pom
Member of DD Central
Posts: 1,922 
Likes: 1,244
|
Post by pom on Dec 5, 2019 14:25:47 GMT
With the sudden closure of LandBay I find a need a Cash ISA pdq as for various reasons I don't want to do a transfer in to any of my other IFISAs right now (in fact I was going to do one TO my LB ISA soon). Normally I'd open one right at the end of the tax year for any unused "new money" that I'd then transfer out once the tax year flips over so convenience was more important than rate,but since I now potentially need one for several months the 0.65% Santander are offering really doesn't appeal!
Looking on MSE suggests Virgin Money might be my best bet, so anyone here got any experience with them? Wondering how well they'll cope with a transfer FROM an IFISA...as a quick look only mentions transfers from cash/S&S
Or anyone got any other suggestions? Want a good rate without tie-ins and no faff coming from an IFISA. Not bothered about it being flex...or maybe I should...
|
|
IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Post by IFISAcava on Dec 5, 2019 14:33:20 GMT
With the sudden closure of LandBay I find a need a Cash ISA pdq as for various reasons I don't want to do a transfer in to any of my other IFISAs right now (in fact I was going to do one TO my LB ISA soon). Normally I'd open one right at the end of the tax year for any unused "new money" that I'd then transfer out once the tax year flips over so convenience was more important than rate,but since I now potentially need one for several months the 0.65% Santander are offering really doesn't appeal! Looking on MSE suggests Virgin Money might be my best bet, so anyone here got any experience with them? Wondering how well they'll cope with a transfer FROM an IFISA...as a quick look only mentions transfers from cash/S&S Or anyone got any other suggestions? Want a good rate without tie-ins and no faff coming from an IFISA. Not bothered about it being flex...or maybe I should... I have a Virgin cash ISA for this same purpose - they have taken several transfers from IFISAs, just use the cash ISA option and fill the form manually. Not lightening fast but it has worked.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on May 20, 2020 9:18:06 GMT
With the sudden closure of LandBay I find a need a Cash ISA pdq as for various reasons I don't want to do a transfer in to any of my other IFISAs right now (in fact I was going to do one TO my LB ISA soon). Normally I'd open one right at the end of the tax year for any unused "new money" that I'd then transfer out once the tax year flips over so convenience was more important than rate,but since I now potentially need one for several months the 0.65% Santander are offering really doesn't appeal! Looking on MSE suggests Virgin Money might be my best bet, so anyone here got any experience with them? Wondering how well they'll cope with a transfer FROM an IFISA...as a quick look only mentions transfers from cash/S&S Or anyone got any other suggestions? Want a good rate without tie-ins and no faff coming from an IFISA. Not bothered about it being flex...or maybe I should... I have a Virgin cash ISA for this same purpose - they have taken several transfers from IFISAs, just use the cash ISA option and fill the form manually. Not lightening fast but it has worked. I'm finding your comments on speed to be a bit of an understatement....it also irritates me that there is no confirmations of any of the stages. For all my previous ISA transfers both parties have automatically confirmed receipt of my transfer request...but nothing from Virgin, so I don't know if they've received my request or are waiting on the other provider. And when I do chase they claim to have forwarded my request several weeks before but when that is eventually followed up (because I chase them) it hasn't been received. As this has now happened with 2 platforms I'd consider reliable it's starting to look like a bit too much of a coincidence. Time to start planning my transfers out (especially as the rates been cut) and perhaps look around for an alternative destination for my non-flex IFISAs...
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 998
Likes: 569
|
Post by dave4 on May 20, 2020 9:49:11 GMT
I find ALL virgin banking quick to sign you up, Quicker to receive ££. Slow to release and customer services polite but fruitless in any "wheres my money or can i have back " queries. They haven't lost any of my funds, just like to keep it a bit longer than i would like.
|
|
|
|
Cash ISAs
May 20, 2020 9:55:28 GMT
via mobile
Post by Deleted on May 20, 2020 9:55:28 GMT
I've moved a fair few isa, the terrible ones are HL, Virgin, Equiniti, Selftrade (new name?).
Before I do it I would ring both companies and understand exactly what their queue times are, both their processes and anyway to shortcut. Do not trust what is on their website, seldom up to date.
|
|
zlb
Member of DD Central
Posts: 1,412
Likes: 331
|
Post by zlb on Jun 1, 2020 9:24:37 GMT
I'm looking to use the flex option of an ISA to transfer the money to a non-ISA account for the duration, and then pay it back in again (If I start getting into tax implications). Has anyone had any problems with this? Why let it sit at 0.85% when it can get more, and a flex ISA allows one to do that in the same tax year?
Why is there always this tedious thing of lower rates on ISAs?
|
|
|
|
Cash ISAs
Jun 1, 2020 15:27:41 GMT
via mobile
Post by Deleted on Jun 1, 2020 15:27:41 GMT
I think you are missing the point of ISAs. Trying to protect 1% interest from tax is a waste of time. Why not try and protect 10% of dividend and capital gains from tax.
|
|
daveb
Member of DD Central
Posts: 236
Likes: 194
|
Post by daveb on Jun 1, 2020 19:38:05 GMT
I keep changing my mind about this. If you're a higher rate taxpayer you can have £500 interest and £2k dividends tax free. So depending on what total assets and asset allocation you have, it could be better to use your ISA allowance for one or the other.
|
|
zlb
Member of DD Central
Posts: 1,412
Likes: 331
|
Post by zlb on Jun 1, 2020 21:35:58 GMT
Cash is a position. It's the particular one I am asking about, thanks.
|
|
ceejay
Posts: 971 
Likes: 1,149
|
Post by ceejay on Jun 2, 2020 10:08:29 GMT
I think you are missing the point of ISAs. Trying to protect 1% interest from tax is a waste of time. Why not try and protect 10% of dividend and capital gains from tax. I think you may be missing the point of Cash ISAs. They are a good place to park cash which you have shifted, for reasons of portfolio balancing or other strategic reasons, from (say) S&S or P2P ISAs. As it happens I'm in the market for a substantial Cash ISA at the moment for this very reason. I hope at some point in the future to be shifting it back into something more rewarding, at a more propitious time.
|
|
|
|
Cash ISAs
Jun 2, 2020 10:34:51 GMT
via mobile
Post by Deleted on Jun 2, 2020 10:34:51 GMT
I agree, I can think of no use for a cash ISA, while a p2p ISA seems crazy.
|
|
IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Cash ISAs
Jun 2, 2020 10:59:34 GMT
via mobile
Post by IFISAcava on Jun 2, 2020 10:59:34 GMT
I agree, I can think of no use for a cash ISA, while a p2p ISA seems crazy. Why is a p2p ISA crazy? If you expect to make a profit across all your P2P investments, you will save 20-45% tax on the net profits using an ISA.
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,191
|
Post by macq on Jun 2, 2020 11:27:51 GMT
I think you are missing the point of ISAs. Trying to protect 1% interest from tax is a waste of time. Why not try and protect 10% of dividend and capital gains from tax. not saying i don't take that approach but i have never assumed its guaranteed as you suggest - so guess some people like cash/p2p ISA's as they can build up now out of the taxman's reach while not worrying what changes may happen with savings allowance etc in the future?
|
|
|
|
Cash ISAs
Jun 2, 2020 11:44:22 GMT
via mobile
Post by Deleted on Jun 2, 2020 11:44:22 GMT
I agree, I can think of no use for a cash ISA, while a p2p ISA seems crazy. Why is a p2p ISA crazy? If you expect to make a profit across all your P2P investments, you will save 20-45% tax on the net profits using an ISA. There are risk reward balanced to calculate. P2p maximum reward is 12%, but in reality more in the 7% area. But you could lose the lot. So +7 or -25% (my estimate of average hair cuts). In an ISA there is no tax benefit from the -25%. So I prefer to hold the risky p2p deals outside ISA. I keep lower risk higher return S+S and funds in a ISA where capital losses are far less likely. I understand your surprise from your webname but I don't think your risk analysis makes sense. As for cash ISAs, see previous answer
|
|
|
|
Cash ISAs
Jun 2, 2020 11:46:00 GMT
via mobile
Post by Deleted on Jun 2, 2020 11:46:00 GMT
I think you are missing the point of ISAs. Trying to protect 1% interest from tax is a waste of time. Why not try and protect 10% of dividend and capital gains from tax. not saying i don't take that approach but i have never assumed its guaranteed as you suggest - so guess some people like cash/p2p ISA's as they can build up now out of the taxman's reach while not worrying what changes may happen with savings allowance etc in the future? I would agree if the term build up made sense but with inflation at 1.5% and interest at 1%.....
|
|
