Full ISA Guide Discussion Area

veryintrigued

20k limit maintained in this afternoon's budget.

Consumerist

veryintrigued wrote: »

20k limit maintained in this afternoon's budget.

Far too much - lining the pockets of the rich don't you know. :rotfl:

ejv

Consumerist wrote: »

The only restriction on current-year ISAs is that you must transfer all of this tax year's contributions together.

Thanks Consumerist:T
This was I was thinking about

CoB

Was wondering if someone could confirm that if I have opened an ISA in the current tax year but not paid into it i can open another one and use that?
I lost the paper work to put in the £1 minimum and the branch wasn't very helpful so i just left it and now want to get a LISA.
Appreciate your responses

masonic

CoB wrote: »

Was wondering if someone could confirm that if I have opened an ISA in the current tax year but not paid into it i can open another one and use that?
I lost the paper work to put in the £1 minimum and the branch wasn't very helpful so i just left it and now want to get a LISA.
Appreciate your responses

Presuming the ISA already opened is a cash ISA, you can open and fund a LISA whether or not you've paid into the cash ISA this tax year. You can also open and fund another cash ISA if you've not paid into the first.

CGoulding

Hi
I have been very good this year and used up my full allowance already in my cash ISA. Stupid question but here goes .... Can I open a S&S ISA as well this tax year?

masonic

CGoulding wrote: »

Can I open a S&S ISA as well this tax year?

Yes, but you can't pay any new money into it - you could transfer money from previous tax years, transfer your current year subscriptions in full, or make a flexible withdrawal from your cash ISA (if flexible) and pay that into the S&S ISA.

Lucybell

I have approx £7k in an old ISA account with a 0.5% interest rate. I have not paid into this in a few years.
I want to

• Open a help to buy ISA and pay into this regularly going forwards
• Move the money in my existing ISA to somewhere with a better interest rate

If I opened a help to buy ISA with, for example, a 2.5% rate, and transferred my old ISA into it, as well as paying new money into it, would I get the 2.5% rate on the whole lot, or just on the new money?
Or, if I opened a help to buy ISA for new money, and completely separately opened a new cash ISA and solely transferred my old balance into it, without adding new money, is that allowed?
I realise I could get a ‘split’ ISA but the rates aren’t so good and I only intend to pay into the help to buy ISA in this financial year.

Consumerist

Lucybell wrote: »

I have approx £7k in an old ISA account with a 0.5% interest rate. I have not paid into this in a few years.
I want to

• Open a help to buy ISA and pay into this regularly going forwards
• Move the money in my existing ISA to somewhere with a better interest rate

If I opened a help to buy ISA with, for example, a 2.5% rate, and transferred my old ISA into it, as well as paying new money into it, would I get the 2.5% rate on the whole lot, or just on the new money?
Or, if I opened a help to buy ISA for new money, and completely separately opened a new cash ISA and solely transferred my old balance into it, without adding new money, is that allowed?
I realise I could get a ‘split’ ISA but the rates aren’t so good and I only intend to pay into the help to buy ISA in this financial year.

Hi Lucybell and welcome to the forum.

Not sure whether you can transfer an existing cash ISA into a Help to Buy ISA but you can transfer an existing ISA to a new provider at any time if the new provider accepts transfers in.

eskbanker

Yes, it is possible to transfer from a standard cash ISA into a HTB ISA but only up to the scheme limits of £1,000 up front and £200 per month thereafter.

Alternatively a Lifetime ISA might be a better bet as these will take £4K/year.