Top Cash ISAs Discussion Area

Rouge

Ok i've got 3600 pounds saved up and i wanna put it all straight into a ISA to gain the full amount of interest.
At the moment i am with NS and I but their interest rate is only 5.8%.
Can anyone help me please so that i can sort out a new isa within the next couple of days?

JimmyTheWig

Rouge wrote: »

Ok i've got 3600 pounds saved up and i wanna put it all straight into a ISA to gain the full amount of interest.
At the moment i am with NS and I but their interest rate is only 5.8%.
Can anyone help me please so that i can sort out a new isa within the next couple of days?

Is this for the tax year just ending (limit £3000) or the tax year soon to start (in which case there's no rush)?

bristolleedsfan

Rouge wrote: »

Ok At the moment i am with NS and I but their interest rate is only 5.8%.
quote]


As from 6th April NS&I rate will "only" be 5.55%, with a newly reduced rate guarantee of 0.30% above Base Rate.

Rouge

JimmyTheWig wrote: »

Is this for the tax year just ending (limit £3000) or the tax year soon to start (in which case there's no rush)?

yeh its for the 2008/09 tax year. I wanna gain as much interest as possible. Also i only wanna go through the internet/telephone/mail only, no instore deals. Any ideas?

Rouge

thanks for that bristol, i won't be putting any more money there this year then.

Have you got any ideas for the new tax year?

Johnnn

Johnnn wrote: »

I plan to subscribe to the Barclays Tax Haven ISA for 08/09 tax year to get the best rate, but they do not allow transfers in of previous ISAs.

I intended therefore to transfer my previous A&L Direct Mini Cash ISA issue 2 into their new Direct ISA Issue 4 giving a 6.25% rate for tax year 08/09, but A & L's web page seems to be saying that you can only transfer in if you first open a new Direct ISA - ie for tax years 07/08 or 08/09.

Can anyone confirm this?

Thanks,

John

To answer my own question, A&L branch confirm that you do need to open a new ISA account, but only to transfer into. There is no obligation to contibute to an 08/09 ISA with them, and this can be done with another provider.

Does this seem correct?

John

Crabman

That's right John, I've just transferred an existing ISA into that account and there's no need to put any new money in

bristolleedsfan

Rouge wrote: »

Have you got any ideas for the new tax year?

If i was fixing my 2008/09 ISA allowance ( which i am) and didnt want to lump all my ISAs into a 9000.00 + fix ( which i dont) then I would go for Bradford and Bingley or Nationwide ISA Fixed Rate ISA

If i was wanting an instant access ISA then I would go for Barclays Bank Tax Haven ISA.

I shall wait and see if any higher fixed rates are launched before Monday.


Transferring out of NS&I, If it was me I would go for Nationwide or Halifax ( if i wanted a fixed rate) or Abbey if I wanted a variable rate as all these providers fully backdate interest on transfers in.

bristolleedsfan

NickyDee wrote: »

So can I just clarify,

My 2007 and all previous years' subscriptions are currently with the Kent Reliance Building Society. I can transfer this to Lloyds TSB Bank and provided I don't add any funds during the 2008 allowance, I can still open a new 2008 ISA with Barclays Bank?

If this is the case, can you continually move providers for your previous years' subscriptions?

Yes u can continually move providers for your previous years subscriptions.

Another option ( if u wish) is to put your 2008/09 ISA allowance into KRBS after 5th April and then transfer the lot immediately to LloydsTSB. ( by "immediately" i mean for you to give your instructions immediately)

Obviously if u want access to your 2008/09 ISA funds then your thoughts about Barclays Bank would appear to be a good idea IMO.

owen-b

I have a question about ISAs that may or may not have already been answered, but this thread is SO long, so I apologise in advance if it has.

I currently have two ISAs. This years (which ends this week) with Barclays (let's call this ISA 2), and last years with First Direct (which is my regular bank, and let's call this ISA 1)

My understanding is that when I open a new ISA (3), or continue to pay into my existing one (2) in the new financial year, I have a set limit you can pay into it in that year. This year it's £3000, next year it will be £3600. After I've paid that much in, I can't put any more in. The amount I have left available to pay in is calculated by subtracting what I've paid from £3000 (or £3600), NOT including the interest it has already accrued.

All right so far?

So, what's the deal with transferring ISAs, which I've seen talk of? Does that mean I can open a new ISA (3) with the best bank for the next year, but also transfer the contents of my existing ISAs (1 and 2) to new banks with better rates without affecting the amount I can pay into ISA 3?

Is this considered a good thing to do or is it easier to just leave my other ISAs where they are?

Is opening a NEW Barclays ISA recommended again this forthcoming year for the good interest rate, and what is recommended to do with a Barclays ISA that I already have, the interest rate on which is set to drop by 1% as per the small print now that the first year is up?

So many questions, hope you can clear this up for me!