true, would I be able to open another ISA (one which does accept transfers) in this tax year, transfer all my NS&I funds over, and just leave it alone, making sure any new money NEXT tax year is only paid into my Santander?

Cheers

Wings

blueberrypie

ieimimiai wrote: »

that greats thanks, therefore does that mean that during the year i could transfer both ISA's about for better interest rates if they should arise as long as i keep only paying into the same one once its moved about? if you move does the exsisting bank pay you interest up till that point of moving if this is correct?

As long as you keep the current year's subscriptions (i.e. new money) together, you can transfer it around and add to it (up to the annual limit).

You can move previous years' subscriptions around however you want - as long as you always use the ISA transfer process, it will keep its tax-free status.

Interest will be paid up to the date of transfer. If you choose a fixed-rate ISA, there will probably be a penalty if you move the money early, but instant-access ISAs are fine for what you want to do.

blueberrypie

Wings_of_Ambition wrote: »

Can I just double-check that this is correct? I'm opening a Santander ISA for this tax-year, and filling it with new money before Apr 6th. I understand this account doesn't accept transfers from old ISAs.

I also have an old NS&I ISA, but the rate isn't great, so if the above quote is true, would I be able to open another ISA (one which does accept transfers) in this tax year, transfer all my NS&I funds over, and just leave it alone, making sure any new money NEXT tax year is only paid into my Santander?

Yes, that's correct.

Or you could open another ISA for your 11/12 allowance - you don't have to keep paying into the Santander one that you used for this year's allowance.

jicms

psychic_teabag wrote: »

You can open a Santander one now, as long as you don't pay anything into it until after the 5th.

As long as you open it after midnight tonight! (according to Santander)

jicms

Santander website:
"If you would like to apply in readiness for your 2011/12 cash ISA allowance the great news is you can apply online today. Please allow 5 working days after the 6th April to receive confirmation of your ISA. Once you have received your ISA details you will then be able to fund your new ISA account after 6th April making the most of your 2011/2012 cash ISA allowance."
I've just applied but will have to wait 10 days! Defeats the object of applying in advance.