Deep Singh

Almost ashamed too ask this but...

Once you have the max in one year for a cash ISA, can you take it all out bar the minimum required to keep it open (say £1) and then top it up again at some future date to the maximum?

I mean without it affecting an future years ISA allowance of course

EddScott

No, you can't put in 3600 then take 3599 and then put the 3599 back in.

Won't affect future allowance.

Petem95

Nope, as Edd says you can only put the money in once - £3600 per tax year - can't withdraw, then add back in - unless you had an ISA with Icesave in which case you can get the cash out, and have permission to reinvest in another ISA during the same tax year, but that's a special case really!

Just been looking at ISA's, and there are no standout rates on offer, but turns out I can add to my Kent Reliance 4.5% fixed rate ISA, so this years £3600 will be going in there on 5th of April

Deep Singh

Thanks. I'm probably asking the same question in a different way but what if you only put in £1 now, and then two years down thhe line can you top it up to £3600?

NotoriousREV

No.

NotoriousREV

Well not without it coming out of that years allowance.

SunnySideUp

Barclays have a good rate at the moment on their Golden ISA Account.

I am one of the Icesave Customers ... but, the rates on tranfers is pretty pathetic.

Cocker

iTrader: (3)

Why dont you open a stocks and shares isa - you can put £3600 in this aswell as maxing your Cash ISA

EddScott

Your £3600 is per year. If you put in £1 now, you could put in £3600 after April 5 (the new tax year)

You get your allowance every year. If you don't lose it you can't carry it forward to future years (tax years)

Best time to do it. Assuming there is no more very very bad news, the market will stabilise and begin to rise again.


DS - did the SIPP info help?

Deep Singh

Thanks mate, still trying to digest it! Why do you guys make everything so complicated?
Once I've read it a few more times I'm sure I'll come back with some more stupid questions!