Transfer Cash ISAs Discussion Area

harrpau7

10_66 wrote: »

Oh dear! I wish you'd come on here first. I don't know whether you'll be able to reverse that one.

It's not too bad - between now and April I can just put any extra into a normal savings account and then when the new tax year starts (April 6th???) just transfer that over into ISA and continue, that would be ok I'm guessing?

So far I have used £4,500 of £5,340, so still got £840 left. If I accidently put more in to my ISA (say I had got my sums wrong) would my bank notify me, or maybe not even allow me to transfer the money, or would the money be allowed to be transferred and then I get charged??

Thanks.

10_66

harrpau7 wrote: »

...So far I have used £4,500 of £5,340, so still got £840 left. If I accidently put more in to my ISA (say I had got my sums wrong) would my bank notify me, or maybe not even allow me to transfer the money, or would the money be allowed to be transferred and then I get charged??...

I would imagine if you tried to exceed the limit, the account would be set up to not allow it to happen. I don't know for sure, as I've never tried it.

boobbby

harrpau7 wrote: »

It's not too bad - between now and April I can just put any extra into a normal savings account and then when the new tax year starts (April 6th???) just transfer that over into ISA and continue, that would be ok I'm guessing?

So far I have used £4,500 of £5,340, so still got £840 left. If I accidently put more in to my ISA (say I had got my sums wrong) would my bank notify me, or maybe not even allow me to transfer the money, or would the money be allowed to be transferred and then I get charged??

Thanks.

If its the first time you exceed your allowance you will probably get a warning and told to be more careful in the future.

Stucoupe

Long story short; I have my house deposit sat in a cash isa of £15k and £10k of retirement savings in a savings account; then £5k in my current account earning nothing. Lloyds finance adviser didnt heed my main priorities and did hard sell on investment isa's; it got me totally off track. Simply I need the 15k deposit quick to hand. The pension pot i cannot afford to gamble. The 5k I need to do something with.

Oddly Ive been told ive paid in £300 into my isa this year. I wouldn't have done this,and its most likely its the bank paying me the interest late, as they made a mistake. Can I therefore still make best use of my £5k allowance this year? Should I be putting that £5k into my current isa today?

Then come the new F year, I can transfer all of my isa into a new isa; like M&S. That leaves £10k earning very little (but I can pass half of that 10k into that new isa?). You'd put the remainder into a normal savings account? Yes I will need some spare cash for Car insurance, holiday etc.

As a side note. Would you ignore the investment isa, on the following basis: firstly Im not into risk and not willing to gamble. If I do choose to gamble, it'll be a small sum on a specific share. I do have a company pension, where they match what I put in. This goes into shares; but its variety is huge; low risk, etc, but also you can pick n mix the shares specifically. im told I cannot pic n mix with a Lloyds investment isa. When I asked about types of pots they go into (per risk catagory) i was told to ignore that and follow the computer 'label' of me. Needless to say I didnt like the hard sell.

At the end of the day I am losing money in the short term, while rates are low and inflation is higher that it. But I presume rates could inflate; or I should really look to invest properly, like a house. So eggs, baskets, etc... help. Many thanks

boobbby

Stucoupe wrote: »

Long story short; I have my house deposit sat in a cash isa of £15k and £10k of retirement savings in a savings account; then £5k in my current account earning nothing. Lloyds finance adviser didnt heed my main priorities and did hard sell on investment isa's; it got me totally off track. Simply I need the 15k deposit quick to hand. The pension pot i cannot afford to gamble. The 5k I need to do something with.

Oddly Ive been told ive paid in £300 into my isa this year. I wouldn't have done this,and its most likely its the bank paying me the interest late, as they made a mistake. Can I therefore still make best use of my £5k allowance this year? Should I be putting that £5k into my current isa today?

Then come the new F year, I can transfer all of my isa into a new isa; like M&S. That leaves £10k earning very little (but I can pass half of that 10k into that new isa?). You'd put the remainder into a normal savings account? Yes I will need some spare cash for Car insurance, holiday etc.

As a side note. Would you ignore the investment isa, on the following basis: firstly Im not into risk and not willing to gamble. If I do choose to gamble, it'll be a small sum on a specific share. I do have a company pension, where they match what I put in. This goes into shares; but its variety is huge; low risk, etc, but also you can pick n mix the shares specifically. im told I cannot pic n mix with a Lloyds investment isa. When I asked about types of pots they go into (per risk catagory) i was told to ignore that and follow the computer 'label' of me. Needless to say I didnt like the hard sell.

At the end of the day I am losing money in the short term, while rates are low and inflation is higher that it. But I presume rates could inflate; or I should really look to invest properly, like a house. So eggs, baskets, etc... help. Many thanks

At least change your current account to a Vantage account and at least you will get 3% gross interest. You will need to pay in £1000 a month into the account but once in the account you can withdraw it out again.

leaphaze

harrpau7 wrote: »

So far I have used £4,500 of £5,340, so still got £840 left. If I accidently put more in to my ISA (say I had got my sums wrong) would my bank notify me, or maybe not even allow me to transfer the money, or would the money be allowed to be transferred and then I get charged??

Thanks.

I did this once with Smile when they used to pay decent rates (long time ago now). I'd transfer (online) any remaining cash at the end of the month. On one occasion I transferred too much; they just returned the excess amount back down the same route and wrote to me to tell me why.

Really helpful and friendly - it's just a shame they don't pay decent rates anymore.

Stucoupe

boobbby wrote: »

At least change your current account to a Vantage account and at least you will get 3% gross interest. You will need to pay in £1000 a month into the account but once in the account you can withdraw it out again.

Yes, I was trying to avoid a long story, but I had been using this. I was typically accumulating in this per year, then empty it into the ISA at the end of the year; as you earn nothing on monies over the £5k cap.

My biggest question - logistics: if I pay my full limit into my ISA this year, then after April pay another full £5,600 into my ISA. Can I then also MOVE that over to a different account like M&S?

Or do I have to use this years 'allowance' on the action of moving my account before April?
:undecided

Bogbean

Hi, I opened my first ISA last July (Santander Flexible issue 3) and the rate runs until July this year - does it have to do its full term or can I transfer it early if I spot a higher rate (presumably after new financial year starts? :think:). I can still put £340 more in so guess I should do that too while I still can.

Also I hope to start a new ISA for this year but won't have tons of pennies so presume I can pay it in in bits provided I have an initial minimum lump sum?

Sorry for all the questions - I have looked at the FAQ's etc but sometimes responses to specific qus from real people seems "safer" and more tailored :embarasse

Thanks everso,

Helen

boobbby

Stucoupe wrote: »

Yes, I was trying to avoid a long story, but I had been using this. I was typically accumulating in this per year, then empty it into the ISA at the end of the year; as you earn nothing on monies over the £5k cap.

My biggest question - logistics: if I pay my full limit into my ISA this year, then after April pay another full £5,600 into my ISA. Can I then also MOVE that over to a different account like M&S?

Or do I have to use this years 'allowance' on the action of moving my account before April?
:undecided

As you need instant access to your money keep it simple. Use an instant access ISA account like Nationwide then transfer any existing ISA money into it. Top up with this years allowance and add to it after April with next year allowance. Interest is calculated daily and you can withdraw your money without penalty.

10_66

Bogbean wrote: »

Hi, I opened my first ISA last July and the rate runs until July this year - does it have to do its full term or can I transfer it early if I spot a higher rate (presumably after new financial year starts? :think:). I can still put £340 more in so guess I should do that too while I still can.

It depends on what ISA you have and its terms and conditions. Usually, the general rule of thumb (but not always) is that if it's a fixed rate you aren't allowed early access, or if you are there would normally be a penalty to pay. Usually, if it's a variable rate, there aren't any penalties, but again this isn't always the case (ie bonus not paid if early withdrawal/closure).

Bogbean wrote: »

Also I hope to start a new ISA for this year but won't have tons of pennies so presume I can pay it in in bits provided I have an initial minimum lump sum?

Again it depends on the ISA. If it's a fixed rate ISA you can't usually add to it once opened or once the issue has been withdrawn, and if it's a variable you usually can add to it.