Top Cash ISAs Discussion Area

leaphaze

LnM wrote: »

In early April I opened a then best buy ISA and paid in the max allowed. This ISA does not permit transfers in of old ISA money. I have older ISAs with different suppliers which now offer very little interest. Now of course other new ISAs have come along with good interest which do allow transfers in.
My question is:- Is it possible or legal to open a 2nd ISA in this tax year purely to tranfer old ISA money into? IE. No new savings, just transfers in?
Also, If I had invested less than the max in this tax year would that have made a difference?
I cannot find either situation covered in the ISA rules as published.
Any advice will be welcomed.
Thanks.

Yes, you can open a second ISA in order to transfer an old ISA, but you MUST use the transfer mechanism. What you cannot do is withdraw cash from an old ISA, then pay it into this year's ISA if you've already used up this year's allowance.

As far as the second question is concerned, once the tax year has gone, any unused ISA allowance has gone too.

BigDonut

goodwithmoney101 wrote: »

Hi, not sure where you live or work but if it has a Glasgow postcode you can get 4% from Glasgow Credit Union and they accept transfers-in. Link: glasgowcu.com/content.asp?section=198

Seems a very good rate.
Never heard of Credit union before. As far as I can tell the are FSA regulated and so seem to be a legitimate organisation offering an excellent rate.

DragonQ

http://glasgowcu.com/content.asp?section=198

4% instant-access transfers-allowed Cash ISA? Surely there must be a catch.

dollywops

Cash ISA Fixed Rate Bond
Issue 13 - maturity date 31st October 2013

With our limited offer Cash ISA Fixed Rate Bond*, you
can earn 4.00% tax free/AER until 31st October 2013.
*subject to availability

http://www.ybonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-fixed-rate-bond/

Have not seen this one mentioned (if it has I apologise).

Applied for this one today for myself, OH and DD.

[Deleted User]

DragonQ wrote: »

4% instant-access transfers-allowed Cash ISA? Surely there must be a catch.

This is only open to applicants who live in the Glasgow G postcode area.


http://glasgowcu.com/onlineform.asp?FormID=38

lilmissmup

This might seem like a stupid question.....

If I open an ISA now will I earn monthly tax free interest until April (when its paid) or a whole tax free years worth?

I have a good rate savings account with nearly £4k in, am not sure whether to keep boosting that until its at £5340 and then chuck it all in an ISA and if needs be apply for a another ISA in April which allows transfers in?

I know this sounds silly but not sure if its worth opening one now or waiting..... dont know why i get so confused!!!

10_66

lilmissmup wrote: »

If I open an ISA now will I earn monthly tax free interest until April (when its paid) or a whole tax free years worth?

If you open an ISA now you'll only start earning interest from now. If the terms and conditions of the ISA you open are that interest is paid in April, then you'd be earning interest from now until April. If you opened an ISA in, say, March 2012 and interest was due to be paid in April, you'd only earn interest from March 2012 to April 2012.

leaphaze

lilmissmup wrote: »

I have a good rate savings account with nearly £4k in, am not sure whether to keep boosting that until its at £5340 and then chuck it all in an ISA and if needs be apply for a another ISA in April which allows transfers in?

No, it's not a stupid question. You'll need to compare interest rates between your current savings a/c and your intended ISA a/c, remembering that you don't have tax deducted from the interest earned in the ISA. If you're not sure about this, post the details to this forum.

Interest rates seems to be getting slowly better so you need to keep an eye open for better deals. ISA rates in particular tend to go up before the tax year end (April), and then drop soon after.

hologram

Can someone advise me what the best account to open online is? I'm currently living out of the UK, but have all my bank accounts back there and my e-isa from nationwide is not particularly fabulous for interest.
I can't have a northern rock isa as they require paperwork sent to/from a UK address to open and this is not practical for me now.

black_taxi_2

if your funds are in a 1 year fixed term cash isa-building society--end of year the new rate is same or better

if you want to put full allowance in for next year---does the total fund get new rate

sorry if its a stupid question---im a beginner