Toisa rates

ktee_uk

hi
I have an old Toisa with Nwide which doesnt pay great rate of interest. Wondered where the best rates are for this product. Any help much appreciated.

Crabman

Icesave offers 6.1% - see the article for details and a link to an external comparison site

martinman3

It might help to tell you that the distinction between TOISA and (Mini) Cash ISA has now disappeared and you can transfer a TOISA to another provider's Cash ISA (so long as the new provider allows transfers in )

chesky369

but are you allowed to transfer an old Toisa in a year when you already have used up your full allowance? I used my £7k last year and will probably do the same this coming year but my old Toisa really annoys me.

martinman3

Yes, you can transfer ISAs (TOISAs) from previous tax years at any time see http://www.moneysavingexpert.com/savings/cash-isa-transfers

ktee_uk

ok. thanks v.much. will start shopping around.

one last question though..... I have my original £9k toisa capital + interest ..... can the whole amount be transferred into a new mini-cash isa?

regards to all
ktee

martinman3

Yes, capital + interest can be transferred.

Aahh, I wonder how many people here remember that Tessas only allowed you to re-invest the capital, ISAs are much more flexible.

Tynecider

Maybe labouring the point but...
I have TOISA of £12k+ so this will 'convert' to a Cash ISA in 2008.
I already contribute monthly to a Cash ISA [£3k annually in previous years].
Question - When my TOISA 'converts' in 2008 will this prevent me contributing £3,600 to my normal Cash ISA in 2008?
[TOISA with Furness BS and Cash ISA with Britannia.]

martinman3

Tynecider wrote: »

Maybe labouring the point but...
I have TOISA of £12k+ so this will 'convert' to a Cash ISA in 2008.
I already contribute monthly to a Cash ISA [£3k annually in previous years].
Question - When my TOISA 'converts' in 2008 will this prevent me contributing £3,600 to my normal Cash ISA in 2008?
[TOISA with Furness BS and Cash ISA with Britannia.]

Starting with the 2008/9 tax year TOISAs are renamed Cash ISAs too but, as mentioned previously, you have been able to transfer from TOISA to what was called Mini Cash ISA for some time.

You have always been able to subscribe to different Cash ISAs for each tax year and the name change does not affect this as the TOISA contributions were to a TESSA in previous tax years.

Incidentally, if you now have a considerable sum in a single Cash ISA at Britannia have you checked the rate recently as it does not compare favourably with those from other providers.