Tell us you cash ISA questions
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I'm seeing in newspapers that the deadline to top up your ISA so it's 20k is on 5th April? I had a Cash ISA account with Santander that matured this month. It's empty, I won't be using it again as I'm in the process of moving my account over to Nationwide. I have a S&S ISA with Vanguard, I don't have anywhere near 20k in there! I don't even think I'm going to max the limit out.
When it mentions "use it, or it's gone forever" does that mean you won't be able to open an ISA the following year? It's left me feeling confused.Save £12k in 2019 #154 - £14,826.60/£12kSave £12k in 2020 #128 - £4,155.62/£10k0 -
No, £20K is the annual contribution allowance, i.e. the maximum you can pay into ISAs during the course of each tax year.I'm seeing in newspapers that the deadline to top up your ISA so it's 20k is on 5th April? I had a Cash ISA account with Santander that matured this month. It's empty, I won't be using it again as I'm in the process of moving my account over to Nationwide. I have a S&S ISA with Vanguard, I don't have anywhere near 20k in there! I don't even think I'm going to max the limit out.
When it mentions "use it, or it's gone forever" does that mean you won't be able to open an ISA the following year? It's left me feeling confused.
If you don't pay in the full £20K in one year, you can't carry forward the unused amount to boost your allowance the next year, but you still have a fresh £20K allowance to use once the tax year clicks over, which you're free to do with as you please....0 -
No, £20K is the annual contribution allowance, i.e. the maximum you can pay into ISAs during the course of each tax year.
If you don't pay in the full £20K in one year, you can't carry forward the unused amount to boost your allowance the next year, but you still have a fresh £20K allowance to use once the tax year clicks over, which you're free to do with as you please....
Thanks for clearing that up @esbanker
Save £12k in 2019 #154 - £14,826.60/£12kSave £12k in 2020 #128 - £4,155.62/£10k0 -
My isa has now grown to over the 85k protected limit. Its all in one place maturing soon can I split it? This is opposite to your first FAQ.0
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Yes, you can split it - the only proviso is that current tax year contributions need to be kept together in the same place, so you shouldn't find it difficult to comply with that!liam_the_urchin wrote: »My isa has now grown to over the 85k protected limit. Its all in one place maturing soon can I split it? This is opposite to your first FAQ.
Make sure you use the receiving provider's ISA transfer process to retain the tax-free ISA status of the money, rather than withdrawing and paying in again.
Assuming you're referring to a cash ISA maturing, you might also consider whether it's appropriate to have over £85K in cash form, where it's likely to lose value to inflation over the long term - investing at least some of it may make sense unless you're likely to need access to all of it over the next few years....0 -
We are planning to open a notice account to deposit some savings, as it seems a good place to get a decent interest rate whilst still retaining some access to our funds.
My question is whether we should move money we currently have in 2 x cash ISAs into the notice account too? The interest rate is better in the notice account but I’m wary of taking money out of an ISA - as previous advice always used to be make sure you don’t transfer the money out as you’ll lose the tax free status of the savings. N.B. We’re not currently adding to the cash ISAs.
Given the new personal savings allowance, we’re unlikely to get taxed on our savings no matter where they’re kept, but didn’t want to move the money out of the ISAs in case there’s a detriment to doing so that I hadn’t thought of.Any advice would be greatly recieved!
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If you want to preserve the ISA status, then you could transfer to a flexible ISA and then make a flexible withdrawal at the start of each tax year, then replace the funds before the end of the tax year, and repeat. This should work just fine with a notice account.
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16-17 year olds are allowed cash ISAs in theory, but the T&Cs for all of the ‘Top Cash ISAs’ restrict accounts to 18+
So shouldn’t there be a separate Best Buy table for 16-17 year olds? Or some mechanism to open up the accounts for them. Especially as many child accounts stop at 16.0 -
fshah30 said:16-17 year olds are allowed cash ISAs in theory, but the T&Cs for all of the ‘Top Cash ISAs’ restrict accounts to 18+
So shouldn’t there be a separate Best Buy table for 16-17 year olds? Or some mechanism to open up the accounts for them. Especially as many child accounts stop at 16.Really?Top of the Easy Access table is Penrith BS, here's what they have to say:"You must be over the age of 16 with a valid National Insurance number"And Charter Savings bank has the best rate for both 1 and 2 year fixed rates..."All UK residents aged 18 or over (16 for Cash ISAs) can open an ISA."1 -
My Halifax ISA variable anniversary date was on Good Friday. Seeing as it was a bank holiday, will the interest not go in until Tuesday?
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