1) he covers savings so ‘best’ is in the context of savings; 2) plenty of people have short term requriements - emergency savings need to be liquid but still want to earn something, house deposit in the next few years. Anything with a definite

how often do the interest rates tend to change on the flexible isas?

Some provider, I think plum is one case, invest in money market funds. To my understanding these are not FCSC regulated so if things go south you will lose money I. Your cash ISA.. Correct?

Great video 👍

I’m new to ISAs, with regards to Cash ISAs what is meant by the terms “transfer in” and “flexible”. And how is interest paid, do I take it as a given that this would be on the anniversary of opening the account unless otherwise stated, as I have seen it that the rate is lower on accounts where interest is paid monthly?

@thedude1325

2 ай бұрын

Financial adviser here! 'Transfer-in' refers to the process of literally transferring an existing account into another account (e.g. Cash ISA into a Cash ISA). If a Cash ISA is 'flexible' you can withdraw money from it without it impacting your ISA allowance. For example, if you invested £1,000 you would have £19,000 left, but if you withdrew that same amount your allowance would return to £20,000. In the same case but with a non-flexible ISA if you withdrew £1,000 your ISA allowance would remain as £19,000. In respect of interest, it is paid either every monthly or annually (on the 1st year anniversary of the account opening). Accounts that pay annually may have a rate slightly better than monthly, but that is not always the case. Hope that helps!

@stevesmart2545

2 ай бұрын

@@thedude1325 that’s really helpful thank you. Another question if I may, if I open a cash ISA today with minimum balance to lock in a rate, can I add a £20k lump sum in the new tax (in June when I retire) I.e. do all ISAs allow a 1 off payment to max allowance as opposed to regular payments. I hope that makes sense😀 That said, am I better to wait until I have the £20k to open the account to benefit from the full year at the advertised rate? I’m thinking of the potential for interest rate reductions between now and June.

Touched briefly on cash LISA for retirement but too much time, if I were to go down that route when would Gov add 25% at state retirement age?

@xxRavaage

2 ай бұрын

End of every month

About Chip Cash ISA: you can only transfer to a designated main account, so if find a better deal later in the year, you won’t be able to transfer to another ISA because you have to transfer to your main designated account. Does it mean that if you put 10k after 5th April, you lose 10k of your ISA allowance for the year if you take the money out before putting it into another ISA?

@tiptoemouse

2 ай бұрын

You'll still be able to do an ISA transfer. You have to ask the provider you want to transfer to, and they will sort it out. Don't just withdraw the money yourself. The rule from Chip about transferring to your designated account only applies if you want to make a withdrawal.

Hi Mate, I have shares in my Trading 212 Investment Account. Is there a way I can transfer the shares I own over to a Stocks & Shares ISA before this FY ends? I was not aware of the concept of ISAs as I am new to the UK. Thanks :)

@jessicamaeparkin8093

2 ай бұрын

I could be wrong but as far as I am aware you have to sell and rebuy.

@Raven-Falco

2 ай бұрын

Yeah jessica is correct

@MrLuckyNagra

2 ай бұрын

Yup. Spot on Jessica

@deltaechomusicnh555

2 ай бұрын

No you can't because of tax reasons. You have to sell and then move it to your ISA. Remember if you have gains over threshold, you'll need to pay tax on what you sell.

Many thanks Andy! 😄 I've opened the Virgin Money account and got the ISA opened too 👍🏻 Am having some of that! 😆

@OH2023-cj9if

2 ай бұрын

Good luck. I had a VM ISA for a few years and it had built up. In March 2020 I logged in to look at the options to renew or transfer. My account was locked on the page relating to Nominated Account. I phoned and someone looked at it and asked me to try logging in again. That didn't work. About 1hour later I got a call on a personal mobile from someone at Virgin Money who knew I called them, had the reference number and full details. I was told to log-in and do a password reset, then told a text would be sent with a number I needed to confirm I was the customer as it was a large amount of money. I did the password reset, refused to read out the text number and got back in to the account. The advisor suggested the reset again, I refused, so she locked the account. I phoned back and had it unlocked, but also made a complaint. What the person was doing was fraudulent. She was working at home with a VM laptop, but also her own and her own mobile - that is how she knew all about my calls to VM. The idea was to get me to do a password reset at the same time she was doing one on my account using her own computer. Had I given those numbers, she would have changed the password, locking me out, then used the VM laptop to put the account back to normal and gone back to her own computer to put account details in and transfer the whole amount. There would have been no trace had this happened as the security number was sent to my phone and the staff member called me on her own mobile! A very clever scam that caught out lots of people. Virgin Money refused to investigate and Action Fraud are a waste of space with their 4 volunteers in an office. The scams took place before the phone lines closed too, to give more time and there is still no fraud reporting line, it's only for credit cards! Be very cautious of who phones you back when they are working for a company. It is fortunate I knew about scams or I could have lost a lit of money and had no way of proving I had not just transferred it myself.

If you put in the maximum amount does this mean you only get top rate until April 5 th and then start again in the new year?

@cozza819

2 ай бұрын

I believe it just carries on. On the 6th your allowance to add up to another 20k just resets. I've just set mine up.

If you pay into your lisa after March but before April 5th does the government still pay you the 25% bonus for that year?

@sesppsfd3815

2 ай бұрын

yes i got that last year

@lurkzie

2 ай бұрын

@@sesppsfd3815 when did you pay into it? How long did it take for them to pay into it? And who did you open your account with? Sorry for all the questions😅

I really wouldn't put large sums of money into an App only business or businesses I've never heard of. Most of those I've never heard of. I rather take a lesser percentage for a known name that actually has customer service!

@deltaechomusicnh555

2 ай бұрын

They are all FCA regulated. So your money is safe.

Should I close my account with virgin money as they are trying to sell to nationwide

@HazelBunnieNutLoops

2 ай бұрын

No, if Nationwide do manage to acquire it they'll run alongside each other for quite some time, but the deal isn't even in the bag yet

@OH2023-cj9if

2 ай бұрын

No, you will get a far better service.

@HazelBunnieNutLoops

2 ай бұрын

@@OH2023-cj9if I've had no issues with service from VIrginMoney. Best ringing just after they open and then through within 3 or 4 rings.

@tiptoemouse

2 ай бұрын

Only if they end up counting as one entity from the point of view of the FSCS, and you have over £85000 in total across both nationwide and virgin.

10:34 LISA great to save for retirement 10:39 wouldn’t use LISA for retirement?? 🤷‍♂️

@BeCleverWithYourCash

2 ай бұрын

Stocks and shares LISA for retirement (though pensions better for most)

@MerlinsBeard

2 ай бұрын

@@BeCleverWithYourCash Thanks Andy ☺️👍

Help me understand iput 15 k in an isa in April 2 2024..what happens to it

If you are interested in a new cash ISA, is it worth waiting until a few days before the deadline to get the best offer? Is it realistic to expect more competitive rates closer to 5 April?

@stephen3654

2 ай бұрын

Well, I read in Andys Facebook Group that you can open more than one isa in a year but you can only pay into one, so if that's right then you could open one now but don't pay in to it until you are sure that you can't find a better one? If someone can correct me if what I read was wrong you're welcome, but the poster seemed very knowledgeable.

@JonnyMaxxx

2 ай бұрын

@@stephen3654 sounds like a solution but would rather avoid the hassle of having to open and close the unwanted account

@tiptoemouse

2 ай бұрын

​@@stephen3654 Yes, that's my understanding too. I've opened a cash ISA with Chip, but not paid into it. I'm now contemplating opening one with Plum and paying into that instead.

@stephen3654

2 ай бұрын

​@@JonnyMaxxx depends who you thinking about, I opened a virgin 5.25% one in minutes via the app but I'm a customer so it's much simpler, I am yet to put money in it.

@OH2023-cj9if

2 ай бұрын

I have 3 and you can open just for the purpose of transferring ISAs. You can use your £20,000 across them all, so could have 3 cash with £5000 in each and a stocks and shares with £5000 all opened in the same tax year. Plus you can have all the others transferred over from previous years.

Are any of the Fixed Cash ISA institutions paying 5.07% and 5.05% worth picking over the others? Unknown names.

Or, chuck the money you'd put in a cash ISA into a Stocks and Shares ISA instead and buy a money market fund. Near base rate interest and there's no lock in.

@OH2023-cj9if

2 ай бұрын

Trading212 stocks and shares is the way to go.

Is there anyone here using Ulster Bank’s Loyalty Saver account that offers 5.2%? I want to ask if the interest is paid monthly or only at the end of the year.

@JonnyMaxxx

2 ай бұрын

I have that account and enquired about this yesterday - they told me interest is paid annually on the anniversary of the account being opened or when you close the account

@stephen3654

2 ай бұрын

Yes it says this in the bumpf ​@@JonnyMaxxx

Where are all the comments vanishing to?

@BeCleverWithYourCash

2 ай бұрын

Lots of scammers that get blocked

@stephen3654

2 ай бұрын

​@@BeCleverWithYourCash there was a guy asking about buying an isa now or just before the tax year ends in order to maybe get a better deal but risk losing out on one, have you deleted his question because I can't see it. KZread comments are getting deleted all over the platform not just this channel

@stephen3654

2 ай бұрын

There were several replies, none of which were scammers. ​@@BeCleverWithYourCash

@bridgetwadane4392

2 ай бұрын

What comment?

@bridgetwadane4392

2 ай бұрын

​@@stephen3654poppycock!

Second comment

First comment

@kloppsippingvarsenaltears2789

2 ай бұрын

Must be the biggest achievement you've ever had

@bridgetwadane4392

2 ай бұрын

Yep, what's yours?

If you wanna lose value on your money, put it in a cash ISA 👍🏻 why are you making out it’s a good idea

@Responded

2 ай бұрын

wat u mean

@DJdolphinn

2 ай бұрын

@@Responded 5% return on your money is terrible. So many good assets to invest your money in why would you leave it in a bank - doesn’t even beat inflation. Poor man’s mentality.

@ML-jr1yz

2 ай бұрын

Soo what is the best?

@DJdolphinn

2 ай бұрын

Invest time in your brain cells and figure it out yourself 👍🏻

@Raven-Falco

2 ай бұрын

DJ although i fully agree with you. Andy doesn’t cover investing on here. He leans more to savings than investments. This video may benefit someone 2-3 year away from retirement. Hope this helps