Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowance is o
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Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowance is oonly £5,640 next year?
natwest http://www.natwest.com/downloads/per...gs/NW_eISA.pdf -
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Re: Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowanceYou can only put 5640 per year. But if you put 5k in each year for 10 years then you have £50k in your ISA.(Original post by citalopram)
only £5,640 next year?
natwest http://www.natwest.com/downloads/per...gs/NW_eISA.pdf -
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Re: Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowanceThe account may allow transfers in from an existing ISA where the balance has built up to over £30k.(Original post by citalopram)
only £5,640 next year?
natwest http://www.natwest.com/downloads/per...gs/NW_eISA.pdf -
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Re: Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowanceI 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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Re: Why is the E-ISA rate 3.5% for savings of £30,000+ when the annual ISA allowanceI 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+.Last edited by ruperts; 27-09-2012 at 17:50.
