Full ISA Guide Discussion Area

sparrer

Thank you for clarifying innovate. I quoted from my own ISA which is a fixed interest, instant access one. I stayed with my existing provider who transferred to the new, higher, intro rate. After shopping around I couldn't find one offering a better rate.

Thank you also for the link which explains in more detail that I, the layman, can

teggyboymoll

We bought a share ISA over 10 years ago after taking financial advice from our Nationwide B S but were not advised that at the time that share's where at their highest level which meant when we withdrew our ISA we found we had lost about 40% of our money can we make a claim for the non advice about the price of share's

disillusionedsaver

Hi I have a shares ISA bought some years ago that seems to be losing value, at the moment its about 11k. Can I transfer it to a cash ISA?

MoneySaverLog

disillusionedsaver wrote: »

Hi I have a shares ISA bought some years ago that seems to be losing value, at the moment its about 11k. Can I transfer it to a cash ISA?

Short answer is no, you cannot transfer from a stocks and shares isa to a cash isa. Only the other way round.

What you can do is sell you holdings and re-invest it into a cash isa but you'd be using this years allowance to fund the cash isa that way.

spike87

Post removed.

frostedicicle

Hi all

I've ended up with a slightly complicated situation.

This year I have already paid £500 into an ISA with Halifax.

This is shortly going to pay next to nothing, so I want to transfer this to a new ISA. I plan to transfer this into a new Fixed Rate ISA with Santander.

However, once I've opened this ISA, I want to have an ISA that I can keep on saving into throughout the year to use up some of the rest of this year's allowance.

I planned to open another ISA to do this into, but apparently I can't do this because I've already paid into my Halifax ISA this year? Is this right?

In which case, is it not possible for me to keep my Halifax ISA open and keep paying into that? The Santander guy seemed to think it wasn't but I thought I'd research myself...

Thanks in advance for your help!

Sarah

sparrer

frostedicicle wrote: »

Hi all

I've ended up with a slightly complicated situation.

This year I have already paid £500 into an ISA with Halifax.

This is shortly going to pay next to nothing, so I want to transfer this to a new ISA. I plan to transfer this into a new Fixed Rate ISA with Santander.

However, once I've opened this ISA, I want to have an ISA that I can keep on saving into throughout the year to use up some of the rest of this year's allowance.

I planned to open another ISA to do this into, but apparently I can't do this because I've already paid into my Halifax ISA this year? Is this right?

In which case, is it not possible for me to keep my Halifax ISA open and keep paying into that? The Santander guy seemed to think it wasn't but I thought I'd research myself...

Thanks in advance for your help!

Sarah

You can only have one cash ISA and one Stocks and Shares ISA per year. See the following FAQ's, explains the why's and wherefore's much more clearly than I can

http://www.hmrc.gov.uk/ISA/faqs.htm#8

badger09

frostedicicle wrote: »

Hi all

I've ended up with a slightly complicated situation.

This year I have already paid £500 into an ISA with Halifax.

This is shortly going to pay next to nothing, so I want to transfer this to a new ISA. I plan to transfer this into a new Fixed Rate ISA with Santander.

However, once I've opened this ISA, I want to have an ISA that I can keep on saving into throughout the year to use up some of the rest of this year's allowance.

I planned to open another ISA to do this into, but apparently I can't do this because I've already paid into my Halifax ISA this year? Is this right?

In which case, is it not possible for me to keep my Halifax ISA open and keep paying into that? The Santander guy seemed to think it wasn't but I thought I'd research myself...

Thanks in advance for your help!

Sarah

The main rule you have to bear in mind here is that you must keep all your current year's ISA subscriptions together. Assuming you've paid £500 into your Halifax ISA since 6th April 2012, then you have several alternatives:

Keep paying into it at a rubbish rate :eek:

Find a new provider with a better rate, which accepts transfers, and ask them to transfer your £500 from Halifax. Once the transfer is complete you can carry on paying into the new ISA. Transfering your £500 into Santander's 2 year Fixed Rate ISA is not a good idea though, because you can only pay in for 14 days after opening. Their 3.3% Direct ISA would be ok though.

If you have previous years' subscriptions (aswell as the £500) in your Halifax ISA, you could ask Santander to transfer those into their 2 Year FR, and the £500 into the Direct ISA - or the whole lot into the Direct ISA, then keep paying into that.

Decisions decisions

fortylicks00

Hi everyone, I have literally no clue about ISA's, i've read what they're all about and I'm still none the wiser! In February I opened an ISA with Santander and paid in £200 before April. I'm now able to save more, so can I just put this into my current ISA or, because it's a new financial year, do I have to open another one?

Any help appreciated!

Thanks

innovate

Unless there are any restrictions on paying in (which often exist with fixed-term ISAs), you could pay into your existing account.

If you can get an ISA which pays better interest now, it could be worth opening a new one (and may be request transfer of the old one, too).