HSBC Mini Cash ISA

NerveAgent · 7 Jan 2008 at 23:07

aaaaaaaaaaarrrrrrrrrrrrrrrgggggggggghhhhhhhhhh

paying in £3000 does not mean having £3000 in the account at the end of the tax year

Butters · 7 Jan 2008 at 23:07

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

Year end is 5th april by the way, and the 07/08 cash allowance is rising to £3600

Yes I know, but the practise is different. If you PAY IN £2k of a £3k limit and then WITHDRAW £500. You CANNOT then add £1.5k in the same tax year which is where most people get confused.

* caps lock for added effect

Lord knows the number of times I had people trying to 'top up' thier ISAs before the 5th April! Fools

Azza · 7 Jan 2008 at 23:08

NerveAgent said:
aaaaaaaaaaarrrrrrrrrrrrrrrgggggggggghhhhhhhhhh

paying in £3000 does not mean having £3000 in the account at the end of the tax year

True you will have £xxxx.xx depending on the amount you have withdrawn and the interest you have gained.

clv101 · 7 Jan 2008 at 23:08

AcidHell2 said:
Jez said:

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

Click to expand...

Are you sure? Last time I looked at an Isa. you where only allowed to pay in 3k, regardless of what you took out.

LOL

NerveAgent · 7 Jan 2008 at 23:10

Butters said:
Yes I know, but the practise is different. If you PAY IN £2k of a £3k limit and then WITHDRAW £500. You CANNOT then add £1.5k in the same tax year which is where most people get confused.

* caps lock for added effect

Lord knows the number of times I had people trying to 'top up' thier ISAs before the 5th April! Fools

So we can conclude that withdrawals don't affect the amount you can pay in to an ISA

Jez · 7 Jan 2008 at 23:10

Shall we have a clarification post, as i feel as though i am banging my head against a brick wall!

For 07/08 which is inclusive until day end 5th april the PAY IN allowance for a tax free cash ISA is £3000, regardless of withdrawal.

6th april onwards for 08/09 there will be a new PAY IN allowance of £3600, meaning you can only pay in £3600 until 6th april 2009.

You can withdraw as much as you want when you want.

Azza · 7 Jan 2008 at 23:11

Jez said:
Shall we have a clarification post.

For 07/08 which is inclusive until day end 5th april the PAY IN allowance for a tax free cash ISA is £3000, regardless of withdrawal.

6th april onwards for 08/09 there will be a new PAY IN allowance will be £3600, meaning you can only pay in £3600 until 6th april 2009.

You can withdraw as much as you want when you want.

Indeed.

clv101 · 7 Jan 2008 at 23:16

Almost 30 posts to ascertain that withdrawals from a mini cash ISA don't affect the amount you can pay in... incredible.

Jez · 7 Jan 2008 at 23:17

clv101 said:
Almost 30 posts to ascertain that withdrawals from a mini cash ISA don't affect the amount you can pay in... incredible.

I actually posted it in the first reply within about 2 mins of the original post

Only on ocuk!

Azza · 7 Jan 2008 at 23:18

clv101 said:
Almost 30 posts to ascertain that withdrawals from a mini cash ISA don't affect the amount you can pay in... incredible.

This s OcUK remember.

Im sure my first post sorted everything out.

I just didnt get the just of what Jez was saying at the time. They way he wrote his reply took a while to compute in my brain.

Butters · 7 Jan 2008 at 23:23

clv101 said:
Almost 30 posts to ascertain that withdrawals from a mini cash ISA don't affect the amount you can pay in... incredible.

Ahh yes, but worded like that, then withdrawals DO affect the amount you can pay in. however, they dont affect the amount you can invest!

Which was why I questioned the first response.

/RUNS

Saytan · 7 Jan 2008 at 23:25

i tried paying a load of cmoney into someone's ISA. it creamed the amount that was over their tax free limit off and dumped it into their related current account AUTOMAGICALLY!

that was nat west though

Jez · 7 Jan 2008 at 23:25

Butters said:
then withdrawals DO affect the amount you can pay in.

No they dont, stop confusing everyone. Withdrawals NEVER EVER EVER EVER affect the amount you can pay into a cash ISA.

End of. Please.

Butters · 7 Jan 2008 at 23:27

So if I pay in £2k, then withdraw £200, you're saying I can still PAY IN £2400?

Cool! Off I go.

Oh no, wait, I can't. bugger!

Jez · 7 Jan 2008 at 23:29

Butters said:
So if I pay in £2k, then withdraw £200, you're saying I can still PAY IN £2400?

Cool! Off I go.

Oh no, wait, I can't. bugger!

What the hell are you on? If you dont know what you are talking about then do not offer advice, its much easier that way. Those figures are completely random, and you do not seem to grasp that BALANCE has nothing whatsoever to do with a cash tax free pay in allowance.

NerveAgent · 7 Jan 2008 at 23:30

no if you pay in £2000 then withdraw £whatever you can pay in £1000

£2000 + £1000 = £3000 paid in wahooooooooo

Butters · 7 Jan 2008 at 23:35

Jez said:
What the hell are you on? If you dont know what you are talking about then do not offer advice, its much easier that way. Those figures are completely random, and you do not seem to grasp that BALANCE has nothing whatsoever to do with a cash free pay in allowance.

Stop being a pleb. I am more than financially aware of a cash ISA and its operations, some of the general public are not hence the OP. Your replies are financially based and dont cover those people who dont fully understand.

I can provide you with numerous cases where people think their cash ISA limit is £3k meaning that regardless of how much they take out, they then can PAY IN (your words) as much as they like until the balance of their ISA is £3k. This is wrong if we are to assume the above all happens in one tax year.

If joe bloggs comes on the 10th April and pays in £100 then takes it back out two days later, he can then not come back and pay in £3000. Therefore, his withdrawal HAS affected the amount he can now pay in. He can now only pay in £2900.

NerveAgent · 7 Jan 2008 at 23:38

if he pays in £100 then DOESN'T withdraw £100 how much can he pay in

YES £2900!!! SHOCK HORROR WITHDRAWALS DONT AFFECT HOW MUCH YOU CAN PAY IN TO AN ISA

Schizophonic · 7 Jan 2008 at 23:38

Well i'm sure we will find out tomorrow. Parents are going to put in 3K tomorrow from my life saving and from what you said (majority) this doesn't effect what has been taken out.

Though this is HSBC remember, and the bank account i have is MINI CASH ISA. I took 1k out on 30th April 2007. I have a feeling that my parents are not allowed to put in more than 2k then......

Have i got all of this still confused?

Jez · 7 Jan 2008 at 23:40

Butters said:
If joe bloggs comes on the 10th April and pays in £100 then takes it back out two days later, he can then not come back and pay in £3000. Therefore, his withdrawal HAS affected the amount he can now pay in. He can now only pay in £2900.

Taking your example he has already paid £100 in for that tax year, so given a £3000 limit of course he can only now pay in £2900, what is so hard to understand for anyone?

Where has all this balance stuff come from? I havnt mentioned the word balance, balance has nothing to do with it whatsoever! I have a Cash ISA which has been running about 3 years now, it shows a balance of £9000 or £12000 (cant remember). All the £3000 is a 12 monthly pay in limit, the balance could be anything.