Top Cash ISAs Discussion Area

innovate

Very sorry, but if you do not understand that article, cash ISAs are not for you. May be read it a few times?

innovate

rogertb wrote: »

Hi chaps, my Santander bonus ends shortly ... before I go into branch and ask for their best deal does anyone have any thoughts on whether to leave it with them or transfer - I need access (20k) ... many thanks Roger

Have you checked online?

You could do worse than checking out Kazza's ISA summary in post 1 of this thread https://forums.moneysavingexpert.com/discussion/401374

ekam88

innovate wrote: »

Very sorry, but if you do not understand that article, cash ISAs are not for you. May be read it a few times?

I do understand it; perhpas I am slightly fond of the hyperbole but I just wanted clarification on when the best time to start an ISA was. I want an ISA instead of a savings account as I want to save on paying tax on my money.

le_loup

ekam88 wrote: »

I just wanted clarification on when the best time to start an ISA was.

As soon as you want to start saving tax.

purplestar133

ekam88 wrote: »

I was wondering if somebody could help me please?! I am completely useless with anything pertaining to money; the mere mention of a number makes my brain fold in. So, any help would be greatly appreciated!

I have never set up an ISA before and was wondering what would be the best one for me to use if i'm wanting to set aside, say, £100 a month?? And I should mention here that I live in Northern Ireland.

Also, when is the best time to set up an ISA? I know they revolve around the tax year.

And lastly, if I have money in an ISA account for 1 year what exactly happens at the end of that year? Am I advised to take the money out of the account?

Sorry for all the questions. I did warn you I was useless in these matters. Thanks in advance.

ekam88 wrote: »

I do understand it; perhpas I am slightly fond of the hyperbole but I just wanted clarification on when the best time to start an ISA was. I want an ISA instead of a savings account as I want to save on paying tax on my money.

You need to decide what account you would prefer from this list https://forums.moneysavingexpert.com/discussion/401374 Different people require different things. Maybe you want branch access or aren't bothered, maybe you want an ISA without a bonus rate etc, so just decide which account suits you. As you're only putting in a small amount to start you need to look for one with a lower minimum deposit. All these details are listed in Kazza's list I've linked to so it should be easy to make a decision.

Instant access would probably be better for you as you are paying in each month. The alternative, fixed rate, usually only allows payments in for a short time after you open the account. There are also regular saver ISAs but they have more terms and conditions and I'm not sure if there's any in that list at the moment.

Open an ISA as soon as you have any money to put in it, the sooner the better. 'Headline' rates come out around the end of the tax year, but you can transfer into one of them at that time so you don't need to wait. As long as you choose one that allows transfers out without penalty (most variable rate/instant access do, but check terms and conditions) you can transfer to another ISA whenever you want. You don't necessarily have to wait a year until you open a fixed rate that you have to keep for a certain time period.

If you choose a variable rate ISA, you need to keep an eye on the interest rate and, when it drops (or when a better rate comes out) transfer out to another ISA.

You should never take money out of an ISA to put into another account - unless you need to spend it - because it loses its tax free status. You simply open a new ISA and fill in a transfer form with the new provider - they then transfer your money over from your old provider.

ekam88

Thanks purplestar133 that was really helpful, really appreciate it.

immy

Looking for some advice...i have a fixed rate + bonus cash isa opened March 2012, available to transfer out March/April 2013.
And i have approx 2k new cash to invest in a new ISA.

I haven't opened an ISA for this tax year 12/13 but looking at the rates, they dont look very attractive, low APR's etc....so should i wait till the new financial year 13/14 to open an ISA, or open ISA now, and then transfer once the new tax year starts?

Also, the cash ISA limit, does this apply to new money transferred in or only new money put in?

Consumerist

immy wrote: »

. . . I haven't opened an ISA for this tax year 12/13 but looking at the rates, they dont look very attractive, low APR's etc....so should i wait till the new financial year 13/14 to open an ISA, or open ISA now, and then transfer once the new tax year starts?

If you wait till the new financial year you will lose this year's (2012/13) allowance altogether. If you are likely to use all of next year's allowance then you would be better off to start an ISA this year to leave all of next year's allowance available to you.

Also, the cash ISA limit, does this apply to new money transferred in or only new money put in?

The annual allowance applies to new money paid in only. Transfers between ISA managers do not create a new ISA (it's an existing ISA being transferred) and so do not count towards that allowance.

ericpode

My M&S ISA 1 Year fixed rate bond issue 12 at 3.10% matures on 30th Jan 2013 so I'm looking to transfer it.

Currently the M&S Marks and Spencer 1 Year Fixed Rate ISA - 2.35% seems reasonable.

But will M&S allow me to transfer my existing M&S ISA to their new 1 year ISA ?

Edit: Apparently the 2.35% issue 17 rate is only available for applications received by 23rd Jan - so I guess it will be reducing after that.

Edit: OK I phoned them up and after half-an-hour on hold, they told me I would receive a renewal option letter 14 days before the end of the maturity date which would give me the option of transferring to their issue 17 rate, even though the maturity date was 30th (after the 23rd deadline).

afletcher30

Hi I recently purchased the M&S ISA as advised my MSE, having had £1500 sat in a no interest savings account for 6 months.

I have now unexpectedly needed to buy a car and therefore had to withdraw the money. They've told me there is a £50 withdrawal fee as highlighted in their Ts & Cs, which you receive after the sign up via post. I didn't read them (my bad) because if I'd have known I may have taken their 14 days cancellation option. I just assumed because it was an easy access ISA and I wanted to be able to get to the money in case of an emergency, that it would not be a problem as I have never been charged by any of my other ISA providers.

Just thought it may be worth MSE mentioning the little penalties in their appraisals