Top Cash ISAs Discussion Area

DragonQ

Depends how long-term you're thinking I guess.

maxinterest

I was thinking of doing an ISA transfer to the Virgin 3% 5 year one and it says you can add cash to it but only for the 1st 30 days after apening it.

Now I've already put this years £5760 allowance into my current ISA so I would like to add £5760 into the new ISA but obviously I cant do this until the new tax year starts, so when can I open the new Virgin ISA?

I assume sometime in March but when does the new tax year start, is it 1st April or the 6th (like I think it used to be) ??

Can anyone advise?

Thanks

Archi_Bald

UK tax years start April 6.

Your cash ISA allowance for 2014-15 will be £5,940.

maxinterest

OK, thanks for that, I wasn't sure and I didn't know that the allowance has increased for 2014-15 thats good news then.

So I need to do it about 10th March then,

cheers, I will make a note of this date for the new ISA.

DesG

Just check that with Virgin you can add next years allowance in to the product taken out in the current year. The Leeds BS 3.05% 5 yr one doesn't allow it.

Cheers, Des.

heloid

When did the good deals kick in last year? Poor showing so far so I'm hoping things improve in the next 30 days...

Consumerist

heloid wrote: »

. . . Poor showing so far so I'm hoping things improve in the next 30 days.

Not expecting any excitement this year, myself.

If there is any movement, I reckon it is likely to be aimed at last-minute ISAs using 2013/14 allowances. Looks a bit grim for the 2014/15 allowance.

molerat

Unless something good comes up (wishful thinking) I probably won't bother with ISAs this year, looking to open up another 123, MrsM does not pay tax so will probably put it in just her name, maybe another one at the end of the year as well. We have 12K of Santander 2yr 4% maturing in May and £32K of 2yr 3.1% maturing in Jan so a real dilemma with what to do with them, locking away for 5 years for a measly 3% does not appeal to us

Fellwalker

National Counties BS 2.1% AERFrom £1,000. Apply by online or by post. Transfers allowed.

From 28 February 2014, 10th Issue Fixed Rate Cash ISA is only available to existing NCBS Cash ISA customers.

Consumerist

molerat wrote: »

Unless something good comes up (wishful thinking) I probably won't bother with ISAs this year, looking to open up another 123, MrsM does not pay tax so will probably put it in just her name, maybe another one at the end of the year as well. We have 12K of Santander 2yr 4% maturing in May and £32K of 2yr 3.1% maturing in Jan so a real dilemma with what to do with them, locking away for 5 years for a measly 3% does not appeal to us

If you're likely to be a tax-payer in future years, it would be a pity to miss out on next year's ISA altogether. My game plan at the moment is to hold off contributing to an ISA in 2014/15 until around March 2015 and get what I can outside an ISA until then, if net return is better.

As for 5-year fixed ISAs, it can sometimes be worthwhile, if the rate offered is enough to cover the exit penalty, (recent 5-yr fixed had a pentalty of only 180 day's interst, some at 120 days) to subscribe with the intention of transferring after about 18 months if rates improve. The return can sometimes be better than instant-access ISAs.