Top Cash ISAs Discussion Area

Sarahcat

Crabman wrote: »

Hi Sarah - if this is about the transfer from ING to A&L then there is no effect on your ISA allowance.

Are you sure the A&L account is open? When I applied for mine it was confirmed by email within a couple of days and I had my account number in the post together with a transfer form for me to send to my old provider.

If you've not yet received this info, try calling them (find a non rip-off number on www.saynoto0870.com ) for your account number or if you use online banking, log in and it should be visible there.

Hi Crabman,
I'm usually well informed about moving my money about but this is beginning to annoy me.
No I haven't appled yet for the A & L Direct ISA as it states that you should not have already contributed to another ISA in this tax year and of course I have with ING.
Do I still go ahead and sign up and then complete the Cash ISA Account Transfer form-which I have already downloaded-and send it to them?
I think my problem is that I want to transfer this year's ISA and of course they're really looking for new money!
Why don't they have the answers to these questions on line?
Thanks for all your help-I'm feeling particularly dim this week! S.

GoodRiddance

QT2006 wrote: »

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....

You can open a new ISA every year but only pay in to 1 ISA a year. So if you put £3600 in A&L in 08/09 thats your lot until the 09/10 financial year.

Your Abbey ISA willl remain open with £3000 plus interest from the 07/08 financial year

10_66

QT2006 wrote: »

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....

You can only contribute to one cash ISA in the current tax year. That can either be by adding to an existing ISA from a previous year, or by opening a new ISA.

QT2006

Thanks 10_66

Crabman

Sarahcat wrote: »

Hi Crabman,
I'm usually well informed about moving my money about but this is beginning to annoy me.
No I haven't appled yet for the A & L Direct ISA as it states that you should not have already contributed to another ISA in this tax year and of course I have with ING.
Do I still go ahead and sign up and then complete the Cash ISA Account Transfer form-which I have already downloaded-and send it to them?
I think my problem is that I want to transfer this year's ISA and of course they're really looking for new money!
Why don't they have the answers to these questions on line?
Thanks for all your help-I'm feeling particularly dim this week! S.

You can open as many ISA accounts as you like but can only pay money (subscribe) into one per tax year. When they say contribute, they refer to paying new money into an ISA.

You're transferring an existing ISA - your money is like a cake wrapped in cling film - ING have already wrapped it up for you, all they do is send it over to A&L. That cake & cling film analogy belongs to Martin btw!

What you need to do is apply for the Alliance & Leicester Direct ISA, then once you know the account number, fill out the transfer form and send it off to ING - they will then transfer the ISA balance into your Alliance & Leicester account.

FredaT

Hi there
Does anyone know anything about the Abbey's 10% ISA deal. I've arranged to talk to someone there next week but as I suspected it seems it's not a straightforward deal but some sort of combination of investment.

I am looking to invest my full ISA entitlement and just want the best rate somewhere safe. Any advice?

Apologies if this has been asked earlier but couldn't face trawling through all 9 pages.

Crabman

Hi FredaT - the Abbey 10% account relies on you investing in their "Guaranteed Growth Plan" (details here). E.g. if you deposited £3000 into their ISA, you'd have to invest £3000 or more into the "Guaranteed Growth Plan".

If that isn't for you, check out the Top Cash ISA Article as you could get up to 6.5% AER with Barclays (includes 1% bonus payable for first 12 months).

Sarahcat

Hi Crabman,
Thanks for the response-I'm back to blue because I'm feeling happier!
I'll get on to applying in the morning!
That cake analogy does answer almost every question doesn't it?!
Thanks for your patience. S.

English_Bob

Hi Crabman, Fread T and all,

Try the A+L Premier ISA Issue 2. You can qualify for this 10% ISA if you are accepted for a NEW premier current account. (Existing current account holders have to pay into an 'Investment Product')
i have just applied, and A+L say they are allowing me to open an ISA this tax year and next WITHOUT taking out an investment product.
Only thing is you have to pay £500 in per month to their premier currnt account. i have set up standing orders to pay in and then immediately out of this current account. a bit of a hassle, but if you can afford to move this money about, it's the best interest you can get from an ISA.

SEE T+C's:

2.1 You may only open an Account at the same time as and if:
2.1.1 You apply and are accepted for a Current Account provided that You do not currently hold or have held in the last three
months preceding Your Current Account application any Alliance & Leicester current account;
2.1.2 You hold an existing Current Account or a Premier Direct Current Account and apply for either a Legal & General or Credit
Suisse Investment product in a branch and invest at least £5,000 in that Investment product for at least 30 consecutive
days;


so as long as you don't currently hold an account with them, you can get the 10%

Bob

Meltdown_2

English_Bob wrote: »

Try the A+L Premier ISA Issue 2. You can qualify for this 10% ISA if you are accepted for a NEW premier current account. (Existing current account holders have to pay into an 'Investment Product')
i have just applied, and A+L say they are allowing me to open an ISA this tax year and next WITHOUT taking out an investment product.

It seems an incredible position for them to take, even if they are looking at it as a loss-leader.
Just how desperate are they?
And it clearly wouldn't endear them to existing customers.