Full ISA Guide Discussion Area

Jonahmaul

I also have another question linked to this. I don't know whether I should be paying tax on savings? I'm currently a student but I am a postgraduate with funding of £13,300 per year (tax/NI free) plus fees paid. As such my income is over the threshold although I don't technically earn this & don't pay any tax. Therefore is the NS&I that I mention above the best option for me still? Thanks in advance for any advice as I'm really unsure where to put my savings at the moment but want to get it sorted asap

md0u3099

Hi all.
I opened a cash ISA in march and have been paying into it up until now. I'd like to stop paying into that one and to leave it for the 2y period that was advertised and would now like to open another cash ISA for this tax year and invest the remainder of the allowance into that one. Can I do this, or does that fact that i've paid into the one I opened in march prevent this?
Thanks.

ameedog

how long does / should it take to transfer an ISA from one provider to another??????????:o

Lokolo

ameedog wrote: »

how long does / should it take to transfer an ISA from one provider to another??????????:o

Depends on the providers.

RayWolfe

ameedog wrote: »

how long does / should it take to transfer an ISA from one provider to another??????????:o

Somewhere between 5 working days and never!

aristote33

After having registered with an online share dealing website to open a stocks and shares ISA, and having received a confirmation email from them, when trying to log into the website, it keeps saying 'Invalid access to website'.

Sent a question to the enquiries email of the website to obtain clarification but no answer so far...

Since no money has been invested there, is it lawful to apply for opening a Shares ISA with another provider without waiting a new tax year?

Thank you

aliaspinga

I'm a bit confused about Cash ISAs - hoping someone here can help me.

Say I invest in a cash ISA which does not penalise for withdrawals and pays interest annually. If I withdraw the money before the year is up (and any interest is paid) does this mean I don't receive any interest for the time it was in the account?

Also, I currently have 3 seperate cash ISAs, am I able to transfer the money so it's all in the same ISA (no new money, all pre-2010 investments)? I'm finding it difficult to keep track of all the interest rates.

thanks so much for any advice you can give me.

blueberrypie

aliaspinga wrote: »

I'm a bit confused about Cash ISAs - hoping someone here can help me.

Say I invest in a cash ISA which does not penalise for withdrawals and pays interest annually. If I withdraw the money before the year is up (and any interest is paid) does this mean I don't receive any interest for the time it was in the account?

Usually the interest is calculated daily but only added to an account annually or monthly. So if you had £1k which stayed 45 days in an account paying 3%, your interest would be 45/365 times 3% of £1k - i.e. 1/365 of the 3% interest for each of the days it was in the account.

Also, I currently have 3 seperate cash ISAs, am I able to transfer the money so it's all in the same ISA (no new money, all pre-2010 investments)? I'm finding it difficult to keep track of all the interest rates.

Yes, as long as the ISA you open to do this allows it. Most ISAs which allow transfers in will allow you to transfer from several other ISAs, though there is some which don't, so check the terms & conditions of whatever you're considering.

igaquo1

Hi

I had a 2 yr fixed cash ISA that expired in June 10, so I transferred all of this existing ISA money into a new 2 year fixed cash ISA with the same provider and I did not add any new cash.

The rules appear to say I can only open one ISA a year. So does this mean that I have lost my £5.1k cash allowance for this year, even though the new ISA was made up entirely of a transfer of prior year's ISA cash and associated interest?

thanks
Jeremy

blueberrypie

igaquo1 wrote: »

The rules appear to say I can only open one ISA a year. So does this mean that I have lost my £5.1k cash allowance for this year, even though the new ISA was made up entirely of a transfer of prior year's ISA cash and associated interest?

No, the rules say you can only *subscribe* to one cash ISA in any tax year. Definition of "subscribe" -> "put new money in" (i.e. transferred funds don't count). So as long as you used the ISA transfer process, and didn't just withdraw and re-deposit the money, then you still have your full 2010/11 ISA allowance.