Top Cash ISAs Discussion Area

ejv

sly_dog_jonah wrote: »

I tend to keep the current subscription instant access). The highest interest instant access accounts generally don't allow transfers in so can only be used for new money.

The majority of my ISAs are in a 5% 5yr fix (30day penalty free access) and recent subscriptions are at 3.1% instant access.

Me & OH do the same, 3 year fixes with staggered maturity years...and keep current one instant;)

gunmaker

Scarpacci wrote: »

Many people have ISAs filled with contributions from a decade or so ago, if not longer. If you make sure to transfer it whenever the rate drops, you can keep earning a half decent rate of interest on it.


No, if you use the correct transfer process (ie. you do not withdraw the money yourself and add it to a new isa, but you use the transfer forms provided) then any previous years' transfers do not count as your ISA subscription in a new tax year.

This is a very important piece of advice. DON'T leave your money invested in an ISA that is earning a measly interest rate. If your ISA has a bonus interest rate for 12 months you MUST move it when the interest rate drops, otherwise you will earn little interest. Having to move ISA's every 12 months is a pain in the backside.

Consumerist

gunmaker wrote: »

Having to move ISA's every 12 months is a pain in the backside.

But not moving them is a pain in the wallet.

Lungboy

sly_dog_jonah wrote: »

The ISA rules only allow you to 'subscribe' (deposit new money) to one cash ISA per year, but you can open as many you like to transfer existing ISAs (even the current tax year's).

Does this mean i've made a big mistake? I have a year old ISA that I was going to transfer to a new ISA, but i've already paid into the old one in the new tax year. Am i now stuck with only being able to pay into the old ISA?

10_66

Lungboy wrote: »

Does this mean i've made a big mistake? I have a year old ISA that I was going to transfer to a new ISA, but i've already paid into the old one in the new tax year. Am i now stuck with only being able to pay into the old ISA?

It depends on the terms & conditions of the ISA you have. These days, most variable rate ISAs have bonuses that, typically, only last for 12 months and when the bonus drops off it, you get a rubbish bonus, hence we you need to transfer elsewhere. If it's a fixed rate ISA, then obviously, the rate remains the same until it matures, when again you'll need to transfer elsewhere (but usually with fixed rate accounts you can't add to them, so it's unlikely to be one of these that you have).

If you have put this year's subscription into an ISA that's now receiving a rubbish rate, providing its t&cs permit it, you can transfer it to another ISA of your choice. All you'd have to do is open a new ISA (that permits transfers in) complete the new ISA provider's transfer form and send it back to the new provider who'll do the transfer for you (you can't transfer it yourself).

Lungboy

10_66 wrote: »

It depends on the terms & conditions of the ISA you have. These days, most variable rate ISAs have bonuses that, typically, only last for 12 months and when the bonus drops off it, you get a rubbish bonus, hence we you need to transfer elsewhere. If it's a fixed rate ISA, then obviously, the rate remains the same until it matures, when again you'll need to transfer elsewhere (but usually with fixed rate accounts you can't add to them, so it's unlikely to be one of these that you have).

If you have put this year's subscription into an ISA that's now receiving a rubbish rate, providing its t&cs permit it, you can transfer it to another ISA of your choice. All you'd have to do is open a new ISA (that permits transfers in) complete the new ISA provider's transfer form and send it back to the new provider who'll do the transfer for you (you can't transfer it yourself).

I only put a small bit of money into the ISA as I pay in as and when I can, so I still have most of my allowance left. Do I have to keep paying into this ISA now that I have put some of my 12/13 allowance in?

Consumerist

Lungboy wrote: »

I only put a small bit of money into the ISA as I pay in as and when I can, so I still have most of my allowance left. Do I have to keep paying into this ISA now that I have put some of my 12/13 allowance in?

Not sure how you could have already paid into 2012/13 ISA at this stage (Saturday?). You could only contribute to the 2012/13 ISA from 6 April but there has been a bank holiday since then until tomorrow (Tuesday).

It seems likely you have only contributed to your 2011/12 ISA so far. If, however, you do add further money to that ISA account, it will become your current-year (2012/13) ISA.

Before going further, could you confirm that you have not paid into your ISA since 5 April.

sly_dog_jonah

Lungboy wrote: »

I only put a small bit of money into the ISA as I pay in as and when I can, so I still have most of my allowance left. Do I have to keep paying into this ISA now that I have put some of my 12/13 allowance in?

When you transfer a current year ISA any remaining allowance is carried over allowing you to continue topping up the ISA for the rest of the tax year until the allowance is all used up. The old provider tells the new one how much you've deposited this year. Any closing interest won't count towards your allowance.

Lungboy

Consumerist wrote: »

Not sure how you could have already paid into 2012/13 ISA at this stage (Saturday?). You could only contribute to the 2012/13 ISA from 6 April but there has been a bank holiday since then until tomorrow (Tuesday).

It seems likely you have only contributed to your 2011/12 ISA so far. If, however, you do add further money to that ISA account, it will become your current-year (2012/13) ISA.

Before going further, could you confirm that you have not paid into your ISA since 5 April.

I paid in online on the 6th. I assume that would have gone through at midnight just gone.

bugbyte_2

BM 4.05 2yr fix

Quick question - I tried to 'phone them but they were engaged so thought I would ask here.

If I opened this account and transferred in last years allocation, could I top it up in November with this years allocation when by regular savers matures?

If not, because I have not put in any new money, can I open another ISA in Nov?

Thanks in advance, Bugbyte.