Top Cash ISAs Discussion Area

Baldur

jools74 wrote: »

Ah, right, thank you Baldur, I thought that was the case Ive obv taken all all those 'use it or lose it' messages on MSE too literally!

The 'use it or lose it' massages refer to your annual ISA allowance - if you do not use your £3,600 Cash ISA allowance by 5th April, you lose it and, therefore, the potential to earn ongoing tax-free interest on that allowance for as long as ISAs (or any future scheme that may replace them) exist.

leaphaze

jools74 wrote: »

Apologies in advance if this is a dumb question, but how is the interest on most cash ISAs calculated, is it cumulative? In other words, if I open an ISA tomorrow and put say £3000 in, will I get 4% or whatever the rate offered is on April 8 or do you need to keep it in there for a longer period to earn the interest on it?

Some institutions have a fixed date for interest, some pay interest on the anniversary of account opening, so when the interest is paid depends on the institution; but however it's done, it's based on a daily rate as Baldur says.

stuartw101

I currently have £3,200 in my NS&I isa, and will put another £3,600 in before sunday. As i believe the rate is only 1.3% i want to transfer my money into a new provider. I was thinking the Natwest e-ISA @ 3.25% which accepts transfers in as i cant get the 3.5% as i don't have £10k. Although would i get the 3.5% rate once i reach the £10k, as i may put in another £3,600 for the 09/10 year.

Would this be my best move?

Miss-spent_2

I have £3600 to invest in a new isa and can fix for a year
I have £6700 in NS&I and could transfer and could fix for a year.
What is or where do I find best fixed rate?

Baldur

Miss-spent wrote: »

I have £3600 to invest in a new isa and can fix for a year
I have £6700 in NS&I and could transfer and could fix for a year.
What is or where do I find best fixed rate?

http://www.moneyfacts.co.uk/money/savings/7/fixed-rates-isa.aspx

http://www.moneysupermarket.com/savings/

LMac

Prob a stupid question, but its a quick one! I opened a Halifax ISA a few weeks ago. Can I just keep paying into it (£3600 from tomorrow) or do I need to fill out new application for this coming tax year?

KTF

You can keep paying in to it.

apt

Was pleasantly surprised that First Direct have kept the Regular Saver Cash ISA at 7% fixed for 2009-10. It looks the obvious choice for anyone willing to have a First Direct current account and who does not need access to the money during the year. It should be opened before 6 May to allow you to pay in the full £3,600 during this tax year. Anyone wanting the Principality 5% regular ISA should open it ASAP as the fixed rate expires on 5 April 2010.

System

I just tried to call Halifax and transfer some money into my ISA (for this tax year) over the phone. They said I can't make a payment over the phone.. I went onto the online Nationwide account to set up a single payment transfer and it's asking for a card reader machine to be used to complete the transaction - I don't have one of those and it will take a week to arrive in the post.

Is there another way I can make this payment without having to wait apart from going to Halifax with a cheque please?

KTF

The card readers are not unique to each bank so if you have another one or can borrow one then it will work.