Top Cash ISAs Discussion Area

JustinEvs

Hi all,
I apologise in advance if this matter is covered elsewhere, but i have not found the answer.

I am considering cashing in some investments, and moving the money into savings with a view to paying off my mortgage in the next few years. Both my wife and i intend to use our full ISA allowances, and the remainder will attract tax on interest earned. Would it be illegal(or immoral(or Both!)) for our parents and other family members to open Cash ISA accounts in their names, with the sole intention of saving my money.

i appreciate that his opens up a whole new can of worms as regards trust etc.

gizzmo_2

Hi there - I have a question regarding the Barclays Bonus rate of 1% on the Cash ISA. Does this rate apply if you opened an account in April of last year? I opened an ISA account in April of last year and paid £3,000 into it immediately. That account is now 12 months old so does that mean the rate I am going to get is going to go down by 1% to 5.5%? i.e I shouldn't consider the Barclays account for my 2008/9 ISA allowance?
Thanks for your help.

Baldur

Last year's account was the 'Tax Beater', the rate of which may well have already dropped, depending on when you opened it.

This year's is a different product, the 'Tax Haven' - you can't transfer last year's funds, as it only accepts 'new money' but you could open it with this year's £3600 Cash ISA allowance.

forgery

Hi everybody! Fairly new to all of this so it may be a simple questions however I really don't know the answer and would highly appreciate any adivise. Here's my situation.

Last year I saved £2,500 in the barclays 6.5% ISA. I have now just opened the Tax Haven ISA with them and am about to move in some savings into that. So now the question is what do I do with last years £2,500?

I have the 6.5% main savings account mentioned on this website. (the one that starts with a K, cannot remember the name). And apparently the interest on last years ISA has gone down to 5.31% so where do I put my £2,500? Do I keep it in my old ISA earning 5.31% but tax free, or put it in my other bigger savings account to earn a taxed 6.5% (I already do have a few more thousand currently in the 'K' savings account, if that makes any difference).

Thanks in advance.

Forgery

arealhighlander

JustinEvs wrote: »

Hi all,
I apologise in advance if this matter is covered elsewhere, but i have not found the answer.

I am considering cashing in some investments, and moving the money into savings with a view to paying off my mortgage in the next few years. Both my wife and i intend to use our full ISA allowances, and the remainder will attract tax on interest earned. Would it be illegal(or immoral(or Both!)) for our parents and other family members to open Cash ISA accounts in their names, with the sole intention of saving my money.

i appreciate that his opens up a whole new can of worms as regards trust etc.

As far as I am aware it is not "illegal" but of course you would have to trust your family implicity because once the money goes in in their name it IS theirs! You would have absolutely NO claim over it if they did not want to hand it back to you

Baldur

Reply to 'forgery'

Personally, I'd transfer it to a better ISA provider, e.g. there are fixed rates of 1or 2 years at 6.15% currently available with Nationwide or variable rates of around 6.25% or so with Alliance & Leicester & Abbey - have a look at the main site 'Best ISA' article to check what's on offer & which providers accept transfers - you'll only have to complete their transfer form & they'll arrange the transfer directly with Barclays.

Baldur

arealhighlander wrote: »

As far as I am aware it is not "illegal"

It probably is - would be likely to constitute 'tax evasion'. Each application for a Cash ISA requires the applicant to declare that all subscriptions made, or to be made, belong to him/her. That declaration is there for a purpose....

MKUX3

what is the best rate (FIXED) for cash isa, hoping to open one in the next few days

i see B & B 6.25% FIXED (4 th issue)

is there any better than this one

exel1966

Your answer and a lot more here

forgery

op

Baldur wrote: »

Reply to 'forgery'

Personally, I'd transfer it to a better ISA provider, e.g. there are fixed rates of 1or 2 years at 6.15% currently available with Nationwide or variable rates of around 6.25% or so with Alliance & Leicester & Abbey - have a look at the main site 'Best ISA' article to check what's on offer & which providers accept transfers - you'll only have to complete their transfer form & they'll arrange the transfer directly with Barclays.

Ok, now I am confused, are suggesting not using the Barclays ISA at all? or can I transfer last years ISA into a different ISA for this year? As far as I was aware you could only pay in £3600 a year to an ISA full stop. But am I wrong? Are you to say I can have £3600 in my barclays ISA and then transfer last years ISA into a different one? Also is it actually possible to transfer from a Barclays ISA?

many thanks again, sorry for so many questions!

forgery