Transfer Cash ISAs Discussion Area

Lokolo

bubbles0169 wrote: »

i did open it with £3600(with some of my sisters money-its complicated!)i do want to try and put some more money into it so i would have to put it in a different savings account wouldnt i?

When did you open it?

If you opened it on or after April 6th then yes you would have to put it in a NON ISA Savings Account.

If you opened it and put all the money in before April 6th you can put another £3,600 as it means you have not used this years allowance.

bubbles0169

opened it yesterday, thanks again x
i dont suppose you have an opinon on this do you(the last post)

Lokolo

I assume DMP is Debt Management Plan?

I have never heard or experienced these so can't really help with them! sorry! Not sure if there any benefits to paying it off early or not?

However if theres no interest or charges you may as well save as much money because the debt is rising but your savings will (because of interest).

How much is in your ISAs at the moment? As you say £1200 in one and £3600 in another?

bubbles0169

yes DMP is debt managemant plan, no the £1200 is mine £2000 is my sisters,i paid a garage bill yesterday too!

boobbby

bubbles0169 wrote: »

opened it yesterday, thanks again x
i dont suppose you have an opinon on this do you(the last post)

It is not not normally a good idea to take money from an ISA as this cannot be replaced. If you have £1200 in the ISA you can add £2400 or you could transfer the ISA to another provider who gives a better rate of interest and then add £2400. Your next step is to put money in the regular saving account then next year after April 5th add to your ISA or open a new ISA. You never know but in time you could get high interest with a tax free ISA and you will have built up a decent amount to fund them with. I have for many years put money into ISA's (as have many using this site) so I was getting more than £2000 in tax free interest. (not this year tho') I Just notice your update.. looks like your sister should open an ISA in her own name and you give her £2000 so that next year you will have you own ISA's

Lokolo

bubbles0169 wrote: »

yes DMP is debt managemant plan, no the £1200 is mine £2000 is my sisters,i paid a garage bill yesterday too!

Ok so you have 1 ISA account where has some of your money in and some of your sisters money in?

bubbles0169

Lokolo wrote: »

Ok so you have 1 ISA account where has some of your money in and some of your sisters money in?

thats right! its so complicated isnt it!
basically we were left £4000 in a will,in cheque form, she is working abroad so i put her half with mine into the ISA(£400 in a normal savings account) as i bank with lloyds they said it wouldnt be very safe in the current account, how about an ISA, so i did!
then when i came home i did the research-i know i should have done it before:rolleyes: and found lloyds ISA rate to be carp!

Lokolo

bubbles0169 wrote: »

thats right! its so complicated isnt it!
basically we were left £4000 in a will,in cheque form, she is working abroad so i put her half with mine into the ISA(£400 in a normal savings account) as i bank with lloyds they said it wouldnt be very safe in the current account, how about an ISA, so i did!
then when i came home i did the research-i know i should have done it before:rolleyes: and found lloyds ISA rate to be carp!

Ok. You said £1200 is yours, and £2000 in sisters, £400 in normal savings account, wheres the other £400? (did you take money out of the ISA for the garage payment?)

bubbles0169

no lokolo, i used the garage bill out of the £400 sorry my maths is TERRIBLE!!!
i have £1600 dont i?!

Lokolo

bubbles0169 wrote: »

no lokolo, i used the garage bill out of the £400 sorry my maths is TERRIBLE!!!
i have £1600 dont i?!

Haha in this post you said

http://forums.moneysavingexpert.com/showpost.html?p=24958429&postcount=1136

that you have £1200 and £2000 in the account.

Do you mean you have £3600 in the ISA currently? And some little amount in the normal savings account as you took some out for garage payment?