Full ISA Guide Discussion Area

Former_MSE_Dan
Former_MSE_Dan Posts: 1,593 Forumite
Combo Breaker First Post
edited 14 June 2010 at 5:47PM in ISAs & tax-free savings

This thread is specifically to discuss the

Full ISA Guide

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Former MSE team member
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Comments

  • HI,

    i have filled up my allocation for my cash ISA for this year, and i am now interested in the share ISA part. I would like to invest in Taiwan through this, either through a fund or through a Index Tracker of the Taiex Index? is there any way that this can be done? if so, who offers this?

    thanks in advance!
  • Hello - now this is probably a silly question, but...
    I'm a complete novice in financial matters, but finally last tax year I got organised enough to squirrel £3000 away in a cash ISA. Now it's the new tax year, do I need to open a NEW cash ISA to start getting this year's £3600 tax-free allowance, or can I just add to my existing one? I've read the main article, and every word in my existing ISA booklet, but I can't seem to find this. Many thanks,
    Tony
  • Baldur
    Baldur Posts: 6,565 Forumite
    Tony2008 wrote: »
    Hello - now this is probably a silly question, but...
    I'm a complete novice in financial matters, but finally last tax year I got organised enough to squirrel £3000 away in a cash ISA. Now it's the new tax year, do I need to open a NEW cash ISA to start getting this year's £3600 tax-free allowance, or can I just add to my existing one? I've read the main article, and every word in my existing ISA booklet, but I can't seem to find this. Many thanks,
    Tony
    You can do either and, if another ISA provider is offering a better rate than your existing one, you can transfer the existing ISA to that provider.
  • spalding
    spalding Posts: 925 Forumite
    Certain providers do not allow transfers in
  • Baldur
    Baldur Posts: 6,565 Forumite
    spalding wrote: »
    Certain providers do not allow transfers in
    This post - http://forums.moneysavingexpert.com/showthread.html?t=401374&highlight=Kazza - shows those which accept or do not accept transfers.
  • kotka4
    kotka4 Posts: 27 Forumite
    I was going to open Abbey 6.25% ISA. I see their terms state that interest is paid annually on 1st March each year. I called to ask what happens if I exit and transfer to another provider in May for example - would I get my 2 months interest (for March and April) when I close the account - the man said no, you would not get any interest for those months. Does anyone know if this is correct. If it is it means that if I want to transfer next year 5th april, I would lose 1 month's interest from 1st march onwards? I am confused, as this is not a fixed term isa. If I look at A&L - they pay the annual interest on 1st January - this will mean 3 months lost interest if I move the money on 1 April 2009. Any advice from experts, have you had an experience with this? I have never transfered my ISA until now.
  • RayWolfe
    RayWolfe Posts: 3,045 Forumite
    Combo Breaker First Post
    You earn interest on savings account on each day that you are invested. If you close or move an account you will receive interest as follows:
    number of days invested / 365 x AER
    An exception may be in fixed term accounts where you may have to stay invested for the full term.
  • Baldur
    Baldur Posts: 6,565 Forumite
    kotka4 wrote: »
    I was going to open Abbey 6.25% ISA. I see their terms state that interest is paid annually on 1st March each year. I called to ask what happens if I exit and transfer to another provider in May for example - would I get my 2 months interest (for March and April) when I close the account - the man said no, you would not get any interest for those months. Does anyone know if this is correct. If it is it means that if I want to transfer next year 5th april, I would lose 1 month's interest from 1st march onwards? I am confused, as this is not a fixed term isa. If I look at A&L - they pay the annual interest on 1st January - this will mean 3 months lost interest if I move the money on 1 April 2009. Any advice from experts, have you had an experience with this? I have never transfered my ISA until now.
    That's rubbish.

    I have transferred ISAs from Abbey twice in the past few years - the closing balance transferred on each occasion included any interest earned from the time of opening the account until the date of transfer.
  • That's great, thanks very much - I'll have a quick look at other providers.
    Cheers Baldur,
    Tony
  • Hi,

    This may be a real dunces question but I have just opened a cash ISA with Barclays to take advantage of this years ISA limit, however, I have just over £3000 in an ING ISA from last year, which I would like to transfer into another ISA with say Alliance & Leicester. Can I legally do this, having just opened an ISA with Barclays with new money?
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