Top Cash ISAs Discussion Area

welshgirl1_2 · 15 February 2008 at 8:18PM

Hi,
Hope that somebody can help - I'm a bit financially 'thick'!! I've been doing an ISA for about 9 years but just putting about £100 in a month. Anyway I was going to top it up to the £3000 as I was told it was a good move - so I phoned the pru to see about it. Well anyway - on the phone they tell me that it's a stocks and shares ISA and thats scared me a bit - I thought it was a cash ISA- how do I go about getting to my money and so on...???

Also as a rep came out to the house from the pru when I first started teaching and basically mis sold me this product- they gave me a number to ring on mis selling of policies.

Before I do anything I was hoping that somebody could give me some advice -as they weren't that helpful on the phone and I'm a bit confused - like can I get at the money and perhaps invest it in a cash ISA???? Or is a stocks and shares one ok????

Hope somebody can advise me - thanx in advance

kazzap · 18 February 2008 at 3:02PM

Hi
I'm still new to this ISA thing and while I understand the investment boundaries I'm still unsure about the mini & maxi bit. I've got about £4.5K to invest so could go for two mini ISAs or one maxi, however all the advice here seems to be for mini cash ISAs which while useful, does not help me with the remaining amount I need to invest. Help! Do I go maxi or how do I research the best mini shares ISA?!
:eek:

carrie0222 · 18 February 2008 at 6:02PM

I have £6000 to invest, it's February, can I put £3000 in an ISA now, and the other £3000 in an ISA in April and will I get the same tax free interest on £6000 for the next year?

lisyloo · 18 February 2008 at 6:05PM

can I put £3000 in an ISA now, and the other £3000 in an ISA in Apri

Yes

and will I get the same tax free interest on £6000 for the next year?

The total £6000 will be tax free yes, plus any interest you've earnt will be tax free as well.

dinosaur_3 · 19 February 2008 at 3:14PM

Hello,

I currently have £3,000 in a normal savings account - if I transfer this to an Isa before April will I avoid paying tax on this money - even though I have earned interest on it throughout the year in the savings account?

Thanks.

10_66 · 19 February 2008 at 4:01PM

You will only start earning tax free interest from when the funds are put into the Mini Cash ISA.

alastair_h · 19 February 2008 at 5:42PM

carrie0222 wrote: »

I have £6000 to invest, it's February, can I put £3000 in an ISA now, and the other £3000 in an ISA in April and will I get the same tax free interest on £6000 for the next year?

The cash ISA allowance for 2008/9 is going up to £3,600 from April 6th. Assuming the interest rates didn't change you would get the same, unless it was tiered like Lloyds fixed rate ISA.

alastair_h · 19 February 2008 at 5:46PM

dinosaur wrote: »

Hello,

I currently have £3,000 in a normal savings account - if I transfer this to an Isa before April will I avoid paying tax on this money - even though I have earned interest on it throughout the year in the savings account?

Thanks.

Any interest you earn on the normal savings account will be taxed, you can't transfer it to an ISA to avoid this. What you could do is open an (cash) ISA for this financial year 2007/8 with £3,000 and then pay in £3,600 in the next financial year from 6th April - the interest earned once your ISA is open would then be tax free.

johncolescarr · 19 February 2008 at 8:07PM

kazzap wrote: »

Hi
I'm still new to this ISA thing and while I understand the investment boundaries I'm still unsure about the mini & maxi bit. I've got about £4.5K to invest so could go for two mini ISAs or one maxi, however all the advice here seems to be for mini cash ISAs which while useful, does not help me with the remaining amount I need to invest. Help! Do I go maxi or how do I research the best mini shares ISA?!
:eek:

Hi, this is how I understand it!
There are 2 types of ISA investments, cash and shares ISAs. you can invest up to £7000 a year tax free in ISAs, up to £3000 as cash and any amount up to £7000 as shares. A maxi ISA is an ISA with investments up to £7000 which can only be held in one place, ie one account, whereas you can hold a number of mini ISAs by different providers. you can not take out a maxi ISA and a mini ISA in the same tax year.

kosial · 20 February 2008 at 12:22PM

Hi All!

I've got a Maxi ISA right now, as I understand you cannot transfer it to a Mini ISA, the only way is to close it.

So here are my questions, any comments welcome:

1) If I close the Maxi ISA, lets say, today - can I open a Mini tomorrow? I haven't added (or used) any of my allowance for this tax year.
2) Is it worth it? I mean closing the Maxi and opening a Mini?

I am thinking about closing the Maxi and splitting the money into an ISA for me and my other half.

Thanks a lot!

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