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Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowance is o

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  1. Offline

    only £5,640 next year?

  2. Online

    So what?

    Many people have £40k+ in their ISA.
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    I'm not entirely sure but I believe you can keep funds from a previous year in the account and not have it count towards the current years limit.
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    Obviously someone who's rolled over a decade of ISA cash allowances are the ones being targetted.

    Looks interesting, you can get 3.25% if you have over 10k too.
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    (Original post by citalopram)
    only £5,640 next year?

    You can only put 5640 per year. But if you put 5k in each year for 10 years then you have £50k in your ISA.
  6. Offline

    (Original post by citalopram)
    only £5,640 next year?

    The account may allow transfers in from an existing ISA where the balance has built up to over £30k.
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    I know it sounds stupid, but basically if there is roughly a limit each tax year of £5000, then for 6 years you keep on using the limit? Gay natwest **** bank.
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    I could be completely wrong hereso feel free to correct me but isnt the yearly limit how much is considered tax free not how much you can actually put in?
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    I think you can physically (or not, as the case may be) put money in over the limit, but you wouldn't get tax relief on the extra and you would have to clear it before the next tax year, otherwise everyone would just pile as much money as they wanted into an ISA one year ready to take all the tax relief the next year, which would render the whole limit idea pointless. So yes i think you can do it but it would be a waste of time for all concerned.

    As for OP, it's for people who have built up their ISA's over several years and now have £30k+.


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