...ISA account questions...

Geminian_Dragon
Geminian_Dragon Posts: 18 Forumite
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in Savings & investments
Sorry if these are silly questions...

I have three ISA accounts from 2011-2013, I have opened up one every year wanting to save, but my wage doesn't allow me due to my living costs, so I am wondering if...

1) Can I still pay in to them?
(If not, might as well close them)

2) If I pay into them, do I still get the interest?
(I'm thinking probably not)

- Many thanks
«1

Comments

  • ColdIron
    ColdIron Posts: 9,011 Forumite
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    It would probably help if you gave more information about the ISAs, name etc. Bit tricky otherwise
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    It would also be helpful if you could say how much you intend to put into a cash ISA this year, and next. Unless your ability to put money into savings has radically changed from prior years, there is a good chance that cash ISAs wouldn't be your best choice, anyway.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    You posted this on July 24 2014
    Geminian_Dragon wrote: »
    I'm about 18k in debt but I've moved back home and received a raise where I can pay the 18k debt off in 12 months, so I will be able to afford a mortgage eventually, as I will always have £1,500 left over each month after tax and expenses.

    Unless you have settled that £18K debt by now, you should focus on paying it off as a matter of priority and urgency rather than thinking about ISAs or other savings accounts. What stops you from paying £1,500 off that debt each month?
  • jimjames
    jimjames Posts: 17,592 Forumite
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    Have these ISAs got any money in them at all or did you just open them empty?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Geminian_Dragon
    Geminian_Dragon Posts: 18 Forumite
    First Anniversary Combo Breaker
    Archi_Bald wrote: »
    You posted this on July 24 2014



    Unless you have settled that £18K debt by now, you should focus on paying it off as a matter of priority and urgency rather than thinking about ISAs or other savings accounts. What stops you from paying £1,500 off that debt each month?

    That is my partner's dilemma.
  • Geminian_Dragon
    Geminian_Dragon Posts: 18 Forumite
    First Anniversary Combo Breaker
    jimjames wrote: »
    Have these ISAs got any money in them at all or did you just open them empty?

    Opened them all empty, £0.00 in them, just wondered if I can still put money into them or not; if not, close them, no point having them.
  • masonic
    masonic Posts: 23,235 Forumite
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    There doesn't seem much point in you keeping them. An interest paying current account would be better for you if you want to earn something on the money you are spending on living costs while you have that money in your account.
  • Lansdowne
    Lansdowne Posts: 570 Forumite
    As no-one has answered your actual question, here is an answer.

    You are only allowed to pay money in to one ISA (other than a stocks and shares ISA) in a tax year. So even if you decide you want to start paying into an ISA you ought to close the other two. But if you have debts to pay off first, or can find a better savings account, no point in keeping any of them.
  • colsten
    colsten Posts: 17,597 Forumite
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    Lansdowne wrote: »
    So even if you decide you want to start paying into an ISA you ought to close the other two. But if you have debts to pay off first, or can find a better savings account, no point in keeping any of them.

    Any ISA from prior financial years with nothing in them is pretty irrelevant. You don't need to close them, whether you want to pay into a current year's ISA or not. You'd most likely just chase your tail by trying to close a cash ISA with a £0.00 balance, anyway.

    There is no risk of any sort if you just ignore these old ISAs. And you definitely wouldn't want to pay any money into them ever since you can be 100% certain they will pay you less interest than you can get in other accounts.
  • Geminian_Dragon
    Geminian_Dragon Posts: 18 Forumite
    First Anniversary Combo Breaker
    So to clarify, I can put money into an 'old' 2013 ISA, but I won't earn any interest? - That's fine and answered my curiosity!

    Thanks everyone :)
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