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Post by dan1 on Feb 13, 2018 15:53:35 GMT
I never forget the saying, Cash is King
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marka
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Post by marka on Feb 13, 2018 16:07:49 GMT
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. I signed up for the £250 per month at 4%AER regular saver ISA from Ford Money last April. It was worth it in its own right to get a good rate of interest on a modest amount of cash, and it will serve a second useful purpose this coming April when I transfer it to one of the IFISAs, thus allowing me to get the same modest amount of P2P sheltered from tax (besides making new 18/19 contributions to a different IFISA). In fact I still have a couple of grand left of this year's ISA allowance, so if nothing comes along on ABL to warrant sticking it in this years IFISA before April, I'll pay it into the Ford cash ISA too (albeit at a lower rate) to increase the amount I can transfer next FY.
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Post by Deleted on Feb 13, 2018 16:12:04 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. But holding your cash anywhere at 3+% inflation with a fund paying just over 4%+ is ....... Help me there is a word for it, especially when the market since April 17 is way up and looked like it was going way up. Anyway, not my problem, everyday I learn a little and thanks for all the feedback. 
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marka
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Post by marka on Feb 13, 2018 16:52:27 GMT
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. But holding your cash anywhere at 3+% inflation with a fund paying just over 4%+ is ....... Help me there is a word for it, especially when the market since April 17 is way up and looked like it was going way up. Anyway, not my problem, everyday I learn a little and thanks for all the feedback. Are you seriously telling me you don't hold any cash at all? Is all your wealth in S&S/P2P/property or whatever? I, like most people as far as I'm aware, keep at least a few months or so expenses in cash. Personally I like to maintain around £15-20K, and if I can keep up with or exceed the rate of inflation on this (which I can via small regular savings schemes such as this) then I consider that prudent.
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Post by Deleted on Feb 13, 2018 17:35:57 GMT
No I keep cash, I just use ISA spaces to make 10%+ not 5%
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marka
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Post by marka on Feb 13, 2018 19:02:59 GMT
Oh OK. Fair enough. Horses for course and all that. I don't bother with an S&S ISA any more as I'm only 5 years off being able to drawdown my SIPP if I really needed to, and I didn't want to put 20K into a single p2p platform this year.
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justme
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Post by justme on Feb 13, 2018 23:06:37 GMT
You're planning to sort out your ISA 2017/18 now.....! You've missed out on the whole of the last 11 months. it is not for this year. it is to know for the future. I may put some money into cash isa this year with a view to distribute it jnto IFISAs next year
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Post by Berkeley on Feb 15, 2018 12:46:02 GMT
"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. Clip :Just under 8 weeks left to plan for this!" Unfortunately you cannot open 2 No. similar ISA's in the same financial year. You can open a cash ISA & IFISA & S&SISA but not 2 No. IFISA's as you suggest. This would also prevent you from opening a second IFISA in this year, leaving it dormant and transferring cash to it next year. You now have 6 weeks  )
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archie
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Post by archie on Feb 15, 2018 13:12:20 GMT
"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. Clip :Just under 8 weeks left to plan for this!" Unfortunately you cannot open 2 No. similar ISA's in the same financial year. You can open a cash ISA & IFISA & S&SISA but not 2 No. IFISA's as you suggest. This would also prevent you from opening a second IFISA in this year, leaving it dormant and transferring cash to it next year. You now have 6 weeks ) You can. The rule is you can't contribute new money to two similar ISAs in the same year. You can open more if they are just for transfers in.
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IFISAcava
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Post by IFISAcava on Feb 15, 2018 13:22:51 GMT
Unfortunately you cannot open 2 No. similar ISA's in the same financial year. You can open a cash ISA & IFISA & S&SISA but not 2 No. IFISA's as you suggest. This would also prevent you from opening a second IFISA in this year, leaving it dormant and transferring cash to it next year. You now have 6 weeks ) You can. The rule is you can't contribute new money to two similar ISAs in the same year. You can open more if they are just for transfers in. Indeed you can. I have funds in 16 IFISAs, and a further 3 opened with no funds currently.
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toast
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Post by toast on May 3, 2018 11:56:36 GMT
Sorry for another "can I do this with an IFISA" question, but...  Let's pretend I am in this scenario: I have subscribed new money to an IFISA this tax year. I have transferred all of that money to a S&S ISA. What are my IFISA options at this point? - Am I prohibited to subscribing to any IFISAs during current tax year? - Can I open new IFISA and subscribe new money with same company that I used before? - Can I open new IFISA and subscribe new money with a different company that I used before? |
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archie
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Post by archie on May 3, 2018 12:52:05 GMT
Sorry for another "can I do this with an IFISA" question, but... Let's pretend I am in this scenario: I have subscribed new money to an IFISA this tax year. I have transferred all of that money to a S&S ISA. What are my IFISA options at this point? - Am I prohibited to subscribing to any IFISAs during current tax year? - Can I open new IFISA and subscribe new money with same company that I used before? - Can I open new IFISA and subscribe new money with a different company that I used before? I suspect nothing is checked until the end of the tax year. On that basis I'd say :- Am I prohibited to subscribing to any IFISAs during current tax year? No.Can I open new IFISA and subscribe new money with same company that I used before? Yes but they may be confused.Can I open new IFISA and subscribe new money with a different company that I used before? Yes.Take legal advice but I can't see why you couldn't do what you want. HMRC telephone number for ISA enquiries 0300 200 3300.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 3, 2018 13:17:56 GMT
I would agree with Archie. Your subscriptions to an IFISA will be currently be £0 so no restrictions on opening one. You may find the IFISA company you used originally doesnt allow you to open a new account as some have terms that prevent opening a new account in the same financial year as the one you effectively closed (Relates to 14 day cooling off closure often but might catch you out too)
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marka
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Post by marka on May 3, 2018 14:04:23 GMT
Sorry for another "can I do this with an IFISA" question, but... Let's pretend I am in this scenario: I have subscribed new money to an IFISA this tax year. I have transferred all of that money to a S&S ISA. What are my IFISA options at this point? - Am I prohibited to subscribing to any IFISAs during current tax year? - Can I open new IFISA and subscribe new money with same company that I used before? - Can I open new IFISA and subscribe new money with a different company that I used before? I don't think you could do that (subscribe to an IFISA this year and then transfer it all to an S&S ISA). I think a "same year transfer" has to be to the same type of ISA.
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archie
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Post by archie on May 3, 2018 14:32:29 GMT
Sorry for another "can I do this with an IFISA" question, but... Let's pretend I am in this scenario: I have subscribed new money to an IFISA this tax year. I have transferred all of that money to a S&S ISA. What are my IFISA options at this point? - Am I prohibited to subscribing to any IFISAs during current tax year? - Can I open new IFISA and subscribe new money with same company that I used before? - Can I open new IFISA and subscribe new money with a different company that I used before? I don't think you could do that (subscribe to an IFISA this year and then transfer it all to an S&S ISA). I think a "same year transfer" has to be to the same type of ISA. You can transfer to a different type of ISA according to this link.
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