Transfer Cash ISAs Discussion Area

elfina_2

innovate wrote: »

Yes. Transfers do not count towards your annual allowance



Assuming you are a basic rate tax payer, it's 20% and this will be automatically withheld from the interest the bank pays you. If you are a higher rate tax payer, you have to tell the HMRC how much interest you got in total (outside the ISAs)

All very straight-forward!

Thankyou for your help. I actually only earn about £8500 pa, so do I need to pay tax on my savings (even though I have Isas stored away)and if not how do I go about sorting this out?

innovate

If your taxable income is below the personal allowance, you should fill in an R85 form to get your interest paid without the deduction.

If you are slightly above the personal allowance, you might have to only pay 10% tax on your savings interest. Details on this are on the HMRC website.

This worked example might help: http://taxaid.org.uk/wp-content/uploads/2010/10/savings-illustration-2012-13.pdf

elfina_2

innovate wrote: »

If your taxable income is below the personal allowance, you should fill in an R85 form to get your interest paid without the deduction.

If you are slightly above the personal allowance, you might have to only pay 10% tax on your savings interest. Details on this are on the HMRC website.

This worked example might help: http://taxaid.org.uk/wp-content/uploads/2010/10/savings-illustration-2012-13.pdf

So pleased you have helped me with this. I used to be on the ball, but have completely lost the ability recently. I may be due some tax back!

SephirothX

I still haven't come up with a solution for my Intelligent Finance ISA. In 3 weeks time the interest rate is dropping from 2.5% to 1.81%.

I can't decide whether to live with that for a month or two and see if anything good appears in time for the next tax year or make a switch now. But there doesn't seem to be many options.

A loss of 0.69% interest is huge though so I don't want to stick with it for long.

innovate

check this one http://www.thecheshire.co.uk/ISAs/ISA-saver/

sunshine_shell2000

My husband and I want to start saving. We already have Cash ISA's with Natwest at a pitiful 0.1%. We also have £1000 cash saved and wasn't sure whether to split it and add to both our ISA's for this financial year or to put into a fixed savings account or premium bonds?

Would anyone be able to help and to steer us in the right direction in the best ISA to change to, what to do with our £1000 and some advice on the best way to compound our money to make the most for our future?

Thanks in advance.:)

SephirothX

innovate wrote: »

check this one http://www.thecheshire.co.uk/ISAs/ISA-saver/

I saw that one, it looks nice but I'm not a fan of ISAs I can't manage online. I could probably even live with just phone access but it seems this one you have to manage by post! I can't help but think banks are going backwards when it comes to accessing your money.

The Ulster Bank deal isn't too bad an alternative, though I may still hold out and hope for something better.

ManPants

You are quite correct HUDengineer - with 6 weeks left of the current Isa year there clearly isn't any point moving anything until the new financial year. My quote - which you used to make your point - was made in October 2012 not currently!

Stupotstu

akh43

I am currently trying to complete the transfer form to transfer my Nationwide isa to Halifax but I cannot get past the account details. The Halifax transfer form asks for "existing isa branch sort code" "existing isa account number" and/or "roll number (if your existing provider is a building society)".

My Nationwide isa details dont seem to have a branch sort code only an account number so I thought that was fine until I realised there were 12 spaces on the Halifax form and 13 numbers in the Nationwide account number.

Any suggestions on what I need to put would be appreciated, otherwise I will have to ring one of them tomorrow to try and sort. I cant go in branch to ask as I work office hours so I am sending the form back by post.

Thanks

WhiteSpace

akh43 wrote: »

My Nationwide isa details dont seem to have a branch sort code only an account number so I thought that was fine until I realised there were 12 spaces on the Halifax form and 13 numbers in the Nationwide account number.

Source: Nationwide - Sort code and account number information

Nationwide's sort codes are determined by the account type, rather than the branch they are held at.

It would seem that Nationwide's ISA sort code is: 07 00 93 (although I would have thought this should be specified somewhere in your documentation?! Banks omission.)

It's possible that Halifax's form simply does not have enough boxes. I'm sure I've had the same problem before with an ISA transfer form (different banks). However, it never caused a problem - by spilling out of the boxes - as I recall. I assume these forms encounter some kind of human interaction.