# Mini cash ISAs



## parish (Jun 29, 2006)

You can invest up to £3600 (currently) per year in a Mini Cash ISA but is this a one-off allowance, or is it a "rolling balance" type thing?

For example, if you put the full £3600 in then sometime later (in the same tax year) take out, say, £1000 do you get back £1000 of your £3600 allowance, i.e. can you put up to £1000 back in or do you have to wait for the next tax year?


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## vindaloo (Jan 5, 2006)

parish said:


> You can invest up to £3600 (currently) per year in a Mini Cash ISA but is this a one-off allowance, or is it a "rolling balance" type thing?
> 
> For example, if you put the full £3600 in then sometime later (in the same tax year) take out, say, £1000 do you get back £1000 of your £3600 allowance, i.e. can you put up to £1000 back in or do you have to wait for the next tax year?


Once you remove money from a Cash ISA you cannot put it back in within the the same tax year as you have already used up 'your allowance'. You would have to wait until the next tax year when you can then invest another £3600. Any interest that accrues may also be left in.


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## -tom- (Jan 27, 2009)

Hey bud i work for a high street bank each tax year u can invest 3600 in cash ias and 7200 in stocks and shares isa per year.

Say with the cash isa u put 3600 in october and in jan take out 2000 u cant put it back. its 3600 per tax year in a cash isa thats all the govement will allow u to have with no tax removed.

Have a look at rates at the min for the new tax year as alot of the banks will be offering good rates.

Hope that helps 

Tom


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## parish (Jun 29, 2006)

Thanks guys. i thought that would probably be the case - can't expect the Govt. to give too much away can we? 

tom k: I just moved my ISA from a BS to my bank (as I can handle it on-line) and they gave me a one-point-something percent bonus on the transferred sum :thumb:


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## -tom- (Jan 27, 2009)

parish said:


> Thanks guys. i thought that would probably be the case - can't expect the Govt. to give too much away can we?
> 
> tom k: I just moved my ISA from a BS to my bank (as I can handle it on-line) and they gave me a one-point-something percent bonus on the transferred sum :thumb:


sounds about right bud they usaly give u a percent bonus on top of rates when u transfer to them i know we do when people transfer to us. :thumb:


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## m0bov (May 2, 2007)

You can move your ISA without using your tax credit, but it must be done by the bank/bs. If you withdraw it, then you loose your allowance.


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## 1animal1 (Aug 20, 2008)

just be careful of tie ins, a few crafty banks have added tie ins to transfers....sit on this fantastic rate for 12 months then spend 6 months on this crap rate which waters down the first 12 months to an average overall rate.... poooo


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## Blazebro (May 18, 2007)

I thought they increased the Cash Isa limit to £7K now?


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## vindaloo (Jan 5, 2006)

Blazebro said:


> I thought they increased the Cash Isa limit to £7K now?


Nope, increased this year from £3 to £3.6K. Stocks & shares to £7.2K


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## 1animal1 (Aug 20, 2008)

obviously the stocks and shares is only applicable IF you dont use the cash ISA allowance, otherwise its a mini stocks and shares @ 3.6k together with a maximum cash ISA of 3.6k


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## CupraRcleanR (Sep 2, 2007)

One futher thing is if you only put £1000 in a cash ISA the remained of the max £7,200 can be put in the Stocks and shares part i.e £6,200 

Its doesn't work the other way round tho. So if you put £1000 in a stocks and shares ISA you can still only put £3,600 in the Cash ISA.

Just to confuse us abit more!!!


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## 1animal1 (Aug 20, 2008)

is that one of the new rule changes from april 08? sorry i dont deal with these a great deal as they dont make anybody any money


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## parish (Jun 29, 2006)

m0bov said:


> You can move your ISA without using your tax credit, but it must be done by the bank/bs. If you withdraw it, then you loose your allowance.





1animal1 said:


> just be careful of tie ins, a few crafty banks have added tie ins to transfers....sit on this fantastic rate for 12 months then spend 6 months on this crap rate which waters down the first 12 months to an average overall rate.... poooo


Shouldn't be an issue for me as it's a short-term thing (5-6 months).

I've got an endowment policy paying out next month but can't pay a chunk off my mortgage until Sept. as I'm on a tracker with a 2-year penalty period so, since it pays out just inside this tax year I can whack £3.6k into the ISA as soon as the money hits my current account then another £3.6k on Apr 6.

The reason for my original question was that once I've paid a lump sum off my mortgage I wondered if I could then pay so much per month into the ISA.


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## CupraRcleanR (Sep 2, 2007)

1animal1 said:


> is that one of the new rule changes from april 08? sorry i dont deal with these a great deal as they dont make anybody any money


Tis shocking these days Cash ISA rates have reached rock bottom and started to dig!

Little old grannies with 20K in Cash ISA's are feeling sick.

Don't forget with S&S ISA's your investment can go down aswell as plummet!!:lol:


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## wookey (Jul 13, 2007)

Natwest have some good offers on at the moment - according to the extremely hot girl in the bank :argie:


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## parish (Jun 29, 2006)

RS Adam said:


> Natwest have some good offers on at the moment - according to the extremely hot girl in the bank :argie:


Yep, that's who I bank with and where I moved my ISA to :thumb:


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## 1animal1 (Aug 20, 2008)

CupraRcleanR said:


> Tis shocking these days Cash ISA rates have reached rock bottom and started to dig!
> 
> Little old grannies with 20K in Cash ISA's are feeling sick.
> 
> Don't forget with S&S ISA's your investment can go down aswell as plummet!!:lol:


i know i know, i wouldnt personally touch a cash ISA if iwas looking over 2-3 + years..... inflationary risk is present so you may aswell take a capital risk.... my confidence is my ability to assess the funds im using though which isnt everyones 'bag', tip though if you are going to do S+S ISA, dont use the bank funds that are available otherwise you will be scared off this type of investment for life!!


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## bilt-hamber kid (Dec 4, 2007)

parish said:


> The reason for my original question was that once I've paid a lump sum off my mortgage I wondered if I could then pay so much per month into the ISA.


I'm not as much of an expert as some so I am on stand by to be shot down here, but the Saffron Building Society is offering 7% on cash ISAs at the moment. Only thing is, you have to feed it monthly which limits the overall compounded return but might be ideal for someone who doesn't have a slug of cash to invest all in one go. Its a protected rate too, so sign up and once the High Street banks have pulled down the April attractive rate posters, you'll still have this one.

http://www.saffronbs.co.uk/savings/display.product.php?categoryID=2&category=tax-free&productID=t8


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## 1animal1 (Aug 20, 2008)

nothing to shoot down there mate..... couldnt be more right, dunno what rates are out there at the moment but think this is good for regular savers as i think it was HSBC that were offering 8% on regs 2 yrs ago.... obviously a lots changed since then

the one making me laugh at the minute is the Halifax advert (none ISA related)....we'll give you £5 as a thankyou - small print=you must pay £1000pm into their savers account... WHAT!!!?? sign me up!! 

oh and on another note Bilt, just used you suffix today.... damn good product!!


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