isa help

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 657 views
donsainidonsaini Forumite
69 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
have a M&S minicash isa. have put in £500 for this year, thinking of topping it up. however as a closed account, & recent reduction of rate to 5%, i am wondering would i be better off not topping it off to the max £3000.

eg topping up to £2950, leaving me £50 for this year.

would i be correct in thinking that if rate gets worse, i could open another mini cash isa, then transfer this years M&S money into it. i assume the M&S isa part for this year would be closed.

i never done the isa transfer in the same year.

have i got this right? or have i confused myself from martin's article on isa



  • grumblergrumbler Forumite
    54.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You can transfer M&S ISA to other provider at any time. And there is no difference between transferring £2950 and £3000. If you already put £500 into M&S this year you cannot just open another ISA, put £50 into it and then transfer from M&S. You must first transfer full current year contribution to other provider.
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
This discussion has been closed.
Latest MSE News and Guides

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides

Cinema MoneySaving tips & tricks

Including year's 2for1 movies for £1

MSE Deals