Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • SIMMONS069
    • By SIMMONS069 15th Aug 19, 3:02 PM
    • 3Posts
    • 0Thanks
    SIMMONS069
    CASH ISA & FCSC Protection
    • #1
    • 15th Aug 19, 3:02 PM
    CASH ISA & FCSC Protection 15th Aug 19 at 3:02 PM
    Hi, does anyone have any advice on what to do if your CASH ISA total in one institution was to approach the 85K FCSC protection limit? Can you transfer out part of the balance to a new provider/product for the new tax year so you don't lose the use of your yearly allowance? Any advice on how to manage CASH ISAs to avoid this happening? Many thanks.
Page 1
    • SonOf
    • By SonOf 15th Aug 19, 3:23 PM
    • 695 Posts
    • 838 Thanks
    SonOf
    • #2
    • 15th Aug 19, 3:23 PM
    • #2
    • 15th Aug 19, 3:23 PM
    Can you transfer out part of the balance to a new provider/product for the new tax year so you don't lose the use of your yearly allowance?
    Potentially yes.

    Any advice on how to manage CASH ISAs to avoid this happening?
    1 - many wont be bothered if they are using a mainstream bank
    2 - many wont hold as much in cash and use investments instead.
    3 - many will have multiple banks before they get to that stage.
    • eskbanker
    • By eskbanker 15th Aug 19, 4:11 PM
    • 10,794 Posts
    • 13,352 Thanks
    eskbanker
    • #3
    • 15th Aug 19, 4:11 PM
    • #3
    • 15th Aug 19, 4:11 PM
    If you have, say, 80K in a cash ISA, then this must mean that at least 60K was paid in in previous tax years.

    You can transfer contributions from previous years at any time without affecting any annual allowances, subject to the receiving product accepting transfers in - make sure you use their ISA transfer process....
    • badger09
    • By badger09 15th Aug 19, 4:57 PM
    • 7,146 Posts
    • 6,762 Thanks
    badger09
    • #4
    • 15th Aug 19, 4:57 PM
    • #4
    • 15th Aug 19, 4:57 PM
    If you have, say, 80K in a cash ISA, then this must mean that at least 60K was paid in in previous tax years.

    You can transfer contributions from previous years at any time without affecting any annual allowances, subject to the receiving product accepting transfers in - make sure you use their ISA transfer process....
    Originally posted by eskbanker
    And subject to the existing 80k ish ISA not being fixed term/fixed rate. If it is, the transfer out can still be made (ISA regulations) but there could be a hefty penalty to pay.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,836Posts Today

6,301Users online

Martin's Twitter