ISA'S Help

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florida_villa
florida_villa Posts: 4 Newbie
in ISAs & tax-free savings
Hi,

My Daughter who is 20yrs has £3,000 to invest, she already has a mini cash ISA which she pays in £100 per month, so this money couldn't be invested in this mini ISA as it goes over the limit.

Advise appreciated.

Thanks in advance

Susan

PS Can you have a mini & a maxi ISA

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  • dunstonh
    dunstonh Posts: 116,379 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    My Daughter who is 20yrs has £3,000 to invest, she already has a mini cash ISA which she pays in £100 per month, so this money couldn't be invested in this mini ISA as it goes over the limit.

    this close to the tax year end, she could finish off this years allowance outstanding and hold the rest to next tax year.
    PS Can you have a mini & a maxi ISA

    No but you can have a mini cash and mini equity ISA
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MPH80
    MPH80 Posts: 973 Forumite
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    Well - if she's paying in £100 a month - then she can only have paid in £1000 so far this tax year.

    So therefore you could put £2000 of the £3k in the ISA without problem - just cancel the regular payment.

    And no - you can't, in the same year, have a Mini-Cash ISA and a Maxi-ISA.

    Personally - I'd put the £2k in - then wait until April 6th, put the remaining £1000 back in and start the £100 contributions up again.

    M.
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