Top Cash ISAs Discussion Area

Consumerist

melbury wrote: »

. . . Trouble is now I will have to give my previous provider 30 days notice to transfer.

You don't normally have to give notice unless it's a notice account but you can ask on the transfer form for the new manager to delay the transfer until any notice period has expired or to transfer immediately if you accept any penalty charge the old manager may apply.

boobbby

Does the fact that I have opened an ISA account, albeit I haven't deposited anything into it, count as my ISA account for the 2014/2015 ISA year? No! as you have not deposited any money you can still open an ISA with another provider


Trouble is now I will have to give my previous provider 30 days notice to transfer. Why?


Santander keep sending me letters stating as I have opened an ISA with them this year then I cannot open another ISA. Wrong ! as I funded the FRISA with a transfer from previous years ISA's . Even their help desk claimed I could not open another ISA with another provider. Do these people get no training !

kelnel

I have 350k pounds that I just gained from selling a property. I need to put this into a cash isa that is accessible as I will be investing in another property when I find the right one.
This could take months or even up to a year. Is the 2.5% Nationwide isa the one to invest in and do I split the amount across various isa's to be safe against any banks going bust (I would only recieve 85k if the bank went under) and if I should split it across banks which ones should it be?
Thanks for any help!

Thrugelmir

With £350k to deposit. An ISA isn't going to full fill your requirements.

Archi_Bald

The max you can put into a cash ISA this financial year is £15K (though only £11,880 before July 1 2014). You only have the one allowance per FY.

The easiest place for full protection for the kind of money and requirements you have is an NS&I Direct Saver http://www.nsandi.com/savings-direct-saver

Twiggy_34

kelnel wrote: »

I have 350k pounds that I just gained from selling a property. I need to put this into a cash isa that is accessible as I will be investing in another property when I find the right one.
This could take months or even up to a year. Is the 2.5% Nationwide isa the one to invest in and do I split the amount across various isa's to be safe against any banks going bust (I would only recieve 85k if the bank went under) and if I should split it across banks which ones should it be?
Thanks for any help!

You can currently only invest £5940 in an ISA in this current financial year (rising to £15k in July) so I would personally be more interested in working out what your best savings options are for the remaining £335k - £344,060. Obviously if you are one half of a couple, your other half could also put the same amount into an ISA, but that would still leave £320k - £338,120 to put somewhere else. You may actually find that with that sum of money to put away you would be able to get yourself a much better interest rate (even after tax) in a normal savings account.

Archi_Bald

Twiggy_34 wrote: »

You may actually find that with that sum of money to put away you would be able to get yourself a much better interest rate (even after tax) in a normal savings account.

Much better than 2.5% net? Really? Which normal savings account would you suggest? And how safe would the money be in that account?

Twiggy_34

Archi_Bald wrote: »

Much better than 2.5% net? Really? Which normal savings account would you suggest? And how safe would the money be in that account?

To be honest I was referencing an article I read not so long ago which I thought was on here but can't currently find! This page might help though, it may require a bit of research and depend on your current bank and whether you want the hassle of changing banks and/or following the advice offered...

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Archi_Bald

Twiggy_34 wrote: »

To be honest I was referencing an article I read not so long ago which I thought was on here but can't currently find! This page might help though, it may require a bit of research and depend on your current bank and whether you want the hassle of changing banks and/or following the advice offered...

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Regular savings accounts have very low limits on how much you can deposit each month, so they are wholly inappropriate if somebody looks to dump £350K. Most of them are also not instant access, which is one of the stipulated requirements.

The article you might have in mind is the one that describes how you can get better interest in current (not savings) accounts than you can get in ISAs. The maximum you can put away that way is £44K, double that and add a bit if there's two of you. That's still nowhere near £350K, and the work involved (opening and managing 7 current accounts per person) is probably not justified if there is a chance that the entire money gets spend within a year.

In any case, if the £350K is available now, it needs a safe home now, and NS&I is the easiest.

DragonQ

Ugh, my 1.75% account will drop to 1.5% soon. Is there nothing better out there for ISAs that allow transfers?

Kinda out of options now, since Vantage is closing and I've already done Nationwide and TSB. Really want to avoid faffing around with Santander 123 (won't get much cashback, would have to open a Tesco savings account and move direct debits around once again).