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ISA`s

ISA`s those savings things anyone got em ? i think you could put up to £3,000 a year (increased lately i think), but do you get 1 ISA and then add to the same ISA evry year if you want or do you get a differant one each year ?

Comments

  • You can put in £3,600 a year now. I think you add to the same ISA, good question.
  • edited May 2009
    3600 in a cash ISA is the max. You have to take out a new one each year (if you have the money). £7200 is the limit if it's in stocks. You can combine between cash and stocks as long as the cash part does not exceed 3600. Goes up to 5100 next year.

    (not sure about needing a new one each year, but the allowance limit applies in any case)
  • yeah you can keep adding to them, but keep an eye on interest rates - being tax free is not much kop if the interest rate is not competitive

    have a look here
    http://www.moneysavingexpert.com/savings/best-cash-isa
  • just wish i had £3600 spare to even think about it
  • you and me both. Be worse next year, when I'll be wishing I had £5100.
  • edited May 2009
    A (So called) cash mini ISA. Is a tax free savings account. You are not obliged to declare to the Inland Revenue. But you must follow the rules. (In fact the provider will follow the rules, so you can't go wrong)
    You can invest up to £3600/tax year. That's every tax year, so the capital increases. The interest is free of tax. You can change provider, but i think it's a bit of a palaver.
    An increase in the limit was in the last Government budget, but be careful. I think the quoted £5100 figure applies only to over 50's.
    Everyone should have a cash ISA. Even if you can find only £100 to put in it. Get it now in case a future Gov. decides to scrap them to new applicants. (They cost the Gov. a tidy sum of lost tax on interest)
    It is also possible to invest shares in an ISA. I'm not an expert on this, but have been told in the current financial conditions it's pretty much a waste of time!
  • Limits for 2009/10 tax year :

    Cash Isa - £3600

    Shares ISA - £7,200 less any amount you have put into Cash Isa's (ie, you could have £3,600 in each, or £3,000 in Cash and £4,200 in Shares etc etc)

    2010/11 and after 06/10/2009 for anyone over 50 on that date:

    £5,100 - Cash ISA
    £10,200 - Share ISA less any amount you have put into Cash ISA (as above)

    Hope this helps. Although every tax year is seperate and once you have gone past one you can't go back and invest more, contributions are usually added to you original savings/investment. Therefore f you open a Cash Isa now wth he max £3,600 you can add to this again after 6th April next year and account will hen hold £7,200 plus interest.......similarly with shares.
  • Mine earnt a measly £100, was hardly worth the bother
  • Quote by Daggs :- "It is also possible to invest shares in an ISA. I'm not an expert on this, but have been told in the current financial conditions it's pretty much a waste of time! "

    100% disagree if you are willing to take the risk now is exactly the time to do it. The FTSE 100 has risen 25% in the last 6 weeks and I reckon it will rise a further 50% in the next few years, which will be a damn site more than a Cash ISA will give you.
  • As i said 'Covered End' I'm no expert on the 'shares in an ISA' element. I based my comment on what i was told.
    But cash! I'm definitely an expert :)
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  • edited May 2009
    As mentioned, just make sure you check the rates of interest offered as they vary massively.

    If you have an existing ISA you can move the whole lot to a new provider without losing any of the tax free element - though only a few allow you to do this. Most of these banks/building societies will do it for you, so there is no grief in doing it, though your existing ISA provider can take up to a month to shift your funds over.

    Best interest rate at the moment is an E-ISA with NAT West at 3.51% (if you have over £10k in your ISA pot).
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