Top Cash ISAs Discussion Area

Prudent

I am really unclear about a point and wondering if someone can help please? I have had an Isa for TSB for a number of years now (formerly as LTSB). This year the fixed rate deal ended and I had to move onto a new deal at 2%. The account number on my ISA has remained the same.

I don't really want to pay more into the account this year as I also have three vantage accounts, two of the new classic plus accounts and a regular saver. Plus one of the vantage accounts is over the £5000 at times as it is my current account for my salary and bills. This leaves me very close to the £85,000 limit with my ISA included.

Am I allowed to open a new ISA elsewhere this year?

jimjames

You can open an ISA anywhere you want if you've not already opened one this year. You may prefer a better rate outside an ISA or want to look at S&S ISA if you already have a lot of cash.

innovate

You could also transfer any number of amounts to other cash ISA providers that allow transfers in. Obviously follow the formal transfer process.

For example, if you like the idea of the TSB ISA, you could fill in a Lloyds transfer form and transfer half of your TSB ISA to Lloyds. same T&Cs but different financial institution for FSCS purposes. Solves your £85K concerns.

Just only pay any new money only into one of the two.

Prudent

Thank you both That really helped me. I think I will keep the existing amount with TSB as there is a penalty now for withdrawal since moving onto the new rate. Additionally I shall look at the Coventry Fixed rate ISA for this year's deposit.

I have though about an S&S ISA as I do have really have too much in cash as I have savings accounts elsewhere too. I shall probably consider this next year as I have a fixed rate bond maturing and want a longer term home for that money. However I will give myself a week or two and read up on S&S isas before making a decision.

boobbby

innovate wrote: »

Santander FRISA doesn't allow additional deposits (after the exceptional additional deposits in July). However, if you just transfer an existing ISA into it and deposit no new money into the Santander one, there is no reason why you couldn't have both, the Santander and the Lloyds FRISA.

This does seem to be the best solution ..as I have in the past moved money into my Lloyds FRISA as various previous ISA's matured which means I am now exceeding the safety net. I wont add new money until March to the New Santander and Lloyds FRISA's and fund both only with transfers. For those with a number of accounts with different banks it is a good idea to open a small account with YBS (I think others also have this facility) as their money manager means just with one username and password you can check the balances of all accounts in most organisations. I have used it for years and saves so much time and trouble.

Archi_Bald

You don't need to use YBS to get access to account aggregation services. You can just use the native ewise service on https://www.ewise.com.au/accunity/aa/home.asp

boobbby

Archi_Bald wrote: »

You don't need to use YBS to get access to account aggregation services. You can just use the native ewise service on https://www.ewise.com.au/accunity/aa/home.asp

I am sure many people might find that information useful !

johncr

I see that Skipton have cut the rate on their 5 year fixed rate ISA, from today, down to 2.75% from 3%. Luckily I took out their ISA 10 days ago!!

leaphaze

Archi_Bald wrote: »

You don't need to use YBS to get access to account aggregation services. You can just use the native ewise service on https://www.ewise.com.au/accunity/aa/home.asp

Thanks for that.

I have 4 current a/c's with each have several direct debits (the things we do to earn some cash!). The downside is I have to log on to each a/c every morning to check the balance and ensure I haven't forgotten anything. I've now downloaded eWise and once set up, the process is much faster and simpler.

Brilliant!

Vortigern

leaphaze wrote: »

The downside is I have to log on to each a/c every morning to check the balance !

Every morning? A once per week mini statement by text message for each account should be sufficient.