Help a confused teenager!

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
5 replies 2.1K views
ed89ed89 Forumite
109 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I wonder if anyone could help me.

Went into the bank just a few hours ago to deposit some money into my ISA...turns out I can't - because it's an investor ISA and it needs to be done by Direct Debit! Argh. I have to say the bank totally mislead me on this. I wondered why I have been losing money in that account (I dont have much in it, about £200) and it's because of bloody shares. My money is my money and I don't want to take risks/gambles with it in any stock market. :mad:

Anyways, I have about 3.5k in another savings account. I want to put this into an ISA where it will work for me, because at the moment I am being taxed on it. :mad: Though I am getting gross interest now and again.

I am keen to keep all my accounts in the one place and I am currently with Bank of Scotland (HBOS). Could anyone point me in the right direction where I can view their ISA products (cant see them on their site) and an example of how an ISA would work for me would very much be appreciated!
thanks in advance:beer:


  • RikkiRikki Forumite
    21.6K Posts
    Bank of Scotland offer Halifax ISA's. CLICK HERE

    Isa's are a way of saving money without paying tax even if you are working. As a Mum of a teenager its the first place I advise him to put his money.
    £2 Coins Savings Club 2012 is £4 :).............................NCFC member No: 00005.........

    ......................................................................TCNC member No: 00008
    NPFM 21
  • LokoloLokolo Forumite
    20.9K Posts
    Part of the Furniture 10,000 Posts
    If you really don't want the Stocks and Shares ISA you can close it. But you will lose your allownace for the S&S ISA for this tax year but its only £200 so meh.

    There are plenty of cash ISAs about.

    Go there, select Cash ISAs and easy access and it gives you a list of the best ISAs at the moment.

    You can put £3600 into your Cash ISA this tax year.
  • ed89ed89 Forumite
    109 Posts
    Thanks folks.

    Perhaps I am being completely dumb but let's say 6.20% AER on my 4k over 1 year will earn me £248? (4000 / 100 x 6.2, is that how it works?)

  • LokoloLokolo Forumite
    20.9K Posts
    Part of the Furniture 10,000 Posts
    Yep. But you won't be able to put £4k in an ISA. Only £3.6k.

    You can put the rest in a normal savings account. Do you pay tax i.e. working and getting over around £5k a year?

    If not you can fill an R85 form and get tax free interest from normal savings account.
  • Just for your info, if its a Halifax ISA Investor, you do not have to pay into it by direct debit. You can do it by cheque, or by debit card over the phone.
    If you call 01904 611110, they can put you through to a top up line if you want to pay, this will save you any high call charges as the whole thing will be charged at a local rate. You will need to have enough information to pass through the security questions though.

    If you want to close it, you can either call the above number and they will send you a form, or you can just write/fax a letter to them. The address is

    Halifax Financial Services
    PO Box 285
    YO90 1HX

    Fax no: 01904 611115

    If you set it up after speaking to a financial advisor and you told them you didnt want a stocks/shares isa and it should have no risk/be interest earning then you may have a case for mis-selling, if you did it online by youself, then you should have read the info on it first
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