Wayto withdraw pp money on a stealth?

[NoneOther]

I doubt that very much.

Cash ISA's are not designed for the purpose you are trying to use it for.

They are tax exempt savings accounts that have strict rules set by HMRC.

They are not designed to withdraw funds from on a regular basis and also have maximum amounts that can be paid in. If you continue to use it as a 'normal' account then you would not be entitled to the tax exemption. Unless you plane to leave the money in there, which I very much doubt also.

You probably didn't bother to read this section

About ISAs

Here are a few of the basics:

Q. What is an ISA?
A. ISA stands for Individual Savings Account. If you’re a taxpayer it lets you save without paying tax on your savings.

Q. What types of ISAs are there?
A. There are two types: Stocks and shares ISAs and cash ISAs. The ISA Saver Online is a cash ISA. For the low down on our stocks and shares ISAs view our investments information.

Q. How much can I save with a cash ISA?
A. You can save up to £5,640 in a cash ISA. That’s for this tax year, which runs from 6th April 2012 to 5th April 2013 (plus transfer any cash ISA you hold with other providers).

Q. If I’ve already saved the maximum in a cash ISA, can I take some out and then top it up again later in the same tax year?
A. No. Once you’ve taken some cash out, that’s it. You can’t replace it in the same tax year. So, say you pay £5,640 into a cash ISA and then take out £100 – you can’t top it back up again to £5,640 in the same tax year.

Q. Can I transfer a cash ISA that I’ve got with another provider to Halifax?
A. Yes. Our switching service makes it easy.

[moneyhustler88]

Cool I didnt see that at all..you've done some scrolling my friend..think i'll get the account changed..am confused to why they told me when i rang it's okay for paypal then ;s

[moneyhustler88]

Unlimited withdrawals and easy access
Locking your money away can be a scary thought, as we never know what might be around the corner.
With the ISA Saver Online you get easy access to your savings and no restrictions on the number of withdrawals. So you can get to your money whenever you need it.
Remember, you can still only deposit a total of £5,640 over the year, so once you reach the cash ISA limit, any money withdrawn can't be replaced in the same tax year.

^^^This is what confuses me

[oompaloompa]

I used an ISA just for verification but I decided not to withdraw to it, due to the above reasons mentioned, but they gave me an ISA when I applied for a current acc, so I added it. The money stays in paypal and pays suppliers so was handy.

[Callidus]

What is the best 'saver account' from Halifax to use?

I know there is lots but which is recommended if any ?

[NoneOther]

Basic Online Saver account

[Callidus]

I take it that's the 'Reward Saver?

[moneyhustler88]

so using an ISA on paypal to withdraw is instant limitation on pp?

[GreenBean]

Where are you getting this ideas from?

The BANK might get annoyed about the incorrect use of an ISA. That comment has been made before. Please start to listen

I' going to repeat myself.

Slow down. You are rushing into everything you do. This wil backfire

[NoneOther]

Originally Posted by Schrib

so using an ISA on paypal to withdraw is instant limitation on pp?

The term 'brick wall' springs to mind

[oompaloompa]

no they are saying the bank might object to it being used for that. I mean we may be being too cautious, ISA is for savings, if you are funding your savings thru paypal that might be fine with the bank.

[NoneOther]

Think the OP reckons it's just like a regular account.

There is no issue with paying money in but he doesn't seem to understand that if he withdraws on a regular basis he cannot continue to credit funds to it as the allowable amount decreases.

Once he's paid in a total amount of £5640 that its, no more deposits allowed.

In addition you are only allowed ONE in any tax year, whereas you can have as many normal savings accounts as you like.

[oompaloompa]

some people are very happy with getting £5k so who knows....

[NoneOther]

I suppose if you've got 25 accounts with 5k in each you would be happy

[WaterBottle]

Originally Posted by NoneOther

In addition you are only allowed ONE in any tax year, whereas you can have as many normal savings accounts as you like.

When you say "allowed ONE" do you mean allowed one withdrawal?

[moneyhustler88]

I dont know how your only allowed once halifax let me open 5, and i've been in branch loads they've not said a word.

But I have now changed the ISA to a online savers account. (saving). When I went INTO branch and not speaking to someone on the telephone, they informed me that you guys are right so i changed it.
But I noticed my bank transfer on paypal said 2-3 days and it completed Saturday. (did the withdrawal Friday) and like i still havent got the funds..but it did say at the latest by tommorrow I should have them.

Haven't had any message saying it's bounced back though just still says 'completed'. THANK YOU guys

[easytiger12381]

Your pp will not get limited for withdrawing to an ISA- but the pp direct debit will prob fail after a few weeks as ISA's do not normally accept direct debit facility. Also ISA is a tax free savings account- you can only put so much (around £5000) a year into it so this would be no good anyway if your sales are more than this.

There is NO WAY any bank will let you open 5 ISA's. It is illegal for them to do so. I suggest that you buy the stealth guide as soon as your money clears- It gives advice on bank accounts as well as everything else. Once you have read it I bet it answers most of your questions as they are pretty basic. Good Luck

[NoneOther]

Originally Posted by WaterBottle

When you say "allowed ONE" do you mean allowed one withdrawal?

One ISA in any tax year

[moneyhustler88]

Thats weird..because it actually let me open 5 ISA's on Halifax online.
I don't even use 4 of them .
And it lets you open as many saver accounts as you want.

Well it says completed still but am waiting till tommorrow as thats the maximum day it says.

The accounts number's the same just been changed to a savers account now..so am waiting to see if the funds go in..

[NoneOther]

Opening them online makes no difference, HMRC only allow one per person in any tax year.

You just don't seem to take any notice of any advice.

Good luck with your endeavours

[rsot]

Might want to consider spacing out your post - a little hard on the eyes Schrib

[GreenBean]

No he's talking a lot of bad stuff.

Time to EDIT