HSBC Mini Cash ISA

Schizophonic

Schizophonic

Schizophonic

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Just wondering if anyone here knows much about this....

Parents are looking to put in £3k into my account as savings but i dont want them to know how much i taken out as i used some for other purposes. I know its got something to do with the Tax year of withdrawing and deposting money but my question....

If i withdraw X amount on 30th April, can they still put the full amount in (of 3K) and not be stopped in putting in that 3k?
 
Jez said:
Withdrawals do not affect the amount you can pay into a Cash ISA.
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With HSBC Mini Cash ISA it seems to.

I have one of these.

And with mine I was told you can put a max in of 3k.

e.g. If you put 2.8k in the withdrawn £200 giving you 2.6k you would only be allowed to put in another £200, not £400. Putting in £200 means you have put in 3k.


But it goes up the next tax year to 6k max if I remember rightly and then 9k. It says on your statment when you get one how much you can put into the account.
 
Azza said:
With HSBC Mini Cash ISA it seems to.

I have one of these.

And with mine I was told you can put a max in of 3k.

e.g. If you put 2.8k in the withdrawn £200 giving you 2.6k you would only be allowed to put in another £200, not £400. Putting in £200 means you have put in 3k.


But it goes up the next tax year to 6k max if I remember rightly and then 9k. It says on your statment when you get one how much you can put into the account.
Click to expand...

Right so help me here.

I took out about 1k on the 30th April, if my parents try to put in 3k tomorrow, will they still be allowed?

I know its about the tax year but is there specific date of when the tax year is?
 
Jez said:
Withdrawals do not affect the amount you can pay into a Cash ISA.
Click to expand...

Garbage I'm afraid, unless you have misunderstood.

For every tax year you can place £3k into the ISA.

If, on the 6th April, you add £3k to the ISA and then remove £1k, you cannot top it back up until the following tax year (and the top up will become part of your allowance for that year).

So, assume your balance is now £2k, you add £3k the following year you will only have £5k as you can not add what you have removed.

Example 2:
If you pay in £2k then take out £500, you can only add £1k back to the ISA in that tax year (giving you a balance of £2500).

hope that makes more sense.
 
Schizophonic said:
Right so help me here.

I took out about 1k on the 30th April, if my parents try to put in 3k tomorrow, will they still be allowed?

I know its about the tax year but is there specific date of when the tax year is?
Click to expand...


Yes there is a specific date in the tax year.

Some time in April I think. (Some boffin on here will know for sure)


If its a new tax year they will be able to if not then I dont think they will be able to. Just try it any way, I could be completly wrong. (Dont think I am though :) )



What did you spend the 1K on? May I ask. :D
 
Schizophonic said:
Right so help me here.

I took out about 1k on the 30th April, if my parents try to put in 3k tomorrow, will they still be allowed?

I know its about the tax year but is there specific date of when the tax year is?
Click to expand...

Yes, they can. As long as no other payments have been made into the account since you took the money out (other than interest).

Tax year ends on the 5th April and begins on the 6th April.
 
I do not need Cash ISA's explaining to me, thankyou. I think it is you who has misunderstood what i have put. What i posted is correct. Withdrawals do not affect cash ISA's.

The lad can remove as much money as he wishes from his cash ISA, this will never affect the amount that his parents may pay in each tax year. Its rising this year by the way.
 
Jez is correct in that withdrawals do not affect what you can put in.
There is still a limit of £3K per tax year though.

If the OP hasn't put anything in the ISA that tax year then £3K can still be put into it regardless of how much has been withdrawn.
If he has already used the £3K limit than withdrawing it won't allow you to put in another £3K.
 
Butters said:
Garbage I'm afraid, unless you have misunderstood.

For every tax year you can place £3k into the ISA.

If, on the 6th April, you add £3k to the ISA and then remove £1k, you cannot top it back up until the following tax year (and the top up will become part of your allowance for that year).

So, assume your balance is now £2k, you add £3k the following year you will only have £5k as you can not add what you have removed.

Example 2:
If you pay in £2k then take out £500, you can only add £1k back to the ISA in that tax year (giving you a balance of £2500).

hope that makes more sense.
Click to expand...

So what you are saying is, withdrawals don't affect the amount you can pay into an ISA?;)
 
The only rule that I know of with the HSBC Mini Cash ISA is that you can only deposit a maximum of 3000 quid per year (starting 1st April). Withdrawals or the account balance does not affect this
 
which means, withdrawals 'can' affect the cash ISA but not the limit (obviously). If he had a montly DD or SO to the ISA and took out £200, then you couldnt pay in £3k or make up the £3k if all done in the same tax year.
 
Azza said:
e.g. If you put 2.8k in the withdrawn £200 giving you 2.6k you would only be allowed to put in another £200, not £400. Putting in £200 means you have put in 3k.
.
Click to expand...

That's the same will all ISAs. You can only pout in 3k once. if you withdraw any you can't top it back up. Well you can top it back up it just won't be tax free.
 
Butters said:
which means, withdrawals 'can' affect the cash ISA but not the limit (obviously). If he had a montly DD or SO to the ISA and took out £200, then you couldnt pay in £3k or make up the £3k if all done in the same tax year.
Click to expand...

Withdrawals DO NOT affect the amount you can PAY IN to a cash isa.

Year end is 5th april by the way, and the 08/09 cash allowance is rising to £3600
 
Butters said:
which means, withdrawals 'can' affect the cash ISA but not the limit (obviously). If he had a montly DD or SO to the ISA and took out £200, then you couldnt pay in £3k or make up the £3k if all done in the same tax year.
Click to expand...

yes but he has still 'paid in' £3000 it just so happens he has paid out £200 so the balance is £2800.
 
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