New 2013/14 Cash ISA's

The only potential issue really with cash ISAs is if they are linked to a current account that you have to pay a monthly fee for - need to make sure your saving enough that the fee isn't cancelling out any interest. (Or your getting significant benefits from the extras bundled with the current account).
 
Rroff said:
The only potential issue really with cash ISAs is if they are linked to a current account that you have to pay a monthly fee for - need to make sure your saving enough that the fee isn't cancelling out any interest. (Or your getting significant benefits from the extras bundled with the current account).
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Ignore. I read it wrong. It's late :p
 
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Its an if - some of the cash ISAs with the best rates are only available if you also hold a current account with certain features with that bank - with a basic current account you'd only have access to their lower rate ISAs.
 
From what you say you dont need ability to transfer in existing

So Coventry Building Society at 2.6%
If you need transfer in its Leeds Building Society at 2.55% or Santander at 2.5%

http://www.savingschampion.co.uk/best-buys/tables/variable-rate-isa/

If you want fixed then

1 year leeds or 2 years Santander, I wouldnt even consider fixing really and certainly no more than 2 years with current rates.

http://www.savingschampion.co.uk/best-buys/tables/fixed-rate-isa/#top

Edit : Sorry didnt follow your link initially, yes all those are fine.
 
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Just bumping this so I can ask a silly question without starting my own thread since im new to ISAs.

What happens if you open an ISA and fill it with the £5760 limit?

E.G £5760 @ 2.5% = £144 interest, with next years balance being £5904. Since that is above the cash ISA maximum threshold, I assume the next year I will still receive the £144 untaxed, but the additional £144 will be subject to taxation, repeat for the following years. Is this correct?
 
Bennie-Mac said:
Just bumping this so I can ask a silly question without starting my own thread since im new to ISAs.

What happens if you open an ISA and fill it with the £5760 limit?

E.G £5760 @ 2.5% = £144 interest, with next years balance being £5904. Since that is above the cash ISA maximum threshold, I assume the next year I will still receive the £144 untaxed, but the additional £144 will be subject to taxation, repeat for the following years. Is this correct?
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Interest earned doesn't count towards the limit you can pay in & it's all tax free.
 
The limit only applies to you putting new money into the ISA, so each year you can keep putting the max in and accumulating more cash in the ISA. When you transfer from one ISA product to another it doesn't affect your allowance.

At the moment with rates so bad, it's really the only reason to put money in a cash ISA - once higher interest rates return you'll have more capital in there earning you cash.
 
Bennie-Mac said:
What happens if you open an ISA and fill it with the £5760 limit?
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You can't put any more money in it until the following tax year, no matter what you do - ie, if you take it all out, you still can't put anything back in.

E.G £5760 @ 2.5% = £144 interest, with next years balance being £5904. Since that is above the cash ISA maximum threshold, I assume the next year I will still receive the £144 untaxed, but the additional £144 will be subject to taxation, repeat for the following years. Is this correct?
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The limit is how much you can invest per year. Not what the balance can be. You will receive the full amount of interest without being subject to any tax.
 
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