I have a bit of cash put by in an ISA account, which is earning next to
no interest. I have not added anything to the account for some years,
it has just sat there.

A certain building society pays a good rate of interest on ISA accounts
so I filled the online application form in, to open an account with
them and to transfer the money in my existing ISA, to the building
society. I have just got a letter from the BS saying they have brought
out a condition where they will only accept input from accounts which
has been put into an ISA this year - not any past amounts.

Harry Bloomfield wrote:

I have a bit of cash put by in an ISA account,
which is earning next to no interest.

Yes, that's normal ...

A certain building society pays a good rate of interest on ISA accounts

Mine has just cut it to a pittance over 1.0%

I have just got a letter from the BS saying they have brought
out a condition where they will only accept input from accounts which
has been put into an ISA this year - not any past amounts.

Some won't take tranfers in at all, but never seen one that only takes
in current year transfers.

On 2016-11-16 12:45, Harry Bloomfield wrote:
I have a bit of cash put by in an ISA account, which is earning next to
no interest. I have not added anything to the account for some years, it
has just sat there.

A certain building society pays a good rate of interest on ISA accounts
so I filled the online application form in, to open an account with them
and to transfer the money in my existing ISA, to the building society. I
have just got a letter from the BS saying they have brought out a
condition where they will only accept input from accounts which has been
put into an ISA this year - not any past amounts.

Yes this is normal.

Remember UK interest rates are 0.25% (iirc).

You can transfer the ISA to one of a number of "fund supermarkets" where
you can choose "investments" for your savings.

http://www.whatinvestment.co.uk/an-i...rkets-2292153/

In order to get a better return, your cash is placed at risk. i.e.
values can go up and down.

Much, much, more online.

After serious thinking Andy Burns wrote :
Mine has just cut it to a pittance over 1.0%

0.05% at present, which is why I am trying to move it.


I have just got a letter from the BS saying they have brought
out a condition where they will only accept input from accounts which
has been put into an ISA this year - not any past amounts.

Some won't take tranfers in at all, but never seen one that only takes in
current year transfers.

I saw no mention of this condition when I tried to set it up..

It just asked for details of my originating bank, account and when did
I want it moved - immediately, or wait until it had picked up any
interest. Coventry BS..

Harry Bloomfield wrote:
I saw no mention of this condition when I tried to set it up..

It just asked for details of my originating bank, account and when did
I want it moved - immediately, or wait until it had picked up any
interest. Coventry BS..

It does say 'you can't transfer in previous years ISA savings':
http://www.coventrybuildingsociety.c...-cash-isa.aspx

Which is unusual. I suspect this is a 'no transfers in' account (ie there
are people who could have a million in ISAs and they don't want a flood) but
that they're announcing mid-year, and so they accept transfers of
current-year's money because those people otherwise couldn't open an account.

Theo

Theo wrote:

It does say 'you can't transfer in previous years ISA savings':
http://www.coventrybuildingsociety.c...-cash-isa.aspx

Which is unusual. I suspect this is a 'no transfers in' account (ie there
are people who could have a million in ISAs and they don't want a flood) but
that they're announcing mid-year, and so they accept transfers of
current-year's money

There was a change in the budget this year where you can put money into
an ISA, take some/all out, and then put it back in again, which
previously you couldn't do (not sure if it's only current year's money
you can put back) maybe they have to allow that, even if they don't do
transfers in?

On 16/11/2016 12:45, Harry Bloomfield wrote:
I have a bit of cash put by in an ISA account, which is earning next to
no interest. I have not added anything to the account for some years, it
has just sat there.

A certain building society pays a good rate of interest on ISA accounts
so I filled the online application form in, to open an account with them
and to transfer the money in my existing ISA, to the building society. I
have just got a letter from the BS saying they have brought out a
condition where they will only accept input from accounts which has been
put into an ISA this year - not any past amounts.

Why are you putting money into a cash ISA ?.

Open a share ISA and start researching global equity income
and growth funds and investment trusts. The latter have
a concept called the discount which can act in your favour
when a trust is at a big discount for no real reason other
than the 'teenage scribblers' don't like it.

Dabble in direct share holdings too if you understand the
downsides (short term). You can find out what most of the
investment trusts and funds actually invest in quite easily
and just buy the shares directly.

On 16/11/2016 14:21, Theo wrote:
Harry Bloomfield wrote:
I saw no mention of this condition when I tried to set it up..

It just asked for details of my originating bank, account and when did
I want it moved - immediately, or wait until it had picked up any
interest. Coventry BS..

It does say 'you can't transfer in previous years ISA savings':
http://www.coventrybuildingsociety.c...-cash-isa.aspx

Which is unusual. I suspect this is a 'no transfers in' account (ie there
are people who could have a million in ISAs and they don't want a flood) but
that they're announcing mid-year, and so they accept transfers of
current-year's money because those people otherwise couldn't open an account.

Theo

No one will have a million in a cash ISA - impossible. But there could
be a few with maybe up to £50K by now (£3K per year plus interest).

More sense to open a share ISA and invest in a corporate bond fund.
There has been a bloodbath in bond prices in the last 30 days (*) which
is why UK 10 year gilts are now paying 50% more than in mid October,
and also the reason why share prices peaked Mif October and have
now dropped. This makes them better value, unless inflation takes off.

(*) People are getting spooked by the thought of US inflation.

On 16/11/2016 13:41, WeeBob wrote:
On 2016-11-16 12:45, Harry Bloomfield wrote:
I have a bit of cash put by in an ISA account, which is earning next to
no interest. I have not added anything to the account for some years, it
has just sat there.

A certain building society pays a good rate of interest on ISA accounts
so I filled the online application form in, to open an account with them
and to transfer the money in my existing ISA, to the building society. I
have just got a letter from the BS saying they have brought out a
condition where they will only accept input from accounts which has been
put into an ISA this year - not any past amounts.

Yes this is normal.

Remember UK interest rates are 0.25% (iirc).

You can transfer the ISA to one of a number of "fund supermarkets" where
you can choose "investments" for your savings.

http://www.whatinvestment.co.uk/an-i...rkets-2292153/


In order to get a better return, your cash is placed at risk. i.e.
values can go up and down.

Much, much, more online.



+1

even if you are in your 70's, you could still live another 20 years and
history says the only way to protect against inflation is buy shares (or
land and property).

Andrew wrote:

No one will have a million in a cash ISA - impossible. But there could
be a few with maybe up to £50K by now (£3K per year plus interest).

You can have £101,000 + interest in an ISA, maybe more if you
transferred from a TESSA.

https://images6.moneysavingexpert.com/images/isabricks5.png

Theo submitted this idea :
It does say 'you can't transfer in previous years ISA savings':
http://www.coventrybuildingsociety.c...-cash-isa.aspx

Mmmm, I must have missed that :/ Thanks..

Andrew wrote:
No one will have a million in a cash ISA - impossible. But there could
be a few with maybe up to £50K by now (£3K per year plus interest).

http://www.telegraph.co.uk/finance/p...lionaires.html

You might have made it in a shares ISA, but the current rules are you can
transfer the whole lot to a cash ISA if you want.

ISA allowance is 15240 this year, 20K next year, BTW.

Theo

On 16-Nov-16 4:50 PM, Andrew wrote:
....
No one will have a million in a cash ISA - impossible. But there could
be a few with maybe up to £50K by now (£3K per year plus interest)...

It hasn't been £3k for some years now. This year the tax free personal
allowance is £15,240 and, should you wish to, all of that could go into
a cash ISA. Nevertheless, even somebody who has invested their maximum
personal allowance every year since ISAs were introduced would only have
a bit over £80k + interest in ISAs


--
--

Colin Bignell

On 16/11/2016 12:45, Harry Bloomfield wrote:
I have a bit of cash put by in an ISA account, which is earning next to
no interest. I have not added anything to the account for some years, it
has just sat there.

A certain building society pays a good rate of interest on ISA accounts
so I filled the online application form in, to open an account with them
and to transfer the money in my existing ISA, to the building society. I
have just got a letter from the BS saying they have brought out a
condition where they will only accept input from accounts which has been
put into an ISA this year - not any past amounts.

you get 1.5% in a Santander current account but there is a fee.
If you have more than about £8k you will be better off than a 1% ISA
from interest alone.
You also get cash back for various payments.

On Thursday, 17 November 2016 18:54:21 UTC, dennis@home wrote:
On 16/11/2016 12:45, Harry Bloomfield wrote:
I have a bit of cash put by in an ISA account, which is earning next to
no interest. I have not added anything to the account for some years, it
has just sat there.

A certain building society pays a good rate of interest on ISA accounts
so I filled the online application form in, to open an account with them
and to transfer the money in my existing ISA, to the building society. I
have just got a letter from the BS saying they have brought out a
condition where they will only accept input from accounts which has been
put into an ISA this year - not any past amounts.

you get 1.5% in a Santander current account but there is a fee.
If you have more than about £8k you will be better off than a 1% ISA
from interest alone.
You also get cash back for various payments.

Something else to consider is lending through a peer-to-peer company
such as Zopa. Zopa and some of the others are planning to offer
ISA encapsulated lending soon. The holdup is getting the necessary
regulatory approvals which is taking a very long time.

John