Isa renewal form?

[LemonSherbetFancies]

Haven't saved any money for obvious reasons for over a year. Tried to put some money in earlier and it would not let me. Said I had to do a renewal form. Can anyone shed any light?

You need to 'reactivate' an existing ISA if you haven't paid into it for a while.

Have you shopped around for a better interest rate before putting this year's allowance in the one you already have?

I haven't as of yet.
Just a bit shocked when it told me I could not put the money in.

Bear in mind that you can pay new funds into only one cash ISA each tax year, so don't rush to reactivate that one until you know it's on a decent rate

Thank you. Can I change it online do you think? I am with Nationwide.

If you find the new provider they will have their own processes to transfer it. There might be a form online or they might want you to fill one in and send it off if they need your signature.

It's the new provider you have to contact to transfer it, not Nationwide.

Someone said I can't transfer my savings over if I change my isa?

You can transfer your existing ISA elsewhere whenever you want to (t&c permitting), and also pay into a new ISA each tax year if you want to. So say you have £30k in an ISA that is all previous years' allowance, you can transfer that to a bank or building society that is paying more interest than your current provider and you can open a new ISA using new funds from this year's allowance (or you can lump previous years' and this year's allowance together in a new ISA). It must be a transfer of existing funds to retain the ISA status - don't close the account with a cheque and use it to open another or it will be classed as new investment for this year.

Do you pay tax on the interest you earn, by the way? Just wondering if it has to be ISAs you look at.

I have 50 grand in this isa currently.
I got made redundant last year so now only have part time work and am not able to put much savings in.
I want to transfer it all over yo a new isa but am being told by many that I will not be able to do so.

I had to fill out one of these. The interest rates are a shocker. Tempted to put my money under my pillow;

Yes, I thought the same when I was researching it last night. Shocking isn't it x