Best ISA?

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paulpaul_2
paulpaul_2 Posts: 1 Newbie
in ISAs & tax-free savings
Hello
Ive got 3 grand to invest and was wondering where to put it. Northern Rock do a 3-year fixed rate 5.3% which seems to be the best out there. The post office do a FTSE tracker that pays 105% of the index, but what kind of returns will this give?
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  • dunstonh
    dunstonh Posts: 116,376 Forumite
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    The post office tracker will do exactly what it says. It will pay 105% of the FTSE100 growth over the period. No growth = no return. Who knows what the FTSE 100 is going to do in that period?
    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.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
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    Halifax do a 5 year 5.8% fixed.

    Well it would be a good bet for at least the next 2 years anyway, after then who knows where rates will be.
  • ic
    ic Posts: 3,291 Forumite
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    The Abbey are offering 5.35% on their postal cash ISA :)

    http://www.abbey.com/future/taxeff/savings_isas/savings_isas_posta_isa.html
  • mary
    mary Posts: 1,584 Forumite
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    Just under a year ago I invested 10K in an investment bond with a Building Society for 3 years at what seemed at the time to be a good rate of 5.3%.

    Times change and rates change.

    It depends how much time you have. You can lock an ISA away and forget about it for 3/5 years, or if you are prepared to keep moving it when there's a better rate around and be in control yourself, then do that.

    Personally I'm just moving a couple of old ISAs from IF to Abbey Postal ISA as IC says, they're the best around for now. Again in April this year I took out a (now closed) 5% ISA for the current year with Bradford and Bingley.

    I think you have to keep shopping around.
  • mannytimes
    mannytimes Posts: 1 Newbie
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    I have 2 children over 16, can I open an ISA for them and put in 3000 within this tax year. ???
  • dunstonh
    dunstonh Posts: 116,376 Forumite
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    I have 2 children over 16, can I open an ISA for them and put in 3000 within this tax year.  ???

    No you cannot. They are not old enough. The Cash ISA would have to be in your name.

    One option is to wait for the childrens trust fund being launched in April which allows 1200 per annum per child tax free and in the childs name.
    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.
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
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    Yes you can because they are old enough at sixteen.
    ...............................I have put my clock back....... Kcolc ym
  • mary
    mary Posts: 1,584 Forumite
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    I have 2 children over 16, can I open an ISA for them and put in 3000 within this tax year.  ???

    Don't know about that, but they can open an ISA in their own name.

    My 16 year old daughter has opened an Abbey Postal ISA in her own name this year
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
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    You are of course correct Mary.

    Their mother can open one for each of them in the sense that she can get the forms, fill them in for them, get them to sign the forms, collect together the proof of identity, take them or send them to an approprite location and then look after them for the time being.

    They are old enough at sixteen to have an ISA.
    ...............................I have put my clock back....... Kcolc ym
  • isasmurf
    isasmurf Posts: 1,999 Forumite
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    Let's just clear up the confusion here. At 16 you can have a CASH ISA, you can not have a Stocks & Shares ISA until you are 18....

    ...now who said ISAs were complicated?
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