Top Cash ISAs Discussion Area

nicolarichard

Hi, i have just cashed in my poorly performing endownment and made the 'allowed' 10% overpayment on my mortgage. I have £5500 remaining so i am thinking the best thing to do would be to put £3000 into an Isa now then the remaining £2500 after April. I will be needing the money from the 1st October this year (to pay on my mortgage when my current tie in ends) - so which Isa would be best - i am confused as to how the interest would work with the account only being opened for 6 months. Thanks in advance for any help.

David_Mee

Is Abbeys latest offering any good?

10% return but have to stick equal amount in their "Guaranteed Growth" plan??

catlou

Hi all

Are there any financial bods that can give me any advice as I have already phoned the bank and the tax office saving helpline and they gave me conflicting answers!??

Basically I have a stocks and shares ISA with Norwich Union and am a bit worried with all this credit crunch/recession talk that it's going to lose more off it's value it's already lost 10% since before xmas......

Anyway is it possible to transfer the whole amount to my mini cash ISA (as it's already in a type of ISA) so I don't lose my tax benefits or do I have to close it and put in £3600 each year and therefore stick the rest in an account that I would have to pay tax on? Just seems a bit unfair if that's the case!!

Cheers in advance for any help.

Katey_Dog

My husband and I both followed your advice last year, and went to our local Barclays branch to take out cash ISAs.
We paid by cheque, and despite assurances that the ISAs would date from the day we handed over our cheques this proved not to be the case.
My cheque was written on April 18th, cleared from my bank account on 15th May, and the ISA 'opened' on the 11th May. So my £3,000, transfered from a saving account, sat in my current account for three weeks earning lower rates of interest than previously.
My husband's delivered his cheque on 23rd April, and his account opened on the 16th May.
So expect delays.
Secondly, now that the year is nearly up we have received letters telling us that the rate will go down to their "normal rate" at the end of the year i.e. 4.6%. We cannot transfer to the 'new' cash ISA. Obviously we will transfer out, but no doubt there will be delays at this end too, and we shall have to time the transfer to ensure we receive the 'bonus' 1%.
We shall not invest with Barclays again.
"A sprat to catch a mackerel" comes to mind!

grahamball

saw an advert in Daily Mail on 2nd March - Lloyds TSB fixed rate cash ISA at 6.5%. You need to be able to transfer and pay in £9000, but on the surface looks good.

Amyea

Hi

I've got £3000 in an ING Direct ISA. I want to transfer it to Barcleys new ISA because it pays so well but Barcleys don't accept transfers in. What do i do? Leave my money in ING? Open a new ISA with Barcleys, wait for ING to mature and close the account? or something else?

Thanks

Amy

bristolleedsfan

Amyea wrote: »

Hi

I've got £3000 in an ING Direct ISA. I want to transfer it to Barcleys new ISA because it pays so well but Barcleys don't accept transfers in. What do i do? Leave my money in ING? Open a new ISA with Barcleys, wait for ING to mature and close the account? or something else?

Thanks

Amy

Depends if u have additional money to put into an ISA next tax year.
( assuming ING ISA u speak about is this years ISA allowance) If yes then open a Barclays ISA next tax year with new money.

Heres current top paying ISAS that accept transfers in.

+ Nationwide 6.15% ( One or Two Year Fix) ( no loss of interest incurred while cheque is in post and being processed) :j

http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

Abbey and Saffron both backdate interest on ISA transfer "ins" same as Nationwide.

If u have no new money to put into a new ISA in 2008/09 tax year and u really want a Barclays ISA for 12 Months then u would have to close existing ISA and open new ISA next tax year. ( personally if i was u i would transfer to a fixed rate ISA as long as u dont need access to it in the short term because variable savings rates are tipped to fall further during 2008.)

LADY_A

Can anyone explain why, when you go through moneysupermarket.com and go on the link to open a Barclays 6.5% Tax Haven cash Isa,it says you have to be a current account holder,is this right???

avala202

Sorry if I seem ignorant about ISA's ( that's because I am ) but can I take out a cash ISA in my granddaughters name. She is 11 years old.

bristolleedsfan

avala202 wrote: »

Sorry if I seem ignorant about ISA's ( that's because I am ) but can I take out a cash ISA in my granddaughters name. She is 11 years old.

Min age 16, because children can register for Gross Interest anyway.;)

http://www.moneyfacts.co.uk/savings/bestbuys/childrens-savings-accounts.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/childrens-savings-accounts-other.aspx