Transfer Cash ISAs Discussion Area

bowlhead99

jimjames wrote: »

In that case move some to a different bank to keep below the limit. Whether it's advisable to have so much cash and none in S&S ISAs is another matter but would be another way to stay below cash limit.

I agree that's a lot of cash to keep around. But I suppose it might be a few year's spending money for someone who has other illiquid assets and needs a cash buffer.

In relation to £85k limit it's just like any savings account really. The tax wrapper around it doesn't change the general concept that money will not have the full FSCS protection once it goes over £85k.

There are no Cash ISA accounts to my knowledge that pay a better rate on £90k or £100k than they do on £60k. So, no need to have the whole pile with one firm.

There is an HMRC restriction that current year cash ISA allowance should be with the same provider but no such restriction on what you do with your accumulated reserve from previous years. If there are any restrictions on previous years' contributions they will be provider-specific. So you can easily split up old money and move it around.

gwapenut

I acknowledge your persistent advice about S&S ISAs JimJames, and I think it's well worth keep emphasising to people. A lot, including me, are extremely risk averse and like building up big buffers of emergency money for redundancy etc.

But when I have enough that I can survive 4 years out of work I have to question whether my buffer is too large and whether I should be following your advice!

I've decided to still keep 100% in cash ISAs. The reason being that I am contributing nearly as much as allowed into my pension on a yearly basis, and so I figure that is enough of an exposure to the stock market.

While other people may not have the 2:1 ratio of stock versus cash savings each year, it's worth considering that many people are already speculating on the stock market one way or another, even if indirectly.

jimjames

gwapenut wrote: »

I acknowledge your persistent advice about S&S ISAs JimJames, and I think it's well worth keep emphasising to people. A lot, including me, are extremely risk averse and like building up big buffers of emergency money for redundancy etc.
.

Not sure it was advice and apologies if it appears persistent but for new posters it's something worth considering if the £85k limit is an issue that there are multiple ways around it.

You do need to bear in mind that a S&S ISA is not a single product, there are thousands of different permutations to fit most risk profiles so being risk averse doesn't mean not using at all but choosing the appropriate contents for it.

gwapenut

Sorry, think persistent came over wrong there. Meant no offence, though I don't think offence was taken luckily Just meant that it's caught my attention a few times (in a good way)

afmfifgh

jimjames wrote: »

I don't think anyone would be at that yet with totals allowed but with another £15k it could happen soon if you put everything in cash and with the same bank.

People could be over the limit already just from cash, but if you have had investments in S&S ISA's the amount you could have is huge, some over £1 million:

http://www.telegraph.co.uk/finance/personalfinance/investing/isas/9059164/Meet-the-Isa-millionaires.html

I need to start looking at S&S ISAs and would welcome any advice on where to start gaining information. Is there a thread on here about them?

Archi_Bald

afmfifgh wrote: »

I need to start looking at S&S ISAs and would welcome any advice on where to start gaining information. Is there a thread on here about them?

S&S ISAs are simply tax wrappers for investments. You therefore need to start reading about investments. There are a lot good of suggestions in this thread.

You could start with "Investment ISAs for Dummies", followed by Monevator's writeup on passive investments.

gentleladysss

I am thinking of transferring a Cash Isa from another provider into a new one. I have a monthly standing order from my bank account being paid into the cash Isa. If I transfer to the on-line Post Office cash Isa would i still be able to have the standing order running? Only on The Post Office site it only states you can pay into the Isa using a debit card. Do anyone know if that's true please, much appreciated for any information, cheers :eek:

leaphaze

gentleladysss wrote: »

I am thinking of transferring a Cash Isa from another provider into a new one. I have a monthly standing order from my bank account being paid into the cash Isa. If I transfer to the on-line Post Office cash Isa would i still be able to have the standing order running? Only on The Post Office site it only states you can pay into the Isa using a debit card. Do anyone know if that's true please, much appreciated for any information, cheers :eek:

Your monthly standing order would continue to be paid to the provider of your old cash ISA, so you'll need to cancel it.

alahol2

leaphaze wrote: »

Your monthly standing order would continue to be paid to the provider of your old cash ISA, so you'll need to cancel it.

BEFORE the new tax year otherwise you will be deemed to have opened a new ISA for the 15/16 tax year.

50_Pence

Hi,


I have left it too late this year to open an online easy access Post Office ISA by transferring my Co-operative ISA. I have also left it too late to put any 2014/2015 money into my Co-operative ISA – the deadline was apparently 2nd April due to the Bank holiday.
I was thinking instead of opening the Post Office ISA using 2014/2015s allowance and then transferring my Co-operative ISA into it later. Can I do that?



Would I still be allowed to put up to £15,000 into the Post Office ISA during 2015/2016, even after transferring an ISA in?


Thanks