Problems transferring my ISA - please help!

Baldur

karen_newcastle wrote: »

I can only save £3600 in a cash ISA this year. Pearl are going to send me £3800 so I can't pay this into my A&L cash ISA it's too much. Am I right? Please tell me if I am wrong as I am a bit dim about these things!!

I also want to save £50 per month on top of this £3800 I have already saved and I have already set up a standing order into my A&L ISA.

So 12 x £50 = £600 - you could, therefore, pay £3,000 of the Pearl money into your A & L Cash ISA and the balance into a high interest savings account.

whu

you are right about the max of £3600 into a cash ISA in any tax year -didnt realise you has set up a standing order - just a suggestion - why not see if you can amend the standing order to put in £300 a month so that u use the £50 a month and part of the £3800 - dont know if it is possible to change the standing order but might be worth asking - or ask if you can scrap the standing order and pay the £3600 in instead

karen_newcastle

Baldur wrote: »

So 12 x £50 = £600 - you could, therefore, pay £3,000 of the Pearl money into your A & L Cash ISA and the balance into a high interest savings account.

I think I will do exactly this. Pay £3000 in from my PEARL ISA into my A&L ISA and continue to pay £50 per month.

The extra £800 I'll pay into a tax free childrens savings account.....or something similar.

Thanks for your help guys. Looks like my daughter will have a nice little lump some of about £5300 by the time she goes to Uni.

I'll pop back in 2010 to ask for advice on the best way for her to use it LOL :j

Baldur

karen_newcastle wrote: »

I think I will do exactly this. Pay £3000 in from my PEARL ISA into my A&L ISA and continue to pay £50 per month.

The extra £800 I'll pay into a tax free childrens savings account.....or something similar.

Thanks for your help guys. Looks like my daughter will have a nice little lump some of about £5300 by the time she goes to Uni.

I'll pop back in 2010 to ask for advice on the best way for her to use it LOL :j

Don't forget that the rate drops on the A & L Direct ISA after a year, so I'd suggest popping back in 2009......;)

whu

ditto Baldurs comments re:check the rate next year - good luck

Mikeyorks

karen_newcastle wrote: »

I'll pay into a tax free childrens savings account

Very few (savings) accounts automatically give tax free interest .... you have to (get your daughter to) file an R85 if her income is less than £5435 this year. She can open a cash ISA .... but little point if it's going to be short duration and she doesn't pay tax?

Have a look at Martin's article on children's accounts? But she's at a funny age (!) as a number won't run past 16. The Halifax Regular Saver (10%) {mentioned - with link - in his article} is ideal for your £50pm ... but you'll need to check if she fits the age profile?

Here's the link (did check and the Halifax 10% - sorry - is only up to 16)

http://www.moneysavingexpert.com/savings/child-savings-tax-free

karen_newcastle

Thank you everyone. Very informative as usual! I am going to do some digging about today and see what the best options are.