copacetic
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Post by copacetic on Feb 10, 2018 15:06:50 GMT
With 6 of the 10 platforms on the main p2p forum board now offering an IFISA currently and another due before the end of the tax year I've wanted to try to get as many of my small balances across the platforms into ISA wrappers as soon as possible. The current rules are that you're only allowed to open one IFISA per year and one cash ISA and one S&S ISA but the total subscription limit is £20000 across all types.
For someone who, for example, opened an Funding Secure ISA this current tax year but has not subscribed the full £20k and is looking to open both a say Moneything and Ratesetter ISA next year the trick to do this would be to open a cash ISA before April 5th and fund it with up to the remainder of your £20k allowance. Then on the April 6th you can transfer the cash ISA balance to Ratesetter (since it allows transfers in) and open a MT IFISA normally. Just make sure your cash ISA provider doesn't charge you a transfer out fee.
If you haven't decided what IFISA you want to transfer to yet (or it's perhaps due for launch later in 2018/19) you could open a flexible cash ISA and transfer the money in on April 5th and out April 6th then when the new IFISA launches you pay the cash back in and ask the new IFISA start the transfer.
Just under 8 weeks left to plan for this!
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justme
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Post by justme on Feb 10, 2018 17:45:43 GMT
Thinking about it - which cash ISA would allow partial transfers? so that one could fund a few IFISAs from it ?
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pom
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Post by pom on Feb 10, 2018 19:02:57 GMT
I'd expect pretty much any (well so long as not fixed term or anything like that obviously) - I certainly had no problems doing multiple transfers from my Santander ISA....apart that is from banks being painfully annoyingly slow to transfer to IFISAs by insisting on using cheques (IFISA to IFISA was much quicker)
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IFISAcava
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Post by IFISAcava on Feb 10, 2018 23:49:51 GMT
Thinking about it - which cash ISA would allow partial transfers? so that one could fund a few IFISAs from it ? pretty much all of them as long as it is previous years' funds being transferred.
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justme
Member of DD Central
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Post by justme on Feb 10, 2018 23:53:21 GMT
so if I deposit funds previous tax year I can move them in the year after but not im the same year ?
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archie
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Post by archie on Feb 11, 2018 7:33:24 GMT
so if I deposit funds previous tax year I can move them in the year after but not im the same year ? If you add new money to an ISA that would count as a current tax year contribution. You can transfer it to another ISA in that year but it would have to be the whole amount. For contributions to ISAs made in previous years they can be partial transfers.
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justme
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Post by justme on Feb 11, 2018 7:57:37 GMT
thank you all, makes perfect sense. Hope I will have time to use all this knowledge.
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p2pclive
Blockchain specialist
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Post by p2pclive on Feb 12, 2018 21:26:13 GMT
so if I deposit funds previous tax year I can move them in the year after but not im the same year ? No, other way around 
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Post by sayyestocress on Feb 13, 2018 8:39:00 GMT
so if I deposit funds previous tax year I can move them in the year after but not im the same year ? No, other way around No, what Archie said is correct.
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Post by Deleted on Feb 13, 2018 10:05:12 GMT
You're planning to sort out your ISA 2017/18 now.....! You've missed out on the whole of the last 11 months.
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Post by spareafewcoppersguv on Feb 13, 2018 12:15:16 GMT
You're planning to sort out your ISA 2017/18 now.....! You've missed out on the whole of the last 11 months. Maybe, but if you were using a cash isa as a placeholder it makes very little difference with the interest rates they pay!
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Post by Deleted on Feb 13, 2018 13:26:35 GMT
what is a cash isa and why would you invest in it?
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Post by sayyestocress on Feb 13, 2018 13:45:12 GMT
what is a cash isa and why would you invest in it? They do have limited appeal these days, I agree, but flexible cash ISAs have value when you're a tax payer and other cash/investments use up your personal savings allowance and you want to hold some/more cash.
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Post by Deleted on Feb 13, 2018 13:49:03 GMT
what is a cash isa and why would you invest in it? They do have limited appeal these days, I agree, but flexible cash ISAs have value when you're a tax payer and other cash/investments use up your personal savings allowance and you want to hold some/more cash. I do all of that and still can't see any appeal now, while in the last 10 years, none.
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ceejay
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Post by ceejay on Feb 13, 2018 15:49:54 GMT
I do all of that and still can't see any appeal now, while in the last 10 years, none. In the current climate, I can see one very big appeal. If you feel that S&S and P2P are not safe places for your money - or, perhaps, not places where you want to keep very much of your money - then using Cash ISAs to hold your tax-protected ISA funds while the storm blows might be a very sensible strategy.
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