Top Cash ISAs Discussion Area

innovate

ejv wrote: »

Wouldn't that lose the ISA status and fetch only 2.4% after basic tax as Santander 123 is a current account?:think::huh:

No, I didn't mean to suggest anyone withdraws money from their ISA and puts it into the 123. As you say, that wouldn't be a smart move.

What I did mean is that you get 3% AER on a 2-year Santander ISA if you have a 123 current account (or 123 credit card). If you don't have a 123, you just get 2.8% AER in the 2-year ISA.

ejv

innovate wrote: »

No, I didn't mean to suggest anyone withdraws money from their ISA and puts it into the 123. As you say, that wouldn't be a smart move.

What I did mean is that you get 3% AER on a 2-year Santander ISA if you have a 123 current account (or 123 credit card). If you don't have a 123, you just get 2.8% AER in the 2-year ISA.

Hmm....well spotted innovate:T.I didn't find that inspite of having a 123 current account and a credit card:o They do have a window period(14 days) to transfer old ISAs. I have one at YBS maturing end of April.So should I delay my 2013-2014 remittance couple of weeks?

plunt

no sure if its been mentioned but cheshire has dropped their cash isa from 2.5% to 2.3%.

innovate

The BBA ISA transfer guidelines state that you have the right to stipulate a timescale for your ISA transfer.

Seems Santander have decided to ignore this since their current transfer form does not allow for "transfer not before...." information.

You might want to call them and ask whether you should delay your application, or whether you should just add a manual note to the transfer form. If you do the latter, make sure you do keep a copy of your instruction, and may be also obtain proof of delivery. I would do both in any case, and got a copy of my last transfer form once the local Branch had signed & stamped it.

ColdIron

innovate wrote: »

Seems Santander have decided to ignore this since their current transfer form does not allow for "transfer not before...." information.

They do, well sort of. It foxed me initially but in section 3 Declaration there are a couple of checkboxes on the right that look like holes for an old lever arch file. In one of them you can state not to transfer until maturity. You can't state the date but since you have given them all the instructions required it should be down to them

innovate

Ah yes, you are right, the tick box is still there. Need to get new glasses!

ColdIron

It's not obvious, I had to phone them up before it was pointed out to me. It's not the best of forms, it doesn't have Metro Bank in the list of providers so I'm going to have to print it off and scribble the name in rather than doing it online

jandrews_2

Well its come to that time of the year again and that time when i scramble about like a mad man trying to get the best rates wherever I can for all of my cash.

1) I opened a Flexdirect current account paying 5%, yes IM getting heavily taxed on it (45%) but its the BEST current account out there fee free AND its an additionla way of saving that amount of cash. Santander's Select account was very similar BUT there 5% stopped back at the start of the year. In fact, the Flexdirect account interest is now 80% funding the £10 monthly charge on my Santander Select account BUT its worth it as we get all the benefits that the Select account had to offer and we use them all so make a substantial saving using all of those benefits.

2) In addition I opened another Santander account, this time the 123 account, yes it has a £2 monthly fee BUT this should be outweighed by the cashback we make on all of the bills we will put through it. It also gives us access to their 123 only 2 Year cash ISA paying 3% or 3.1% if Rory wins another Major (he did last year which was nice). Both myself and my wife have opened a 2013/14 ISA already and have set up future dated payments to fund these accounts on day 1 of the new tax year. So this year is now all taken care of. Only annoyance of this is that the account does pay a great 3% interest but only on amounts upto 20k, anything above that get a big fat ZERO. Rather tedious seeing as how my current Santander Easy access savings account pays 3% with no balance limit. Thankfully that ends in June so using as much of that as I can and sticking EVERYTHING in their for now

3) I have also openend up a First Direct first account to take advantage of the 6%reg saver. Already have an 8% re g saver running with HSBC premiere and hop eto do the same again this year if they have something with a similar interest rate. Worht mentioing the funding of all of these accounts, ie with £1000 or £1500 is cyclicaal. so I fund each acount by paying each one in turn then it returns to the original account.....

4) Last year we opened another Santander ISA paying 3.9% (but increased to 4% when Rory one a major), That was again a 2 year one and threfore is still earning 4% for the next 12.5 months which is great. So no need to worry about this one until this time next year.

5) I have a 2 year fixed postal ISA (paying 3.7%), again with Santander which doesnt end until 1st June. Ive been told I cannot do anythign with this until the end date has passed (is that right?)and annoyingly, the current ISAs transfer in windows expires on the 30th May...very tedious. So think I have to hope they release something with a half decent rate that I can transfer in once its fixed period has ended.

I dont think I have missed antyhign but if anyone has any suggestions on the trasnfer of my soon to expire postal ISA I would be very grateful.

LAstly I do have a investment ISA which I LUCKILY (and it was just that) took out when FTSE was pretty low. Its one of those 30% return on investment after 5.5 years if FTSE is 1 point higher than it was on the day investment was made. It currently 1400 points higher, and the final 6 months averages out as well in case of any shock moves.

Now this isnt going to attract income tax and as only 10k was invested, it should have a capital gains tax bill either....but I was wondering anyones advice on this.

I THINK I cant move this money to a CASH ISA....so should I just leave it in the INvestment until it expires and hope for the best? What can I do with it after it expires?

Many thanks in advance for any comments that may or may not get passed.

louiseadav

Hi, sorry if this questions already been answered but I'm confused... I've just opened a Santander ISA for this years allowance. However I'm confused about what will happen if I set up a direct debit for regular saving for next year. If I do this, but then find a better deal, can I still open a new ISA next year if I've already paid into Santander? From internet research looks like I can but would have to transfer the whole Santander account; does that mean I'm limited to opening a new ISA that accepts transfers...?

thenudeone

louiseadav wrote: »

what will happen if I set up a direct debit for regular saving for next year. If I do this, but then find a better deal, can I still open a new ISA next year if I've already paid into Santander?

Once you have paid into the Santander ISA in the 13/14 tax year, the only way you can pay into another one is to stop paying any more and then transfer the Santander ISA (or at least all of the 13/14 contributions) into the new one using the formal transfer process. But the best deals sometimes only apply to new money and won 't allow transfers in. You won't be able to take advantage of them if you have already paid in to Santander that tax year.

However, the chances of a much better deal coming along later in the year are slim, IMO. I'd go for the best deal available in April and stick with it.