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Sea_Shell

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

tomedinburgh

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

Sea_Shell

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

It would have helped if I'd have known it was possible in time for end of the tax year ☹️😉.   Was it advertised as possible?

Makes no odds now as I'm unlikely to need the rest of this year's ISA allowance elsewhere.

I think I can get it all moved before the interest rates diverge.  Maybe?

tomedinburgh

Sea_Shell said:

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

It would have helped if I'd have known it was possible in time for end of the tax year ☹️😉.   Was it advertised as possible?

Makes no odds now as I'm unlikely to need the rest of this year's ISA allowance elsewhere.

I think I can get it all moved before the interest rates diverge.  Maybe?

I didn't see it advertised, to be honest. I just asked them if it was possible and they sorted it.

Sea_Shell

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

In light of today's rate announcement, and that it seems to be for the standard accounts (not ISA), I wonder if they'd agree to do the same thing the other way round? 😉

Also, am I right in thinking that their ISA is "flexible" so can put money in and out and back in again, without using ISA limit.

Aceace

Sea_Shell said:

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

In light of today's rate announcement, and that it seems to be for the standard accounts (not ISA), I wonder if they'd agree to do the same thing the other way round? 😉

Also, am I right in thinking that their ISA is "flexible" so can put money in and out and back in again, without using ISA limit.

Yes, the isa is flexible. 

It does seem odd that they would reverse the fact that the ISA paid a higher rate before these rises. 

Sea_Shell

Aceace said:

Sea_Shell said:

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

In light of today's rate announcement, and that it seems to be for the standard accounts (not ISA), I wonder if they'd agree to do the same thing the other way round? 😉

Also, am I right in thinking that their ISA is "flexible" so can put money in and out and back in again, without using ISA limit.

Yes, the isa is flexible. 

It does seem odd that they would reverse the fact that the ISA paid a higher rate before these rises. 

Thanks, I thought it was.   So I can "recycle" my £10k (or up to £20k) if needed.


I'm gonna wait and see for now, just in case it's an error and they realise they meant to include the ISAs.

Aceace

Sea_Shell said:

Aceace said:

Sea_Shell said:

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

In light of today's rate announcement, and that it seems to be for the standard accounts (not ISA), I wonder if they'd agree to do the same thing the other way round? 😉

Also, am I right in thinking that their ISA is "flexible" so can put money in and out and back in again, without using ISA limit.

Yes, the isa is flexible. 

It does seem odd that they would reverse the fact that the ISA paid a higher rate before these rises. 

Thanks, I thought it was.   So I can "recycle" my £10k (or up to £20k) if needed.


I'm gonna wait and see for now, just in case it's an error and they realise they meant to include the ISAs.

I'm not sure exactly what you mean by "recycle", but yes, you could move the funds back to the standard account (subject to notice period) and then back again over the isa year boundary to retain the isa status. Though you would need to decide whether a potential tax liability would negate any benefit. 

I've written to Loanpad for clarification on their policy. 

Aceace

I've been told that the isa rates will also be increasing. An email will be going out soon. 

Sea_Shell

Aceace said:

Sea_Shell said:

Aceace said:

Sea_Shell said:

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

In light of today's rate announcement, and that it seems to be for the standard accounts (not ISA), I wonder if they'd agree to do the same thing the other way round? 😉

Also, am I right in thinking that their ISA is "flexible" so can put money in and out and back in again, without using ISA limit.

Yes, the isa is flexible. 

It does seem odd that they would reverse the fact that the ISA paid a higher rate before these rises. 

Thanks, I thought it was.   So I can "recycle" my £10k (or up to £20k) if needed.


I'm gonna wait and see for now, just in case it's an error and they realise they meant to include the ISAs.

I'm not sure exactly what you mean by "recycle", but yes, you could move the funds back to the standard account (subject to notice period) and then back again over the isa year boundary to retain the isa status. Though you would need to decide whether a potential tax liability would negate any benefit. 

I've written to Loanpad for clarification on their policy. 

I meant I could take my money out of the ISA, but then still return it back to the ISA within the tax year, and not have it counted as being deposited twice IYSWIM.    

Eg. deposit £15k, take £10k out, but then later put back £10k (within the same tax year), and still only have used £15k of my ISA allowance, rather than seen to be depositing £25k