Full ISA Guide Discussion Area

Lokolo

No don't worry about transferring, there are no 'rules'. Only thing is you must open ISA with new provider and fill in an ISA transfer form and let them do not, so you don't withdraw your money, pop along to another bank and open it there and then.

Not all ISAs allow transfers in though.

Avinalaff

OK, slightly random question that I haven't seen asked anywhere yet.

I have an ISA with some cash in it. Now, I know that each tax year I get £3600 that I can put in it. I've read that if I withdraw cash then I only have the remainder of that £3600 to load into the account.

But, if I have money from previous years in the ISA, can I withdraw from that, without it affecting my yearly allowance?

(I know it's a strange question, but I appreciate any help and advice that can be provided.)

RayWolfe

You can withdraw from any year ... you just can't put it back. Beware though, any withdrawal. If you take it out you lose the tax free advantage on that withdrawal for ever. If you need the money and have no other source, well, then you gotta.

strawberry_laces

Just a quick question to clear up an ongoing argument me and Hubby are having.

Can I open more than one ISA a year AS LONG AS it's with different financial institutions?

Thank you

RayWolfe

No
Unless one is a Cash ISA and the other is a S&S ISA

JanineB

Question I need help with.

I opened a one year fixed rate ISA with Birmingham Midshires in January there with the max 3,600.
WIth the new tax year soon, if I see a better rate that the above, I want to open an ISa with a different provider for this years allowance.

As the BM account if a fixed rate for one year (Ive only had it there 2 months), do I have to leave it in there for another 10 months to get the interest on this, or is it worth my while transferring it to a higher interest payer if I see one?

Yes Im a novice too!

Thanks!

Baldur

JanineB wrote: »

As the BM account if a fixed rate for one year (Ive only had it there 2 months), do I have to leave it in there for another 10 months to get the interest on this, or is it worth my while transferring it to a higher interest payer if I see one?

If it's the currently available BM Fixed Rate ISA, there is a penalty of 90 days loss of interest for access (withdrawals/transfer) = http://www.askbm.co.uk/savings/p/isa/product.asp?id=234&p=terms

10. Access is available subject to 90 days interest charge on the amount withdrawn or without charge in the event of the death of the investor.

If you try to transfer it prior to the maturity date, you will lose 3 months interest - at current interest rate levels, you would be unlikely to make up that loss.

You can open a new Cash ISA with a different provider on or after 6th April and pay your 2009/10 ISA allowance of £3,600 into it.

You could then transfer your BM ISA into the new account when it matures in January 2010, assuming that the new account accepts transfers - if not the BM ISA could be transferred to a different porvider that does accept transfers.

jzi19

I havent quite maxed out my allowance for this year yet - I should really try and see the big picture instead of the short term! I may top it up though. Rollercoasters are fun anyway arent they!

twinnie_3

Just wondering what others do with regards to stocks & shares ISAs.

Hubby and I both have money to invest in stocks & shares ISAs. We've had recommendations from an IFA as to a couple of recommended funds - is it better to choose a different fund each rather than having all our money in the same place?

Likewise, do most people tend to choose a new ISA provider each year or stick with the same one?

(Sorry in advance if these are silly questions - obviously I'm a novice at this!)

cbrpaul

Am i missing something here please ?


i setup a new first direct cash e-isa this week ,( i am an existing bank account customer) i put some money in from my first direct savings account , all seemed to have gone through and I can now see the new account on my online account page.

I got an email from FD today saying,

" We notice that you have requested a transfer from another isa provider to your new fd isa account , if this other isa account was setup this year we will close your fd cash e-isa account "

What is going on here then ?

A I have not opened a another ISA account this FY
BI have not placed any funds into the other isa this FY


Also I thought you could open as many isa accounts as you wanted but only deposit upto £3600 per FY anyway ,

..and ,,,

My wife who is joint account holder of our FD account also setup a new cash eisa account but that has not been processed as has mine ???
Gawd knows why they have not setup my wifes cash e-isa yet , and looks like she may miss this years isa quota now !!

have i missed something here with ISA,s , ?