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  • blueberrypie
    blueberrypie Posts: 2,395 Forumite
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    MorecambeChris wrote: »
    I opened an ISA with Halifax on 11 May 2010, which gave 2.6% for the 12 month reward period, and I filled it up. Do I have to wait till 12 May 2011 to upgrade to the 3% ISA? Or can I upgrade and fill it up again on 6 April 2011? Thanks,

    Is it a fixed-rate ISA?

    If not, you can upgrade (Halifax call this "redesignating" the ISA) now and add your 11/12 allowance from April 6th.
  • spez
    spez Posts: 1 Newbie
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    Hi, can anyone please tell me ........... is there a limit to how many cash ISA's one person can have. I understand theres a limit to the amount you can put into the ISA each year, but can you split that amount into two separate ISA's with different providers? Also, is there a limit to the amount you can have in one ISA, or can you keep topping it up each year indefinately? Thank you.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    spez wrote: »
    Hi, can anyone please tell me ........... is there a limit to how many cash ISA's one person can have. I understand theres a limit to the amount you can put into the ISA each year, but can you split that amount into two separate ISA's with different providers? Also, is there a limit to the amount you can have in one ISA, or can you keep topping it up each year indefinately? Thank you.

    You can keep topping up indefinately. You can have as many ISAs as you want.

    You can only contribute to one ISA each tax year. So you cannot split your yearly allowance between 2 or more ISAs, has to go all in the same one.
  • psychic_teabag
    psychic_teabag Posts: 2,865 Forumite
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    The ISA rules themselves don't have a limit you can have in an account (AFAIK). However, each provider may impose its own minimum and maximum limits on any specific ISA account - check the T&C.
  • zurpher
    zurpher Posts: 103 Forumite
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    edited 30 March 2011 at 10:45AM
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    Hi,

    What happens if I open a cash ISA in 2010/2011 tax year but transfer cash after 5 April 2011? Does that still count as tax-free savings for 2010/2011? Will I still be able to open another ISA for 2011/2012 with 5k tax free allowance?

    Thank you for your help.

    Edit: The quote " I'd still open one THIS YEAR, just in case you get an unexpected windfall you can use towards next year's ISA." seems to suggest that it is possible to transfer money at any point afterwards as long as the ISA account has been openend before the deadline.
  • Albear
    Albear Posts: 3 Newbie
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    I've messed up on an ISA I think? This time last year a little earlier I spoke to Barclays about changing my ISA, I was getting a very poor rate and I had been told by one of their phone reps there was a better avaialbale. I rang them and went through the process to change. Hoewever a few weeks later I was told I had wrongly stated on my applicatioon that I had no cash ISA when I already had one, left me totally confused and was too late to do anything and I was annoyed that the rep took me right through the process without explaining I needed to close the ISA.
    So Monday I transferred money out of the ISA into a savings account with barclays and wrote yesterday to close the ISA. Thinking I had to close to open a new one. I decided I would use your expertise and open one of the ones you reccomend. So this morning after receiving your regular e mail, I went to look at ISA and it looks like I committed the cardinal sin by taking the money out of the ISA?? If this is so I feel badly let down by Barclays, because if I've read your tutorial on ISA's correctly. I should have been able to transfer last year???
    Anyway, advise please I have a sum of money my son's child benefit saved since birth he is just past 11 to be kept for him either for university or what he needs when leaving school. What would be the best way to invest it.
  • blueberrypie
    blueberrypie Posts: 2,395 Forumite
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    zurpher wrote: »
    Hi,

    What happens if I open a cash ISA in 2010/2011 tax year but transfer cash after 5 April 2011? Does that still count as tax-free savings for 2010/2011? Will I still be able to open another ISA for 2011/2012 with 5k tax free allowance?

    If the funds are credited to the account after April 5th, it will be considered part of the 2011/12 allowance.
    Edit: The quote " I'd still open one THIS YEAR, just in case you get an unexpected windfall you can use towards next year's ISA." seems to suggest that it is possible to transfer money at any point afterwards as long as the ISA account has been openend before the deadline.

    No. The date on which the account was opened is irrelevant, as far as HMRC are concerned. The quote above is suggesting that if someone has money to deposit now, it is a good idea to fund an ISA now, before the tax year - even if they do not expect to fund an ISA for next year, as it's possible that they will receive unexpected money during 2011/12, and if they've used their 11/12 allowance for the money they already have, they will not be able to use it again for their unexpected windfall.
  • budfly
    budfly Posts: 84 Forumite
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    I set up a Self Select Funds ISA which i intend to pay into on a monthly basis.

    Im wondering should i stick to one or two funds or spread the money into new funds with each monthly deposit.

    Thanks in advance
  • kennybick
    kennybick Posts: 1 Newbie
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    I have two seperate ISA's that I have not put anymore cash into this year, I now wish to use the new allowance of £5,340 after 6th April to top them up. My question is this,
    Can I put say £3,000 into one of them and the remaining £2,340 into the other one, or do I have to put the whole of the £5,340 into just one of them.
  • blueberrypie
    blueberrypie Posts: 2,395 Forumite
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    kennybick wrote: »
    I have two seperate ISA's that I have not put anymore cash into this year, I now wish to use the new allowance of £5,340 after 6th April to top them up. My question is this,
    Can I put say £3,000 into one of them and the remaining £2,340 into the other one, or do I have to put the whole of the £5,340 into just one of them.

    You have to keep the current year's allowance together, so you can only put it into one of them.

    However you say you haven't put any more cash into them this tax year - do you mean you haven't used any of your 2010/11 allowance? If so, you still have time to deposit some or all of it using your 2010/11 allowance, so you could deposit £3k into one of them now and the remaining £2340 (or more, up to £5340) into the other after April 6th.

    Have you checked the interest rates on them to see if they are worth topping up, or if the funds could work harder for you if transferred elsewhere?
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