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ISA advice please
stuckonthis
Posts: 2 Newbie
I opened up a Coventry Fixed Rate ISA (21) this tax year and put £5,940 into it. I didn't have any money to top this up when the new rate came in and now this account is closed for top-ups. I would now like to save the rest of my ISA allowance for this tax year but understand that I can't open up another ISA.
I also have a Cheshire ISA from the previous year where the bonus expiry date was 31/10/2014. I want to ditch and switch this but how can I do that without opening up a new ISA?
I thought the Coventry was such a good deal but now I am thinking that I have made a terrible mistake because I won't be able to make any changes (either adding or moving money) until the new tax year.
Does anyone know what I can do to maximise my savings?
I also have a Cheshire ISA from the previous year where the bonus expiry date was 31/10/2014. I want to ditch and switch this but how can I do that without opening up a new ISA?
I thought the Coventry was such a good deal but now I am thinking that I have made a terrible mistake because I won't be able to make any changes (either adding or moving money) until the new tax year.
Does anyone know what I can do to maximise my savings?
0
Comments
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You can open multiple ISAs but you can only deposit new money into one in each tax year.
You can transfer (old money)between providers subject to the T&Cs of your accounts.This is an open forum, anyone can post and I just did !0 -
Sorry to sound so dim but does that mean I can open a brand new ISA with a brand new provider and transfer the money from the Cheshire into it?0
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You are allowed to put new money into both, a cash and an S&S ISA each financial year. You can split your annual allowance as you please, and you can transfer between the two.
However. S&S ISAs pay even more pitiful interest on cash than cash ISAs do, and transferring cash from S&S to cash ISA generally involves a fee.
What are you saving for? How long are you saving for? Would a non ISA account yield more interest for you? Is a proper investment in an S&S ISA an alternative?0 -
stuckonthis wrote: »Sorry to sound so dim but does that mean I can open a brand new ISA with a brand new provider and transfer the money from the Cheshire into it?
Yes, you can ask a new provider to transfer your existing ISA, if they offer a transfer-in. Don't transfer it yourself as your money would lose the ISA status.
You must not pay any new money into such an ISA in the current financial year.0
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