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teddyboy

Advice About Isa's

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I am thinking of changing my bank account from NATWEST to CAHOOT. I have a personal loan with cahoot so have no problems with them to date and were very competetive. I know I can change all my banking to them but as it stands my CASH ISA with Natwest only pays 3.5% gross but CAHOOTS is more like 4.8%.

I have used my 3,000 for this Financial Year. Can I transfer that fund to CAHOOT or will it look at it as a withdrawal and I cannot them put any money in another ISA?

Secondly, do cahoot have an account where I could offset the interest of my loan against my savings. (clutching at straws :))

TIA

Edited by teddyboy

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You should be able to transfer your ISA holdings. You certainly can for the stocks and shares component, so I can't see why you couldn't for cash. Check the small print though, you would not want to lose any interest, etc

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You should be able to transfer your ISA holdings. You certainly can for the stocks and shares component, so I can't see why you couldn't for cash. Check the small print though, you would not want to lose any interest, etc

Thinking of doing this myself due to the recent rate drop on the abbey postal isa. Make sure you do not withdraw the savings as you will lose the tax exempt status doing this. You have to apply to transfer directly from one ISA to another to keep it tax exempt I believe.

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I am thinking of changing my bank account from NATWEST to CAHOOT. I have a personal loan with cahoot so have no problems with them to date and were very competetive. I know I can change all my banking to them but as it stands my CASH ISA with Natwest only pays 3.5% gross but CAHOOTS is more like 4.8%.

I have used my 3,000 for this Financial Year. Can I transfer that fund to CAHOOT or will it look at it as a withdrawal and I cannot them put any money in another ISA?

Secondly, do cahoot have an account where I could offset the interest of my loan against my savings. (clutching at straws :))

TIA

You should be able to switch your ISA to Cahoot but you need to get Natwest and Cahoot to talk to each other so it is a simple direct transfer from one to the other . If you withdrew the Natwest ISA yourself before trying to transfer to Cahoot you have lost the ISA warpper conpletely and it cannot be reinstated.

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Teddy, if you have a loan and savings, wouldn't you be better off using the savings to remove your loan? The interest on the loan is more than the intestest made on the savings!!!

Also, are you sure Cahoot have an ISA? They have a high interest savings account at 4.85% but I see no ISAs there?

Edited by OzzMosiz

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Teddy, if you have a loan and savings, wouldn't you be better off using the savings to remove your loan? The interest on the loan is more than the intestest made on the savings!!!

Also, are you sure Cahoot have an ISA? They have a high interest savings account at 4.85% but I see no ISAs there?

Sound advice!!! Will look at a settlement figure. As far as their ISA - not sure they do one but their savings account performs a lot metter than my ISA :angry: Is there an ISA that has better return than this savings account? I havent seen one tbh. I am saving on average £1,000 p.c.m. on a regular basis often a bit more if I have overtime.

I know this is a bit silly but If I paid off my loan - I would be £221.00 better off each month. But I would feel as if I was going backwards would jump from £11,000 savings to about £7,000. This means I can save £1,250 a month. Its psychological I know but I am hoping to buy around summer next year. I like the fact that IF I have a big deposit (GF has about £13,000 also) I would be in a strong position to offer a really low price if I get a mortgage in place at 80-85%.

Any advice on investing £11,000 would help but I have £6,000 in an ISA and have used my allocated allowance this fiscal year.

TIA

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I am thinking of changing my bank account from NATWEST to CAHOOT. I have a personal loan with cahoot so have no problems with them to date and were very competetive. I know I can change all my banking to them but as it stands my CASH ISA with Natwest only pays 3.5% gross but CAHOOTS is more like 4.8%.

I have used my 3,000 for this Financial Year. Can I transfer that fund to CAHOOT or will it look at it as a withdrawal and I cannot them put any money in another ISA?

Secondly, do cahoot have an account where I could offset the interest of my loan against my savings. (clutching at straws :))

TIA

Changing an ISA ia about as easy as changing your gas/electricity supplier!!!

...with a cash ISA should be a piece of cake as there aren't fund managers taking an exit charge from share dealings.

....if you want to stay with a normal bank for isa dealings I'd recommend HSBC,they do some very good maxi ISA's now they have "depolarised" that bit.

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  • 301 Brexit, House prices and Summer 2020

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