Top Cash ISAs Discussion Area

Baldur

1. They should reject any amount in excess of your allowance.

2. It may not be a 'physical' new ISA, as the funds will be added to the existing account, but will prevent you from opening & subscribing to a new Cash ISA with a different provider.

3. No, you are not right - you can transfer a Cash ISA at any time - just choose a new provider, complete their transfer form and they will arrange the transfer. You cannot arrange the transfer yourself.

johnnyquest

Thanks very much Baldur. Time to go looking for a better rate I think.

Baldur

johnnyquest wrote: »

Thanks very much Baldur. Time to go looking for a better rate I think.

Ensure that your chosen new provider accepts inward transfers, as some do not.

CompletelyLost

Can anyone with a Birmingham Midshires ISA tell me whether you get online banking with it?

Stompa

CompletelyLost wrote: »

Can anyone with a Birmingham Midshires ISA tell me whether you get online banking with it?

The only Cash ISA's I can see on their website right now appear to be listed under 'Postal savings'.

Baldur

I've certainly never had online banking when I held Cash ISAs with them in the past.

leaphaze

johnnyquest wrote: »

what would happen if I made a deposit of say £2900, reaching the £3600 allowance and then some (too much) to take into account interest?

I did this many years ago paying into my wife's Smile ISA instead of mine. I'd sent up a Payment method on my bank account a year before and mis-labelled it. Opps. What happened is that Smile sent the excess above the limit back down the same route. So the first I know about it was when this large amount suddenly appeared back in my bank account. I assume all institutions would be the same.

reyn_2

My wife and I have several years of cash isa's with Smile, their rates are now pretty low and I want to transfer to someone like Principality BS.
Do I have to go through the accounts and remove all the interest that has accrued over the years before transferring and put that interest somewhere else.
Smile make this really easy by only showing one years isa statement online.
I presume that at the moment the interest is in the isa account and also earns interest tax free while it is in that account and I will lose this when I transfer.
Would someone please take the time to explain how this isa interest and transferring works.
Thank you
Frank

Baldur

reyn wrote: »

Do I have to go through the accounts and remove all the interest that has accrued over the years before transferring and put that interest somewhere else.

No, the interest remaining tax-free 'ad infinitum' in a Cash ISA account is the main reason for having Cash ISAs.

Smile make this really easy by only showing one years isa statement online.
I presume that at the moment the interest is in the isa account and also earns interest tax free while it is in that account and I will lose this when I transfer.

Complete your chosen new provider's transfer form & they will arrange the transfer. Smile will transfer all of your funds to the new provider, including any accrued interest to the date of the closure of their account.

john688

What is currently the best fixed rate ISA? And with Who?
Thanks