New to Cash ISAs questions

Expotter

Could anyone clarify the following for me please,
Let's say I opened a cash ISA this tax year and paid £10K into it, I then transfer the whole amount to a different bank, would I still be allowed to pay the remaining £10k from my allowance for the year into this new ISA?

eskbanker

Expotter said:

Could anyone clarify the following for me please,
Let's say I opened a cash ISA this tax year and paid £10K into it, I then transfer the whole amount to a different bank, would I still be allowed to pay the remaining £10k from my allowance for the year into this new ISA?

Yes, the principle of transfers (assuming they're handled via the receiving provider's ISA transfer process) is that they're regarded as if you'd paid into the new account all along, so the rest of your annual allowance can be used there - all current year contributions (to each type of ISA) must always be in the same place at any given time.

andyhicks88

If you open a multiple year fix, I assume that you can't transfer any other ISA's into it at any point other than the initial funding window?  It's literally just to lock away whatever you can deposit at the time?

jimjames

andyhicks88 said:

If you open a multiple year fix, I assume that you can't transfer any other ISA's into it at any point other than the initial funding window?  It's literally just to lock away whatever you can deposit at the time?

Generally that's the case but you'd need to check the specific terms of the product you're looking at.

Mistycat59

OK guys new to this,
I have been reading this thread as i have some money(£40,000) saved in a nationwide account, as far as i am aware its not making much,
my Question is whats best to do with it?
we had a isa many years ago when the rate was high and since i have never bothered or even thought of doing somthing with it,
but after seeing a bit of ML on tv has kicked my backside into looking in to it, 
any help would be grateful,
PS i need to understand it in thicko terms,

eskbanker

Mistycat59 said:

OK guys new to this,
I have been reading this thread as i have some money(£40,000) saved in a nationwide account, as far as i am aware its not making much,
my Question is whats best to do with it?
we had a isa many years ago when the rate was high and since i have never bothered or even thought of doing somthing with it,
but after seeing a bit of ML on tv has kicked my backside into looking in to it, 
any help would be grateful,
PS i need to understand it in thicko terms,

Cash ISAs aren't the be all and end all, and whether they're worth it for you will to a certain extent depend on your tax status and income, so the best thing to do is to weigh up whether to fund a taxable savings account (allowing for net return after any tax deducted) or a cash ISA:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
https://www.moneysavingexpert.com/savings/best-cash-isa/

There are other options too, if you don't have anything specific that the money is earmarked for, e.g. pensions, other investments, etc....

andyhicks88

Just to double check, once you have opened a new ISA with a bank you aren't bound to that account are you? As in, if i opened one today, I don't have to fund that particular  one or else lose my right to fund an ISA this year at all?  I was hoping to open an ISA then keep it on standby while i wait a couple of weeks to see where rates go on other accounts but now I've started to panic incase once you open an ISA that's just your ISA and you can only fund that one.

Albermarle

If you do not contribute anything, then the ISA is not activated ( not quite sure if that is the right word) , so no problem to open another one. 
Same question answered here as well. 
Cash Isa question — MoneySavingExpert Forum