Can someone please explaine Cash ISA Transfer?
OK i really don't understand Cash ISA's at all!
Now i have a Cash ISA with Natwest from last year can i transfer this to another bank and still add my 3600 for this year (2010). Or will that mean i can't add 3600 this year if i transfer it to another bank.
Also some what are the best ISA accounts at the moment?
I hope i make sense :s
More Questions From This User See All
Answers & Comments
Verified answer
Yes, transferring between ISAs does not affect the maximum you can save in a year. Don't forget the year runs from April to March.
For the best accounts look at
http://www.moneysavingexpert.com/banking/
http://www.moneysupermarket.com/savings/
and
http://www.moneyextra.com/savings/
Each year you have a cash ISA allowance, in the current year it is £3,600 unless you are aged over 50 where the cash ISA limit is now £5,100. From April 6th it will be £5,100 for all eligible ISA savers, not just the over 50’s.
If you want to transfer your cash ISA to another provider you can and it does not affect your ability to use this year’s allowance. So you can transfer your cash ISA to another Bank and still make £3,600 investment this year – either to the same bank as you are transferring to, or to a different bank altogether.
For transfers some of the best rates at the time of writing are available from the Santander Group (formerly Abbey National and Alliance & Leicester). Fixed terms rather than instant access accounts can also make a difference to the rate of interest.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk/