Top Cash ISAs Discussion Area

ranciduk

Sorry I'm not explaining myself well

Ok

At te moment it is 1.65% for 2 yrs

When my fixed rate matures in April - I will need to refix it again

So when April comes, will the rate still be 1.65% - or is there a chance it may have gone down (or up! Ha!) again in the meantime

Consumerist

You will need to refer to the ISA's Ts&Cs to find the rate on the current ISA after it matures. It is likely to be near zero (< 0.5%) from maturity, in which case you will need to ask a new ISA manager to transfer the funds if you can get a better rate.

Referring to my earlier post, the bad news is that rates, in general, are likely to stay low or be lower until 2016. The best you can probably hope for is to get a better rate than you will get from your current ISA after maturity.

Not good news at all, I'm afraid, but that's the way I see it at the moment.

sassy1

If I opened an Isa with a transfer from a yr 11/12 isa, do I still have my full allowance for this year 13/14 and can therefore top it up with new money?

Archi_Bald

Transfers do not affect your annual allowance.

Allowance is only relevant to new deposits.

Consumerist

sassy1 wrote: »

If I opened an Isa with a transfer from a yr 11/12 isa, do I still have my full allowance for this year 13/14 and can therefore top it up with new money?

Don't forget to ask the new ISA manager to process the transfer. If you transfer the funds yourself they WILL count towards your 2013/14 allowance.

philman

Hi, a question about fixed term ISAs. I managed to get a 4 year fixed term Halifax ISA a couple of years ago (4.2%, unimaginable nowadays!). I didn't realise at the time that it locked down after 60 days and that I could no longer transfer any money into it. I transferred my previous ISA, and a few thousand pounds I had in my savings account at the time into it, but now I have more savings and wanted to transfer those in as well but it won't let me.

I thought the ISA limit was £5000ish a year, if I can no longer put this money into that ISA that I currently hold, is it possible to open another ISA to put my new savings into? Or will I have to keep it in a savings account until this ISA expires.

I know the law is that you can only have one ISA at a time, but if I can't transfer anything into it, does that still count?

Archi_Bald

philman wrote: »

is it possible to open another ISA to put my new savings into?

yes

philman wrote: »

Or will I have to keep it in a savings account until this ISA expires.[/no]

philman wrote: »

I know the law is that you can only have one ISA at a time,

the law is (broadly speaking) that you cannot deposit new funds into more than one ISA in the same financial year. You can open a new ISA each financial year, and make the full annual allowance deposit into it.

So over 20 years, you could in theory accumulate 20 ISAs. Though in reality you wouldn't do that because interest rates on the old ISAs will be carp, and you would be a lot better off with S&S ISAs if you keep your money locked away for more than 5 -7 years.

Consumerist

If you had wanted to open another ISA in the same tax year as your 4-year ISA was opened, that would not have been allowed under the ISA rules.

But you are into an entirely different tax year now so you have this year's allowance available to you to open a new ISA in this tax year.

There can be only one you can add cash to in any tax year but you can transfer it as many times as you like.

gunmaker

philman wrote: »

Hi, a question about fixed term ISAs. I managed to get a 4 year fixed term Halifax ISA a couple of years ago (4.2%, unimaginable nowadays!). I didn't realise at the time that it locked down after 60 days and that I could no longer transfer any money into it. I transferred my previous ISA, and a few thousand pounds I had in my savings account at the time into it, but now I have more savings and wanted to transfer those in as well but it won't let me.

I thought the ISA limit was £5000ish a year, if I can no longer put this money into that ISA that I currently hold, is it possible to open another ISA to put my new savings into? Or will I have to keep it in a savings account until this ISA expires.

I know the law is that you can only have one ISA at a time, but if I can't transfer anything into it, does that still count?

Normally providers don't allow additional funds to be invested in fixed rate ISAs.

takethemon

you can open an isa each tax year, so if you opened one a couple of years ago you could have opend another one at the beginning or during the following tax year beginning 5th april.
you can deposit £5750 in a cash isa now and if you've got the cash put more in after april 5th 2014.
you dont have to stay with the same provider either. just make sure you complete the appropriate paperwork if you decide to transfer.