Full ISA Guide Discussion Area

Former_MSE_Dan
Former_MSE_Dan Posts: 1,593
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edited 14 June 2010 at 4:47PM in ISAs & tax-free savings

This thread is specifically to discuss the

Full ISA Guide

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Former MSE team member
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Comments

  • HI,

    i have filled up my allocation for my cash ISA for this year, and i am now interested in the share ISA part. I would like to invest in Taiwan through this, either through a fund or through a Index Tracker of the Taiex Index? is there any way that this can be done? if so, who offers this?

    thanks in advance!
  • Hello - now this is probably a silly question, but...
    I'm a complete novice in financial matters, but finally last tax year I got organised enough to squirrel £3000 away in a cash ISA. Now it's the new tax year, do I need to open a NEW cash ISA to start getting this year's £3600 tax-free allowance, or can I just add to my existing one? I've read the main article, and every word in my existing ISA booklet, but I can't seem to find this. Many thanks,
    Tony
  • Baldur
    Baldur Posts: 6,565 Forumite
    Tony2008 wrote: »
    Hello - now this is probably a silly question, but...
    I'm a complete novice in financial matters, but finally last tax year I got organised enough to squirrel £3000 away in a cash ISA. Now it's the new tax year, do I need to open a NEW cash ISA to start getting this year's £3600 tax-free allowance, or can I just add to my existing one? I've read the main article, and every word in my existing ISA booklet, but I can't seem to find this. Many thanks,
    Tony
    You can do either and, if another ISA provider is offering a better rate than your existing one, you can transfer the existing ISA to that provider.
  • spalding
    spalding Posts: 925 Forumite
    Certain providers do not allow transfers in
  • Baldur
    Baldur Posts: 6,565 Forumite
    spalding wrote: »
    Certain providers do not allow transfers in
    This post - http://forums.moneysavingexpert.com/showthread.html?t=401374&highlight=Kazza - shows those which accept or do not accept transfers.
  • kotka4
    kotka4 Posts: 27 Forumite
    I was going to open Abbey 6.25% ISA. I see their terms state that interest is paid annually on 1st March each year. I called to ask what happens if I exit and transfer to another provider in May for example - would I get my 2 months interest (for March and April) when I close the account - the man said no, you would not get any interest for those months. Does anyone know if this is correct. If it is it means that if I want to transfer next year 5th april, I would lose 1 month's interest from 1st march onwards? I am confused, as this is not a fixed term isa. If I look at A&L - they pay the annual interest on 1st January - this will mean 3 months lost interest if I move the money on 1 April 2009. Any advice from experts, have you had an experience with this? I have never transfered my ISA until now.
  • RayWolfe
    RayWolfe Posts: 3,045
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    You earn interest on savings account on each day that you are invested. If you close or move an account you will receive interest as follows:
    number of days invested / 365 x AER
    An exception may be in fixed term accounts where you may have to stay invested for the full term.
  • Baldur
    Baldur Posts: 6,565 Forumite
    kotka4 wrote: »
    I was going to open Abbey 6.25% ISA. I see their terms state that interest is paid annually on 1st March each year. I called to ask what happens if I exit and transfer to another provider in May for example - would I get my 2 months interest (for March and April) when I close the account - the man said no, you would not get any interest for those months. Does anyone know if this is correct. If it is it means that if I want to transfer next year 5th april, I would lose 1 month's interest from 1st march onwards? I am confused, as this is not a fixed term isa. If I look at A&L - they pay the annual interest on 1st January - this will mean 3 months lost interest if I move the money on 1 April 2009. Any advice from experts, have you had an experience with this? I have never transfered my ISA until now.
    That's rubbish.

    I have transferred ISAs from Abbey twice in the past few years - the closing balance transferred on each occasion included any interest earned from the time of opening the account until the date of transfer.
  • That's great, thanks very much - I'll have a quick look at other providers.
    Cheers Baldur,
    Tony
  • Hi,

    This may be a real dunces question but I have just opened a cash ISA with Barclays to take advantage of this years ISA limit, however, I have just over £3000 in an ING ISA from last year, which I would like to transfer into another ISA with say Alliance & Leicester. Can I legally do this, having just opened an ISA with Barclays with new money?
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