Cash Isa savings & transfers.

chaseside

Hi All,
Hoping someone can give me some help.I'm pretty clueless when it comes to best deals etc.

I have approx 12k in a Barclays Cash Isa.I have not put any in this account in 07/08.The last statement I got after Xmas said interest was 4.41%

Last week I read about the Barclays Tax Haven (6.something for 12months)so I opened one for 07/08 & put in £500 & I maybe able to transfer another £200 in this tax year.So will have approx £700 at the end of this tax year.
(I cannot transfer into Tax haven)

Now what I want to know is what I would be best doing next year.We have
paid our mortgage off this month :j & I will be able to put my full allowance of £3600 for 08/09 into an Isa.

I am now thinking; Would it of been better to open a new cash isa account with someone else that pays more than 4.41% this year (2007/08) that would except the transfer of my £12,000 from Barclays cash Isa.

One last question I know I can only put in max £3600 for 08/09 but can I split it into different isa's.

molerat

chaseside wrote: »

One last question I know I can only put in max £3600 for 08/09 but can I split it into different isa's.

No, only one provider for the current year's ISA.

I am now thinking; Would it of been better to open a new cash isa account with someone else that pays more than 4.41% this year (2007/08) that would except the transfer of my £12,000 from Barclays cash Isa.

Yes but hindsight is a wonderful thing. Do it now, you can transfer the money without affecting this or next year's allowance. You can have as many transferred ISAs as you need and one new money ISA each year.

talana

I'd say stick with the Tax Haven ISA for 08/09, as it's the best going at the moment.

Then as for the £12k in an ISA earning 4.41%, you're still allowed to transfer it.
Obviously you're not going to pay funds into it for 08/09, but find one paying 6%+ that does accept transfers and go ahead.

chaseside

Wow.:T Thanks talana & molerat for your speedy replies.

So I will keep & add to the Barclays Tax Haven for 08/09.:beer:

Now, when I go to transfer the £12000 do I just go to a Building society or who ever & open another cash Isa & ask them to start the transfer.
(I will not add any money to this in 08/09)

Lokolo

I will butt in as I am bored

Yeh thats what you do, you will have to fill in a form so they know the sort code, bank account number etc. to transfer it from.

It can also take up to 4 weeks sometimes, depending on the provider.

And yes, do not put any new money into this ISA

chaseside

Cheers Lokolo :beer:

I love this site.
xx