Transfer Cash ISAs Discussion Area

Christina1982

whats the best cash isa thats about? I've been looking at Santander Group anyone got this one?

MarkyMarkD

Baldur wrote: »

Many thanks for telling me what I wanted to say. When I need a scriptwriter, I will certainly be in contact...... or not.

Whether or not you want a scriptwriter, if you explain things in a nonsensical way, I'll helpfully point it out and provide a more useful answer to the original question. :P

murphydavid

Christina1982 wrote: »

whats the best cash isa thats about? I've been looking at Santander Group anyone got this one?

I tried Santander (was Abbey when I applied a month and a half ago) they seem to be in some sort of admin crisis. After chasing twice and getting promises of action I have had no paperwork or email to allow me to operate the account. I think the account is open with no money in it because I got a Santander cash card replacing (I think) my non existent Abbey one. Maybe I'm just unlucky this time as I have had other occasions when applications to other banks have gone well for me while I have noted a stream of complaints from others. Now it's my turn.
Problem is what to do now? Applied well in advance of the bonus on my existing account running out but its run out now. I need to move that money. Do I wait for Santander? Ring them yet again? If I start fresh and apply again will the previous application cause it to fail? Or just give up and try someone else. You'd think that handling all that money and taking over other companies they would hang on to the more efficient staff. What a pain it all is.

vernall

im trying to open a santander isa because my natwest current isas promo interest rate has now run out.....i have about £11500 to transfer over to the santander isa but there are a few questions on the form i just want to check i am doing right

under transfer existing ISA i have put YES

then it gives me 2 options under save for this year.....send in a cheque fom an account in my own name or no new savings........is this purely to open the account?e.g. for £1 or is it saying that i can only make contributions to this account via cheque?

then how many isas do i want to transfer and that is 1

then asks Are you transferring a current year's cash ISA? which i have put yes

then it asks Are you transferring all previous tax year's cash ISA subscriptions ? to which i have put yes again

is this all correct?

sorry if a silly question lol

Mouse69

Can anyone help ? Current ISA paying 0.5% but have moved overseas. Anyone any ideas as am no longer tax payer in UK.
Article does offer advice re my current position

murphydavid

Mouse 69
You may know all this but
If you are willing to do the work necessary to chase the accounts with bonuses and swap about you should be able to transfer your ISA to get a better interest rate. If you are willing to fix for a time you should be able to get even more assuming the rates don't suddenly rise.
I am not sure what happens with people who pay tax in another country, Till now I thought that overseas tax payers could not have a U.K. ISA but if you were a non tax payer living in the U.K. then
If you are likely to remain a non tax payer then you could probably get more by ditching the ISA and opening a fixed rate savings account and filling in an R85 that will mean you will get your interest tax free, but having ditched the ISA you can never make your accumulated savings back into an ISA you will be back to your annual ISA allowance. Any savings you have that are not ISA's you could also get tax free with an R85.
To some degree it depends on how much capital you have. To me it is just not worth the effort of chasing bonuses if the 2.5% or so just amounts to a couple of hundred quid, as in the time it takes to move your money you could earn more than that.

Mouse69

Cheers for the advice.
Will check out the R85.

MarkyMarkD

You can't use an R85 if you are a non-resident, and most financial institutions in the UK will not open a new account for a non-resident either.

You can certainly maintain an existing ISA, even if you move abroad, but you cannot open a new one under my understanding of HMRC regulations.

Also, if you are subject to overseas taxation, the exempt status of a UK ISA probably doesn't apply in any case - the income may be taxable. So the merits of holding an ISA seem even more doubtful.

Busster

I think this might be a really silly question! But I'm close to filling my ISA allocation for 09/10 but what happens when I fill it to 3.6 and then I get the monthly interest added on and go over?

Do I have to cater for that? Or is interest added throughout the year not counted?

Also a side question... Is it physically impossie to subscribe too much in a year? Or what happens when you do?

Thanks in advance,

boobbby

Busster wrote: »

I think this might be a really silly question! But I'm close to filling my ISA allocation for 09/10 but what happens when I fill it to 3.6 and then I get the monthly interest added on and go over?

Do I have to cater for that? Or is interest added throughout the year not counted?

Also a side question... Is it physically impossie to subscribe too much in a year? Or what happens when you do?

Thanks in advance,

You can always ignore any interest added to an ISA as this does not effect your allowance in any tax year

this is a quote from HMRC :


HMRC compliance

We will continue to operate our risk based investor compliance programme. Under that programme those who over-subscribe for one year, but not significantly in excess of the annual subscription limits, receive a letter drawing their attention to the ISA rules and advising them no action will be taken unless they over-subscribe in a later tax year. ISA over-subscriptions are only voided where the investor has:

• subscribed to a disallowed combination of ISAs for more than one year (serial offenders)
• or subscribed significantly in excess of the annual subscription limits