Top Cash ISAs Discussion Area

Consumerist

Healthking wrote: »

Thanks Archi Bald. I have £12K in previous ISA and was thinking of adding another £6K for this year. I don't really want to have to keep tabs on several accounts so would really be looking to consolidate if this makes sense?

If you have the leeway in your Santander123 account, I would suggest keeping the £6K for the current year in there until near the end of the tax year so you can get a better rate until you put it into an ISA. There is always the remote chance that ISA rates might improve a little before April 2015.

casey_junior

I have a Santander fixed rate ISA maturing next month, the total should be about £15200, I was interested in the Coventry 5 year 2.3%, but this is not open to transfers. Why is this this as my total is below the annual limit? Can I get around this by applying with funds from a Santander 123 current a/c and then reinstating this with the maturing ISA?

boobbby

casey_junior wrote: »

I have a Santander fixed rate ISA maturing next month, the total should be about £15200, I was interested in the Coventry 5 year 2.3%, but this is not open to transfers. Why is this this as my total is below the annual limit? Can I get around this by applying with funds from a Santander 123 current a/c and then reinstating this with the maturing ISA?

Any amount can be transferred as well as the new provider accepts transfers. I always move my fund of over £50000 to who ever is giving the best rates. I notice for a 5 year isa Punjab are offering 2.7% and also allow transfers. You can then open another isa with this years allowance.

DonnaKebab

I have opened the Coventry 2.3% and received their letter today stating:
*rate is increasing to 2.4% from 1st July
*transfers from previous years ISA's are now accepted


This is only available within 14 calendar days of accepting application or while account is open to new investors, whichever is longer (and they wont contact you when it closes to new investors.)

casey_junior wrote: »

I have a Santander fixed rate ISA maturing next month, the total should be about £15200, I was interested in the Coventry 5 year 2.3%, but this is not open to transfers. Why is this this as my total is below the annual limit? Can I get around this by applying with funds from a Santander 123 current a/c and then reinstating this with the maturing ISA?

TinyDancer_2

My brother and I are thinking of getting a cash isa for each of us. I want to know can I put money in my cash isa throughout the year. Or do you put all the money in at the start of the cash isa year.

jimjames

TinyDancer wrote: »

My brother and I are thinking of getting a cash isa for each of us. I want to know can I put money in my cash isa throughout the year. Or do you put all the money in at the start of the cash isa year.

Put the money in when you have it. Unless you're getting a better rate outside an ISA but that then begs the question why you are taking that money out of the better rate.

Do you have sufficient money to make a cash ISA worthwhile?

TinyDancer_2

My brother has £2800 but I only have £500 savings .

jimjames

TinyDancer wrote: »

My brother has £2800 but I only have £500 savings .

In that case an ISA is almost certainly pointless when you can get 5% outside an ISA from a current account.

Consumerist

TinyDancer wrote: »

My brother and I are thinking of getting a cash isa for each of us. I want to know can I put money in my cash isa throughout the year. Or do you put all the money in at the start of the cash isa year.

To answer your question, fixed-term cash ISAs normally restrict the time you have to make deposits to a few weeks after the ISA has been opened but variable rate ISAs can be added to throughout the year but the rate is normally lower that fixed-term.

For the amounts you mention, I agree with jimjames that high-interest current accounts will get you a better return than cash ISAs will. Remember too, it is expected that from next April the first £1,000 pa of interest on ordinary savings accounts will be tax free anyway (£500 if you are a higher-rate taxpayer).

TinyDancer_2

Thank you for the advice everyone.