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  • Wiggynut
    Wiggynut Posts: 1,039 Forumite
    500 Posts
    I've just taken up the HSBC eISA but I do still have an ISA with Nationwide which I keep meaning to close - I've had it for 3 years but there's only a £1 in there ! lol
    I was just wondering if I could still use it?
    I know that you can only OPEN one ISA a year (I think - I'm new to this :-)) or is it that you can only USE one ISA a year?
    Light bulb moment April 07: [strike]£3,655 [/strike] Oct 07: [strike]£2,220[/strike] now 0 - 3 years of Uni debt to be added at a later date :o:D
    now at Uni as a Mature student -update: now has a First Class BA!
  • trinidadone
    trinidadone Posts: 3,377 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    giger wrote: »
    Cheers Lee, strange how some threads can go so quiet!

    I have since discovered the Principality e-ISA so may explore this but will also follow up the one you have mentioned.

    OK, great, let us know who you join
    Trinidad - I have a number of needs. Don't shoot me down if i get something wrong!!
  • isofa
    isofa Posts: 6,091 Forumite
    Wiggynut wrote: »
    I've just taken up the HSBC eISA but I do still have an ISA with Nationwide which I keep meaning to close - I've had it for 3 years but there's only a £1 in there ! lol
    I was just wondering if I could still use it?
    I know that you can only OPEN one ISA a year (I think - I'm new to this :-)) or is it that you can only USE one ISA a year?

    You can add to any of your ISAs (providing they accept this), UP TO the £3600 allowance this tax year - a total across all cash ISAs you own (not £3600 per ISA account you have!). So if you've added £3000 to the HSBC eISA, you can add £600 to your Nationwide one, but no more.

    However if you'd added £3600 into any ISA (or opened a new one) this year, then you have used your allowance until the next year, regardless of how much your balance is in any one ISA account. The next tax year runs from 6th April 2009 - 5th April 2010.
  • Dramdog
    Dramdog Posts: 4 Newbie
    I am looking at th Abbey Super ISA 9.75% for 12 months plus an equal amount invested in their Gauranteed Growth Plan for 3.5 or 6 years. Does any body know anything about this offer as it seems too good to be true, is there a catch some where? I want to invest long term so please help I am confused.
  • Wiggynut
    Wiggynut Posts: 1,039 Forumite
    500 Posts
    isofa wrote: »
    You can add to any of your ISAs (providing they accept this), UP TO the £3600 allowance this tax year - a total across all cash ISAs you own (not £3600 per ISA account you have!). So if you've added £3000 to the HSBC eISA, you can add £600 to your Nationwide one, but no more.

    However if you'd added £3600 into any ISA (or opened a new one) this year, then you have used your allowance until the next year, regardless of how much your balance is in any one ISA account. The next tax year runs from 6th April 2009 - 5th April 2010.

    Thanks for the clarification.

    £3600 PER year.. so next year I could save a further £3600 in another ISA and still have this years £3600 safely tucked away.

    good to know... I have no idea if that will happen as I'll be a student but the theory is to try and save as much as I can in the ISA's then use work money to live on - hopefully won't have to work that much in final year and I can concentrate on getting a good degree :D
    Light bulb moment April 07: [strike]£3,655 [/strike] Oct 07: [strike]£2,220[/strike] now 0 - 3 years of Uni debt to be added at a later date :o:D
    now at Uni as a Mature student -update: now has a First Class BA!
  • ih8stress wrote: »
    Have decided to go with a variable ISA for the time being at least.

    Can anyone advise which one(s) are the best to consider?

    I have tried to follow various threads and understand that Barclays and Abbey are best to avoid (too much hassle setting them up) but that is as far as I have got.

    I'm currently trying to find out about the A & L at 6% and the Principality Fixed Rate ISA at 6.39%.

    Any advice would be really appreciated.

    I went for Barclaycard Instant Access Tax Haven ISA pays 6.25% AER on all balances from £1, yes I did need to make an appointment to see somebody and it did take some time get the account created, worse still you do not get statements by default and you can not view them online unless you have another Barclaycard account, if your prepared to contact them again after the account is created you can arrange for the statements to be sent via post as regularly as you like. Despite all that I am happy and I am getting a good interest rate.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    isofa wrote: »
    You can add to any of your ISAs (providing they accept this), UP TO the £3600 allowance this tax year - a total across all cash ISAs you own (not £3600 per ISA account you have!). So if you've added £3000 to the HSBC eISA, you can add £600 to your Nationwide one, but no more.
    Is this correct?

    I thought you could only pay into one ISA in any one year.

    (You can, of course, have as many open ISAs as you want, e.g. with previous year's balances in them, but only that you pay into.)
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Wiggynut wrote: »
    Thanks for the clarification.

    £3600 PER year.. so next year I could save a further £3600 in another ISA and still have this years £3600 safely tucked away.

    good to know... I have no idea if that will happen as I'll be a student but the theory is to try and save as much as I can in the ISA's then use work money to live on - hopefully won't have to work that much in final year and I can concentrate on getting a good degree :D
    You haven't said that you're going to do this, but one thing to watch out for is taking money out of your ISA.

    For example...
    You put £3000 in your ISA in month 1. (balance £3000)
    You take out £1000 from your ISA in month 2 as you've got exams and don't want to work that month. (balance £2000)
    You want to put £1600 in your ISA in month 3. (balance would be £3600)

    You can't do this. You can't put more than £3600 in in one year, regardless of how much you take out.
    In the above example you would have been better, with hindsight perhaps, to only put £2000 in your ISA in month 1 and the other £1000 in a seperate non-ISA savings account.
  • isofa
    isofa Posts: 6,091 Forumite
    Is this correct?

    I thought you could only pay into one ISA in any one year.

    (You can, of course, have as many open ISAs as you want, e.g. with previous year's balances in them, but only that you pay into.)

    I think you may be right - although as I've never explored adding differing amounts into different ISA I don't know for sure.
  • Wiggynut
    Wiggynut Posts: 1,039 Forumite
    500 Posts
    You haven't said that you're going to do this, but one thing to watch out for is taking money out of your ISA.

    For example...
    You put £3000 in your ISA in month 1. (balance £3000)
    You take out £1000 from your ISA in month 2 as you've got exams and don't want to work that month. (balance £2000)
    You want to put £1600 in your ISA in month 3. (balance would be £3600)

    You can't do this. You can't put more than £3600 in in one year, regardless of how much you take out.
    In the above example you would have been better, with hindsight perhaps, to only put £2000 in your ISA in month 1 and the other £1000 in a seperate non-ISA savings account.

    I know this bit... but that's why I want to use the ISA - I don't want to take money out - if I just had savings then it's easier to convince yourself you need something and spend it... if it's in an ISA I know that I can't put it back.
    I will have a savings account too for emergencies etc but I plan (:o ) to leave the ISA alone.. then if it is needed in the last year I'll have the option of using that.. it depends if I find good paying work in the summer before hand and have saved enough that way - just trying to give myself options.
    Light bulb moment April 07: [strike]£3,655 [/strike] Oct 07: [strike]£2,220[/strike] now 0 - 3 years of Uni debt to be added at a later date :o:D
    now at Uni as a Mature student -update: now has a First Class BA!
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