Top Cash ISAs Discussion Area

leaphaze

Alex92 wrote: »

Just a quick question. When is best to open an ISA for the 13/14 season. April 6th? If interest is paid annually and I have to take into account the time it takes them to transfer my previous tax free funds, surely after like 4-5 years I will be having to open accounts in May or so? Correct me if I am wrong, but you cant have more than 1 ISA a year, but if I open an ISA on 6th April, it takes 3-4 days to complete the transfer from previous, thats 9-10th April, then next year I will have to open an account after the interest has been paid (9-10th April,) then wait for my transfer to complete again 13-14th April. Sorry, im probably explaining this terribly!

Hi Alex, you don't have to worry about waiting for the anniversary of opening the account before transferring out unless the terms and conditions say so (usually this is only an issue for a fixed period ISA). When you transfer out, your existing provider will calculate interest and transfer out the original sum plus interest.

Have fun!

innovate

Alex92 wrote: »

If interest is paid annually and I have to take into account the time it takes them to transfer my previous tax free funds, surely after like 4-5 years I will be having to open accounts in May or so?

Are you still hung up over the date providers normally pay interest? As explained in the other thread, when you transfer an instant access ISA, you will get interest, as per the applicable AER, right up to the date of transfer. And this gets added in full to your transfer balance.

If you are concerned about fixed term ISAs not expiring bang on the 5th of April, ready for transfer on the 6th, that's an entirely different matter. Many fixed term ISAs don't expire then, and it would generally be a very bad idea to transfer them on April 6th because of the penalties. However, again none of this has anything to do with the date the interest is normally paid.

innovate

Alex92 wrote: »

Interesting article from the Guardian I saw today.

The ISA rates you quote, and more, are all in Kazza's sticky - post 1 in https://forums.moneysavingexpert.com/discussion/401374

Alex92_2

innovate wrote: »

Are you still hung up over the date providers normally pay interest? As explained in the other thread, when you transfer an instant access ISA, you will get interest, as per the applicable AER, right up to the date of transfer. And this gets added in full to your transfer balance.

If you are concerned about fixed term ISAs not expiring bang on the 5th of April, ready for transfer on the 6th, that's an entirely different matter. Many fixed term ISAs don't expire then, and it would generally be a very bad idea to transfer them on April 6th because of the penalties. However, again none of this has anything to do with the date the interest is normally paid.

Yeah, I got it now. I made this post before I got a reply in the other one.

innovate

ah ok, fair dos

VfM4meplse

green1960 wrote: »

Had an email and text this morning to say the account has been opened and will receive a welcome pack in 5 days. I have not checked my Santander to see if the money has gone from there yet. It was Friday 25 when I posted forms.

It does seem to be a long and protracted process, but to be fair there has been lots of communication from Cheshire. I've just had an email to say that the money has gone through (and checked, the previous ISA a/c is now closed), it's taken 14 days in total.

suesie999

VfM4meplse wrote: »

It does seem to be a long and protracted process, but to be fair there has been lots of communication from Cheshire. I've just had an email to say that the money has gone through (and checked, the previous ISA a/c is now closed), it's taken 14 days in total.

I Have £55k in an instant cash ISA where the rate drops in march from 3.30% to 2%. Looked at First Direct but you have to open there current account to get this. Am i right the the cheshire ISA saver is the best for instanct cash ISA which will allow transfers in?:D

innovate

Opening a First Direct Current account is a doddle. You don't have to use it as a current account, you just need to have it.

If you put a bit of brain grease into it, they will even pay you £100 for opening that current account.

Plenty of threads about this current account, mainly in the context of their (temporarily unavailable) Regular Saver account.

VfM4meplse

suesie999 wrote: »

I Have £55k in an instant cash ISA where the rate drops in march from 3.30% to 2%. Looked at First Direct but you have to open there current account to get this. Am i right the the cheshire ISA saver is the best for instanct cash ISA which will allow transfers in?:D

OMG I gagged when I read this - given that I transferred my ISA out of FD because of the rate!

But then I didn't have a balance of over £40k to attract 3% . I have a succession maturing shortly so it might get me back there lol.

staceykb84

Hi, I'm newly moved to the UK to work and am very new to the saving system here. How exactly does the ISA work? Am I only able to save £5640 per year in an ISA or is anything over that taxed at the usual rate? If I was saving £1000 per month would anyone suggest opening two savings accounts so that after saving £5640 in the ISA the rest of my savings go into another account? Sorry if that sounds a bit stupid. Also at the end of the tax year I can continue saving into the same ISA another £5640?

Thanks for any help anyone can give me and sorry for the stupid questions