saving NOT investing advice needed -polite request

wooders

Maybe a problem with that; let me explain (My wifes cash is mine and vice versa if that helps)

Me 07/08 £3009 natwest isa
Wife 07/08 £3009 natwest isa

Me - 08/09 A&L isa opened with £20 and MY natwest isa cash transfered.

Wife still has the £3009 in Natwest but I'm looking to move that cash without her having to open a new isa in her name just yet (havent got enough to put away)

are you saying I can transfer my wifes £3009 into my A&L aswell as my one I already have done?

If not I was just going to withdraw her cash and put it into my empty isa

hope this is clear!

Lokolo

wooders wrote: »

Maybe a problem with that; let me explain (My wifes cash is mine and vice versa if that helps)

Me 07/08 £3009 natwest isa
Wife 07/08 £3009 natwest isa

Me - 08/09 A&L isa opened with £20 and MY natwest isa cash transfered.

Wife still has the £3009 in Natwest but I'm looking to move that cash without her having to open a new isa in her name just yet (havent got enough to put away)

are you saying I can transfer my wifes £3009 into my A&L aswell as my one I already have done?

If not I was just going to withdraw her cash and put it into my empty isa

hope this is clear!

Ah nooooo can't do that. All ISAs are individual so you would have to open an ISA in her name.

How did you transfer your ISA from Natwest --> A&L?

Nessa56

wooders wrote: »

Maybe a problem with that; let me explain (My wifes cash is mine and vice versa if that helps)

Me 07/08 £3009 natwest isa
Wife 07/08 £3009 natwest isa

Me - 08/09 A&L isa opened with £20 and MY natwest isa cash transfered.

Wife still has the £3009 in Natwest but I'm looking to move that cash without her having to open a new isa in her name just yet (havent got enough to put away)

are you saying I can transfer my wifes £3009 into my A&L aswell as my one I already have done?

If not I was just going to withdraw her cash and put it into my empty isa

hope this is clear!

Right I am with you, no you cannot move her ISA into yours. As far as I know, you will have to do what you are proposing and lose out on any further tax free interest on that amount. Shame

Alternatively she could transfer this to a new one and just pay in a small amount each month therefore keeping the tax free interest on the existing money option open (not an option if she doesn't want one in her name I know)


I don't know if any of that helps at all but good luck, there are far more knowledgable people on here who I am sure can give you more advise.

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wooders

sorry guys/girls but I still feel my question has still not been answered...

1. Can I physically take cash out of wifes isa at the bank inc last years interest?

2. Can I then walk into my new bank and deposit this cash into MY isa?

3. any tax issues?

I would then effectively have 1 isa open with 3 grand tranfered previously, 3 grand deposited into the isa as cash and an option that wife can shop around to open a new isa in her name if we had more cash to save.

hoping you can finally end this thread.....wooders

wooders

Spoken with a&l - and yes I can, go to nw take her cash tax free, put it into my better rate and then wait till i get some more cash...so sorted thankyou all

debbie42

wooders wrote: »

sorry guys/girls but I still feel my question has still not been answered...

1. Can I physically take cash out of wifes isa at the bank inc last years interest?

2. Can I then walk into my new bank and deposit this cash into MY isa?

3. any tax issues?

I would then effectively have 1 isa open with 3 grand tranfered previously, 3 grand deposited into the isa as cash and an option that wife can shop around to open a new isa in her name if we had more cash to save.

hoping you can finally end this thread.....wooders

1. Well, you can't but she can!
2. Yes, as long as she gives you the money
3. Only as has already been stated: she loses the tax benefits of the old ISA. You don't have any back tax or whatever to pay.

I'm not sure why you need to go about it this way, unless you are taking advantage of a new ISA that doesn't allow transfers in? You would lose out if you did have enough funds between you to take full advantage of new ISAs this year.

Nessa56

wooders wrote: »

Spoken with a&l - and yes I can, go to nw take her cash tax free, put it into my better rate and then wait till i get some more cash...so sorted thankyou all

Good for you, I didn't want to comit myself because would have hated to give you the wrong advice

good luck

v
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TomsMom

johng_uk wrote: »

Just got off the phone from Barclays and it is bad news I'm afraid. It's as Lokolo says:



Unfortunately they were either misinforemd or fibbing both in branch and when I called the first time!!

We have a phone number for the chap who opened our ISA in branch. Unfortunately he is on holiday this week but when he gets back next week hubby will be phoning him asking why he misinformed us. After all, the person who opens the ISA for you is supposed to be the expert (considering you have to make an appointment to see a special person) and give guidance to the customer. As far as I can tell there is way too much misinformation being given to customers by staff who apparently don't know what they're talking about. Someone, somewhere, has to take some responsibility for giving customers correct information and there should be some accountability when the wrong information has "misled" the customer.

Lokolo

TomsMom wrote: »

We have a phone number for the chap who opened our ISA in branch. Unfortunately he is on holiday this week but when he gets back next week hubby will be phoning him asking why he misinformed us. After all, the person who opens the ISA for you is supposed to be the expert (considering you have to make an appointment to see a special person) and give guidance to the customer. As far as I can tell there is way too much misinformation being given to customers by staff who apparently don't know what they're talking about. Someone, somewhere, has to take some responsibility for giving customers correct information and there should be some accountability when the wrong information has "misled" the customer.

Indeed it is quite annoying. The backdating right to the beginning was last years so he may not have been informed about the new information so don't be too harsh. Speak to superiors if he says he wasn't informed though, just to clarify etc.etc.