Top Cash ISAs Discussion Area

Consumerist

ejv wrote: »

Thanx Consumerist...
What I wanted to know was---- would any provider allow to deposit the money entirely online, if you do not have a bank account with them? (I've done all my ISAs by walking to banks and giving the cheque)

Not always online. Some managers require a postal application and/or management by post. You don't need to have any other account with the institution unless specified as a condition of having the ISA. Nationwide, for example, requires you to have a Flex account before you can open their best-rate ISA but this is not usual elsewhere.

Edit
If you are new to the bank they can usually check your ID electronically but if they can't then they may ask you to send them further proof of ID before openeing the ISA (Anti money-laundering regulations require this).

leaphaze

ejv wrote: »

Thanx Consumerist...
What I wanted to know was---- would any provider allow to deposit the money entirely online, if you do not have a bank account with them? (I've done all my ISAs by walking to banks and giving the cheque)

Further to Consumerist's reply above, usually if the ISA can be managed online, then this will include deposits in and payments out of the ISA.

[Deleted User]

Consumerist wrote: »

Hi Deleted_User and welcome to the forum.

Yes, that is correct. It is a common feature of fixed-rate ISAs.

Looking at the other fixed rate ISA's I may then go with Lloyds as they offer a 2 year fix @ 3.7% and allow additional deposits, as i'm reluctant to take out the halifax one then have to start a new isa on the following year as i wont be able to add to it

alternate

That is how I understand it. Any transfer + opening balance is the total amount for the fixed term. You would open a new account next year for that years allowance.

Deleted_User wrote: »

Was looking through the best rates at the moment, and noticed the great fixed rate Halifax are offering, but just wanted to get clarification of something just in case i read it wrong.

With the Halifax fixed rate 3yrs @ 4.25% or 2yrs @ 3.7%, although great fixed rates, once you have made your initial deposit, no further deposits are permitted for the life of the fix, this would mean next year starting a new ISA, or have i read it wrong ? so for example, you transfer say £10,000 from a previous ISA to open the account, then deposit £5640 for this year’s allowance, then your balance remains at £15640 for the remainder of the term apart from the interest accrued as next april you will not be permitted to deposit a further £5640. is that right ? my other choice would be Lloyds 2yr fix @ 3.7% purely because it appears to state that you can make additonal deposits.

I think interest rates will start to move in 2-3 yrs so looking to get the most interest over that period and dont mind fixing.

thanks in advance for any advise.

gunmaker

Deleted_User wrote: »

Looking at the other fixed rate ISA's I may then go with Lloyds as they offer a 2 year fix @ 3.7% and allow additional deposits, as i'm reluctant to take out the halifax one then have to start a new isa on the following year as i wont be able to add to it

You can currently get 4% from Santander for a two year fixed rate ISA, with an added 0.1% bonus should Rory McIlroy win a major golf competition during the two year period.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237908316644&empr=Abbeycom&launch=NO&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

zoglet

Have previous years cash isa funds to find a new home for. Have existing nationwide isa and santander isa cash from 2011/2012. I have a nationwide current account so was looking at withdrawing nationwide isa or santander isa money to put into the new 4.25% nationwide isa (its not accepting transfers) hence withdrawing. Then would transfer the other existing isa money into santander 3.3%. The money I withdraw and put in the 4.25% nationwide isa is just below the £5640 so I know can only put in up to the allowance, I'm not going to have additional funds over the £5640 limit to put in this tax year. Question is can I do this? Have not used any of my 2012/2013 limit so far this tax year.

leaphaze

zoglet wrote: »

Have previous years cash isa funds to find a new home for. Have existing nationwide isa and santander isa cash from 2011/2012. I have a nationwide current account so was looking at withdrawing nationwide isa or santander isa money to put into the new 4.25% nationwide isa (its not accepting transfers) hence withdrawing. Then would transfer the other existing isa money into santander 3.3%. The money I withdraw and put in the 4.25% nationwide isa is just below the £5640 so I know can only put in up to the allowance, I'm not going to have additional funds over the £5640 limit to put in this tax year. Question is can I do this? Have not used any of my 2012/2013 limit so far this tax year.

Yes, the rules allow you to do this. Since you're sure you're not going to have any extra funds to put into your 2012/2013 ISA, it makes financial sense as well.

I'm looking at this 4.25% Nationwide ISA too, however there are two questions to be answered before I go ahead:

1. T & C say "Maximum 1 account holder", whereas we have a joint a/c; does that prevent us from applying or just mean only one of us can apply?
2. Branch-based only, which is OK for applying, but if I have to travel 18 miles each time I deposit or withdraw, it's a going to be a right pain and probably not worth the extra interest.

We'll be going into the local branch this morning to get some answers.

hollie.weimeraner

leaphaze wrote: »

I'm looking at this 4.25% Nationwide ISA too, however there are two questions to be answered before I go ahead:

1. T & C say "Maximum 1 account holder", whereas we have a joint a/c; does that prevent us from applying or just mean only one of us can apply?

We'll be going into the local branch this morning to get some answers.

Been into NW Sheffield this morning and opened 2 ISA's for both me and my wife no problems. (We have a joint Flex account)

leaphaze

hollie.weimeraner wrote: »

Been into NW Sheffield this morning and opened 2 ISA's for both me and my wife no problems. (We have a joint Flex account)

Yes that's what we had confirmed, so I'm confused as to what "Maximum 1 account holder" means, unless it means that if you have a joint account you can't open a joint ISA!

Also discovered that this is a book-based account; you can pay in online, but for withdrawls you have to take the book to the branch.

gunmaker

leaphaze wrote: »

Yes that's what we had confirmed, so I'm confused as to what "Maximum 1 account holder" means, unless it means that if you have a joint account you can't open a joint ISA!

Also discovered that this is a book-based account; you can pay in online, but for withdrawls you have to take the book to the branch.

The answer is in the name of the account. Individual Savings Account.

They can only be held by individuals, not in joint names.