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Hi All, looking forward advice on the above.
I have £xx in my Natwest ISA. I also have a similar amount in account with another provider - if I put the money from the other provider into my Natwest one before 5th April this year will I be charged fees etc?
Am I only allowed one active ISA each year? My intention is to close the one with the other provider and just use the Natwest one. My belief was that I could only have one ISA each year I could pay into? I’ve paid nothing into the Natwest one this year.
My belief was that I could only have one ISA each year I could pay into?
No.
Why not do a quick Google?
Also, you could probably get more interest from a normal savings account unless you have megabucks tucked away. ISAs haven't been worth a dam for years now.
I thought there may be some accountants / finance people on here who may know best. Thanks anyway.
Is it a cash ISA or a stocks and shares ISA?
No.
Why not do a quick Google?
Steady on fella, if we shut down every question on here that could be Googled, it'd be a bloody quiet forum.
If it's long term then look at a stocks and shares ISA. Timing is a bit off as the market is pretty crazy right now for some reason but for long term it's still a better bet than cash.
As above cash ISA isn't worth much. You save the tax on the pittance of interest. Only benefit might be if interest raise shoot up but you you'll be able to start one then unless we are talking 6 figures.
If you really do want to transfer then it'll be dependent on the account. Some allow transfers, some not, but if is below the yearly allowance you can always take the money out and pay it in to another account.
Steady on fella, if we shut down every question on here that could be Googled, it’d be a bloody quiet forum.
Ok doke. Based on the OP's admirable lack of apostrophe in ISAs, I will rethink my position 🙂
Here you go:
https://www.gov.uk/individual-savings-accounts/how-isas-work
Every tax year you can put money into one of each kind of ISA. The tax year runs from 6 April to 5 April.
You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.
Staying beautifully on topic, I think the main reason for my abrupt response is that similar to nickjb's response above
If it’s long term then look at a stocks and shares ISA.
I've piled into a Shares ISA this year as I think cash ISAs are a waste of time. Bought loads of Bank shares yesterday and woke up this morning to find that all banks have cancelled dividends for 2020 and my shares have dropped 10%
🙂
Not too worried though, as it was a long term punt. (maybe)
Also, you could probably get more interest from a normal savings account unless you have megabucks tucked away. ISAs haven’t been worth a dam for years now.
Have you seen bank interest rates? Plus that interest is taxed. Stocks and shares ISA - perfect time for long term investment.
Plus that interest is taxed
No it isn't. Well, not unless you earn over £1000 in interest in a year and, with current rates, you'll be holding a hell of a balance to get that.
No it isn’t. Well, not unless you earn over £1000 in interest in a year and, with current rates, you’ll be holding a hell of a balance to get that.
whilst true, if it is a long term investment, and you're likely to have more of them in future, it is worthwhile protecting them from tax in some form of wrapper now, so you're not left unable to do so (due to the annual limits) in, say, 10 years time when the interest rates could be much higher.
OP, you can only pay new money into one cash ISA a year, but an ISA transfer is not counted as new money.
You can transfer an ISA and pay in new money up to the yearly limit in the same year.
ISA transfer is always preferable to cashing in and paying in, as you preserve your allowance.
All thanks for the replies.
It is a cash ISA.
Generalist - sorry you got out of bed the wrong side this morning and I will work on my apostrophes during these times of uncertainty! 😉
Thanks for your second reply which was more helpful than your first.
Have a good day folks!
No you fool ;-). Your apostrophe was perfect (in its absence) Don't change anything on the apostrophe front.
clubby's response above is spot on.
@thegeneralist - apologies, i'm not the best on my apostrophes! 🙂
Thanks, i'll just transfer it for now.
So new isa year starts tomorrow. Anyone else holding off throwing money into it?
My current s&s isa is about 5% down since I started it 3 years ago. (all in the last month or so). Thats 5% down on what ive payed it, its actually 20% down from what it was.
I have 5k spare cash, but am thinking of holding onto it for a bit longer now in case the markets plummet further.
You may be able to put some cash into S&S ISA and hold cash for now to choose shares later, worth looking at, but you only have a few hours left this financial year.
Yes sorry I wasn't clear. This years one is full. I was ready to start putting money into the 2020 one tomorrow.
About half my stocks and shares ISA is still in cash. You don't need to buy stuff yet.
Big day tomorrow.... Waiting with baited breath to see if BP tanks ( please oh please) or continues its inexorable rise from last week. If it does go down anywhere near 300 then I'm in big time. If it goes up then it appears I've ****ed up my BP Investment almost as much as I ****ed up my Barclays (but for opposite reasons).