Full ISA Guide Discussion Area

freeleaf

Can anyone tell me if I can tfr an old cash isa (from 2008) into a better rate isa, without losing this year's allowance please? I have 3.600 in a Post Office ISA, earning 0.2%, and was told yesterday i could trf it to aonother isa with them at 3.%, without it affecting my allowance for this year. I'd understood it would count as my current years allowance?

Thanks

Lokolo

freeleaf wrote: »

Can anyone tell me if I can tfr an old cash isa (from 2008) into a better rate isa, without losing this year's allowance please? I have 3.600 in a Post Office ISA, earning 0.2%, and was told yesterday i could trf it to aonother isa with them at 3.%, without it affecting my allowance for this year. I'd understood it would count as my current years allowance?

Thanks

If you transfer by BACS yes it will.

If you transfer by an ISA transfer form it doesn'.

chris.leversuch

I'm currently thinking of subscribing to Alliance & Leicester's Flexible ISA for this years contribution and opening an Alliance & Leicester Direct ISA to transfer a couple of old ISAs to. Does this fit within the rules? I'll only be adding new money to 1 ISA.

This may be out of the scope of this forum, but looking at the Alliance & Leicester transfer form it says:

"I apply to transfer my existing Cash ISA, as shown overleaf, to Alliance & Leicester plc and to subscribe to this Cash ISA for the tax year
2009/10 and each subsequent year until further notice."

Ignoring the fact that the tax year it lists is now wrong, it says that by transferring I'm also subscribing for this year which isn't what I want to do. Does anyone have any experience with this?

Thanks,
Chris

Spiggle

chris.leversuch wrote: »

I'm currently thinking of subscribing to Alliance & Leicester's Flexible ISA for this years contribution and opening an Alliance & Leicester Direct ISA to transfer a couple of old ISAs to. Does this fit within the rules? I'll only be adding new money to 1 ISA.

This may be out of the scope of this forum, but looking at the Alliance & Leicester transfer form it says:

"I apply to transfer my existing Cash ISA, as shown overleaf, to Alliance & Leicester plc and to subscribe to this Cash ISA for the tax year
2009/10 and each subsequent year until further notice."

Ignoring the fact that the tax year it lists is now wrong, it says that by transferring I'm also subscribing for this year which isn't what I want to do. Does anyone have any experience with this?

Thanks,
Chris

Hi Chris,

It fits with the rules. I would just go ahead and not pay too much attention to that wording - especially in view of the incorrect date.

Hope that helps,
Spigs

FUSS

I would rethink a&L ............They are not all they seem. They have caused me £1300 debt by their OWN errors. They have terrible customer service...Lose customer details...Make mistakes...withhold important info to avoid complication....You prob worked very hard for your money and i wouldnt let them mess up your life like they did mine. Im not just having a standard moan as this bank has caused me debt stress worry and poor health. inc working 15 hours a day just to keep up with their charges .

drmaslam

A simple question but cannot find an answer. Please some expert can answer form me. Thanks in advance.

1. I have one cash ISA W with Bank A opened in year 1 and contributed in year 1.
2. I have one more cash ISA X with Bank B opened in year 2 and contributed in year 2

Hence so far I have 2 ISAs (W and X) in 2 different Banks (A and where contribution was made in the years (1 and 2) they were opened.

This is now start of year 3. Now I have realised (late due to laziness) both these Bank A and B are ripping me off by poor interest rates.

So now I want to move both these ISA to a new Bank C by an ISA transfer in this year 3. This I think is very much possible but will involve opening an account Y. At this point I do not want to use any of my year 3 allowance. The questions/confusion is as follows:

If I do not contribute any new money from year 3 allowance into the account Y I opened for transfer in Bank C, can I open another ISA account Z with Bank 4 in year 3 which gives higher interest on new account but does not allow transfer from old ISAs.

What will be scenario if I did contribute new money of year 3 into the account Y with Bank C when I opened it for transfer of account X and Y?

blueberrypie

drmaslam wrote: »

A simple question but cannot find an answer. Please some expert can answer form me. Thanks in advance.

The question has been asked and answered many, many times on this forum - several times even on this thread.

If I do not contribute any new money from year 3 allowance into the account Y I opened for transfer in Bank C, can I open another ISA account Z with Bank 4 in year 3 which gives higher interest on new account but does not allow transfer from old ISAs.

Yes. The rule is that you may only subscribe to one cash ISA in each tax year. To subscribe means to deposit new money - i.e. money which has not been transferred directly from another ISA (using the ISA transfer procedure).

Transferring does not count as subscribing, as long as you use the ISA transfer procedure, therefore it has no effect on your ISA allowance for the current tax year.

What will be scenario if I did contribute new money of year 3 into the account Y with Bank C when I opened it for transfer of account X and Y?

Then you would have subscribed for the current tax year to ISA account Y.

Lieutenant_Thrift

I have £3700 from last year's ISA. I've just opened an A&l account for this year's at 3.2%. I intend on putting about £4000 in to begin with into the new account.

What should I do with last year's money? I'm baffled by the transfer options, I want to get a good rate in an account I can administer online. I'd also like to buy about £1000 of shares with it. How should I go about doing this?

Thanks,

LT

richardsaunders201

A friend is probably going to lose some money when a company (Key Data) he invested in, under an ISA wrapper, is going bust. My friend said that all ISAs were 'checked', so he's surprised they going bust. I thought that any company could be invested in under an ISA wrapper - there's no checking by the IFA or anyone else.
Is there any checking into a company's financial probity before it's 'allowed' to offer shares under an ISA wrapper?
Richard

Jonahmaul

I've yet to sort out what to do with my current ISA savings due to a lack of time but would like to get this sorted asap. In this week newsletter Martin quotes the NS&I savings as being currently very good & also tax free. I was thinking of locking some of my savings away for a fixed period in an ISA anyway so this prospect doesn't bother me & I am happy enough to take a risk on RPI dropping seeing as I'd only put about £5000 in it. Is this a better option than an ISA at the moment?