Top Cash ISAs Discussion Area

adambrix

Am possibly being stupid here, but anyway:

I have an old barclays isa which i havent added to this tax year; it has now become rubbish and i want to move the money. My question is: if i transfer it before april 5, can i still put this years allowance into the new isa as well? and if so, does it have to be into this isa or could i start a separate one?

Thanks, Adam

KingL

Yes, you can transfer it somewhere else and then add this years allowance to it, but the funds need to get in inside the next 6 weeks. If you are unlucky with the transfer, you might find that it still hasn't been transferred in that time span ad you lose the opportunity to add to it.

Your safest bet is to pay this year's contribution into your rubbish barclays ISA and then transfer it somewhere else. Alternatively, you could start a brand new ISA with this years allowance and transfer the barclays one (where-ever) at your leisure.

If you choose a fixed rate ISA, you probably won't be able to add new funds/transfers to it later, but there's no harm in having two running at the same time.

leaphaze

tightwadman wrote: »

Just wanted to warn forum members about a new ISA offering from the Saffron Building Society offering an amazing 7%!! BUT read the small print..

You WONT get 7% on your full £3600 allowance as you are not allowed to deposit a lump sum. Its one of those con-job regular savings type accounts and I think the max amout a month you can put in is £300 - so you will get 7% on your first £300 but after that the interest declines month on month. I estimate you will actually get around half the advertised 7% on any amount you invest over one full year.

You cannot transfer any existing ISA in so again not a good feature.

Best ISA currently on offer is the Natwest at 3.51% - but there are often late offers and rest assured banks and building societies certainly do want us all to keep on depositing our money with them - so they can make money out of our money!

On the contrary I think this is an excellent deal for regular savers; not everyone has a lump sum to invest.

So where should someone with £300 per month to save put their money? In Natwest at an annual rate of 3.51%? This would give the regular saver around 1.7% after 12 months. Or maybe Saffron BS, giving the regular saver around 3.5% after 12 months.

Hmmm - not a difficult decision is it?

If I had a lump sum I'd take King Weasel's advice and open a high interest a/c to use as a feeder into Saffron BS.

SHEPS_2

I intend to open this account on 6th April for 09/10.
I have a ISA account (08/09) with Saffron already.
My query is, after opening this account on 6/4 and making regular contributions,can I TRANSFER my current ISA account to another ISA provider in 09/10 making NO contributions, keeping within the ISA regs?:rolleyes:

NoName

Totally new to the world of ISAs so couple of pieces of advice would be greatly appreciated if anyone can help. I received the weekly email mentioning 7% for a fixed rate which is immediately appealing, but aware other options may be more suitable for me. I am currently paying a £150 per month into a building society savings account for holidays etc I feel i could increase this to £200.

1. Balance is around £1000 - would I be best popping this into a cash ISA before this tax year ends? If so will I be able to easily access it?

2. to take advantage of the higher rate of interest on a fixed deal does it make sense to continue to save some money to the building society for holiday fund etc, but take a portion and pop it in a fixed ISA?

Thanks in advance!

jonbg

I have a Principality old ISA ammount of £5,500 at 6.3% which is maturing on 5th April 09 and also a Barclays 08/09 ISA ammount of £3,600 which is currently only paying 2.61% (I forgot that one was variable as it started out at over 6%!)

I'm happy to fix for a year I think but so far I'm thinking to put the lot in a standard life variable or M&S at 3% odd , see what happens over the coming months as there are no penalties for moving with the former.
Or possibly the Nat west at 3.51% if I add the difference to make it up to £10000 using my 09/10 allowance

Any better ideas?

NikkyWikky

Hi all,

I'm trying to do the maths for this. For the coming tax I need to invest 3600. Now is it worth investing it as a lump sum into my existing isa which is earnign roughly 3% or drip feed it into the 7% regular cash ISA. Heres my calculation:

Drip feed into 7% ISA - £135.09 interest (using Martins Regular saver calculator http://www.moneysavingexpert.com/savings/best-regular-savings-accounts. invest £300 per month)

Invest 3600 into existing ISA @ 3% - £108 (assuming interest rate stays the same)

So does this mean it better to save in the regular saver as you earn more interest and you also you dont need £3600 available to you at the start of the tax year.


Does this sound right? Correct me if i'm wrong.

Also is the 7% fixed?

Nik

Lokolo

That is correct, as long as rates stay that way.

mojam55

In Martin's email he says you can use your 09/10 ISA allowance with the Saffron BS 7% regular saver ISA. But on Saffron's website is says they require an a minimum opening balance of £25.

Does this clause not apply if you are using the following tax years allowance and start making payments from 6th April 2009?

Thanks

RussWWFC

That's what I came on this thread to find out. And also, I have £3600 ready to go (or will have in April)

Is it worth waiting, I also have a couple of other ISA's that I hope to transfer in if the rates are signifigantly better