A Basic ISA Guide

[DB_SamX]

I've got about £700 sitting next to me, just staring at me. Shame I recieved it today and not before the 5th April. I would have chucked it in an ISA and taken it out 2012!

You can still open one now.

 

[platypus]

Op updated to current figures.

 

[Vanquish-Storm]

I opened an ISA in December and have been paying a little into it since, Say I have only £2000 in it by April and open another ISA, If i then pay into both does the money from the original ISA still class towards the 2013/14 limit?

 

[Kaka]

You cannot contribute money into two different cash ISA accounts in the same year.

 

[Vanquish-Storm]

You cannot contribute money into two different cash ISA accounts in the same year.

So the best bet is transfer the current ISA money into a new ISA, and pay into the new ISA?

EDIT: Or transfer the balance from last years ISA into a 1,2 or 5 year CASH ISA?

 

[Kaka]

Yes, if the new account you're transferring into has a higher rate (compared to your matured account).

 

[Kaka]

EDIT: Or transfer the balance from last years ISA into a 1,2 or 5 year CASH ISA?

Be careful of fixed rate accounts as these tend not to allow any further contributions until the account matures.

 

[Vanquish-Storm]

Be careful of fixed rate accounts as these tend not to allow any further contributions until the account matures.

http://www.money.co.uk/article/1006...n-isa-and-open-a-new-one-in-the-same-year.htm

Looking there I can transfer my current ISA into a CASH ISA (1 2 or 5 year or whatever) and then still contribute to another ISA.

Am I reading that right?

 

[Kaka]

You can still contribute to another account. Transfers does not count toward your contribution allowance.

When you wrote 1,2 or 5, I assumed you were after a fixed rate account where typically they don't allow further contributions.

 

[Vanquish-Storm]

You can still contribute to another account. Transfers does not count toward your contribution allowance.

When you wrote 1,2 or 5, I assumed you were after a fixed rate account where typically they don't allow further contributions.

Thanks! Looks like I will do that then, my current ISA rate has dropped to something daft like 1.05%

So if I can open a new ISA and contribute into that then transfer the current ISA into a cash ISA I should be okay.

 

[[TW]Fox]

What a depressing thread, some of the interest rates quoted were so great

 

[doodah]

So I am trying to save £200 a month for renting my own place/the future. Christmas, computer upgrade and having to soon pay for my Glastonbury ticket have somewhat hindered it in the last few months .

Once I figure out the next hurdle, two stag weekends back to back, I should start to gain some momentum.

With the small change I am talking about - is an ISA the best way for me to save? I currently just put it in another bank account I use rarely but putting it into something harder to get to would probably be a good thing for me

 

[Vanquish-Storm]

What a depressing thread, some of the interest rates quoted were so great

You usually seem up on this kind of thing Fox, any suggestions who has good ISA rates atm?

 

[[TW]Fox]

Santander at 2.5% for the best easy-access account at the moment.

 

[Azza]

You usually seem up on this kind of thing Fox, any suggestions who has good ISA rates atm?

This gets updated daily - http://www.moneysavingexpert.com/savings/best-cash-isa