Top Cash ISAs Discussion Area

bristolleedsfan

Bogof_Babe wrote: »

Does anyone know whether the main comparison sites are showing f'08-09 interest rates or still showing last year's? Many of the linked providers have things like "last updated 1st March" under the Cash ISA interest rate details. Or do the rates tend to overlap financial years, rather than being reviewed at the start of a new one?

Most rate changes occurred on 1st March 2008 following the last Base Rate decrease.

The only reason for further rate changes would be either following another Base Rate change or in the event a provider chose to launch a special ISA product with a high rate to attract ISA business.

Best buy table rates e.g moneyfacts are constantly updated.

http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

OwenMoney29

Hello,

Having read the article and having had an isa since mid-December, I understand that if you withdraw any money that can't be replaced. You still only have x amount of an allowance left to put in.

However, I was wondering that now the new financial year has started, am I able to withdraw last year's savings, or is it the case that if I withdraw the £3000+ the now I will only have the remaining £600 left to put in for this year. I have an instant access savings account I would like to put the money into, as I may be going back to further education this year and would like easy access to my savings.

bristolleedsfan

OwenMoney29 wrote: »

Hello,

Having read the article and having had an isa since mid-December, I understand that if you withdraw any money that can't be replaced. You still only have x amount of an allowance left to put in.

However, I was wondering that now the new financial year has started, am I able to withdraw last year's savings, or is it the case that if I withdraw the £3000+ the now I will only have the remaining £600 left to put in for this year. I have an instant access savings account I would like to put the money into, as I may be going back to further education this year and would like easy access to my savings.

The cant replace money withdrawn from an ISA only applies to the tax year that it was deposited in.

Everybody has a new allowance of 3600 for this tax year regardless of what they do with previous tax year allowances.

Floop1977

If I have an ISA with interest paid annually, which has been held longer than 12 months, and I choose to withdraw the funds after 18 months... will I lose my interest from the second year because I didn't wait for month 24?

Is there a hard and fast rule, or does it depend on the company.

Any help appreciated!

10_66

You will continue to earn interest on the funds that are in the ISA account until the funds are withdrawn. Depending on what product you have there may be penalties for withdrawing, or you may have to give notice (or both), you'd need to check the T&C's of the product information that was provided when you opened the account.

Bogof_Babe

OH and I have just opened Lloyds 1 Year Fixed Rate Cash ISAs @ 6.5% (by transferring balances over £9,000). Although I put this year's allocation into my NatWest ISA yesterday online, this was too good to miss so I have transferred my entire balance into the Lloyds one. I didn't know you could do that but apparently you can.

The point of this post is that the assistant in Lloyds reckons this product is likely to be pulled within a few days if not sooner, as it has been so overwhelmed with applications. So if anyone fancies this deal, do it sooner rather than later.

kiden

Hi

I followed a link from this site to the A&L to apply for an 07/08 ISA by the 3rd April as that was given as their deadline. I filled in the form and sat back thinking I'd got in in time.

I've just got off the phone from A&L and they tell me that they closed 07/08 on Monday 1st, and what I've actually got is an 08/09 ISA. Nothing on the application form made this clear, and nothing in the confirmation email (which they didn't send me til Sunday 6th) made this clear - just the mention of 'Issue 4' which I had (and still have) no way of associating with any particular year. They say there was something on the site, but the only thing I remember seeing was the bit about the 3rd.

I'm gutted - it seems I've permanently lost out on last year's tax free savings pot. Am I alone in this? Can anyone confirm how clear they made the Monday deadline?

shilts

Hi , can anyone please tell me whether there is a penalty for transferring funds from the Halifax Isa saver to the Lloyds tsb fixed rate Isa ? Also when the 1 year fixed term ends with Lloyds would i then be free to transfer out with no penalty , many thanks .

exel1966

Floop1977 wrote: »

If I have an ISA with interest paid annually, which has been held longer than 12 months, and I choose to withdraw the funds after 18 months... will I lose my interest from the second year because I didn't wait for month 24?

Is there a hard and fast rule, or does it depend on the company.

Any help appreciated!

Without stating which exact ISA you have your question is impossible to answer as they are many differences. Is yours a fixed term ? Does it have penalties ?

MOST ISA's accrue interest on a daily basis, therefore if you decide to withdraw/transfer mid point through a tax year you'll recieve interest up to that point.

exel1966

OwenMoney29 wrote: »

Hello,

Having read the article and having had an isa since mid-December, I understand that if you withdraw any money that can't be replaced. You still only have x amount of an allowance left to put in.

However, I was wondering that now the new financial year has started, am I able to withdraw last year's savings, or is it the case that if I withdraw the £3000+ the now I will only have the remaining £600 left to put in for this year. I have an instant access savings account I would like to put the money into, as I may be going back to further education this year and would like easy access to my savings.

You can withdraw the £3k and still deposit a further £3600 up until 5th April 2009 in your original ISA or a new one with another provider.
Why would you want to move it into a savings account though ? Does your ISA not give easy access ? Do you pay tax ? If you do, then leave it in the ISA.