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ISA Investment or Personal term deposit?
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whitenight
Posts: 4 Newbie
Hi, I am new to this money saving malarky having never had any to invest before.
Last year I retired early at age 54. I had a little over £27000. I had read somewhere about ISAs and that they were a good thing to have. In August we went to our bank -YORKSHIRE BANK, I had also heard that they were competitive with rates. We decided to have two ISAs one in my name one in my wifes totalling £7200. The rest -£20000 we put into a personal term deposit in my wifes name as she does not pay income tax. This amount gives a gross rate of 5.91 for 6 months, this is about to come to an end. The question I would like to ask is should we get another two ISAs when we can from the invested £20000 or should I cancel the ISAs and put them into the personal term deposit account.
I realise that I am lucky, very lucky to have this sort of dilema in the present climate but please any simple advice that could help us decide would be welcome.
Last year I retired early at age 54. I had a little over £27000. I had read somewhere about ISAs and that they were a good thing to have. In August we went to our bank -YORKSHIRE BANK, I had also heard that they were competitive with rates. We decided to have two ISAs one in my name one in my wifes totalling £7200. The rest -£20000 we put into a personal term deposit in my wifes name as she does not pay income tax. This amount gives a gross rate of 5.91 for 6 months, this is about to come to an end. The question I would like to ask is should we get another two ISAs when we can from the invested £20000 or should I cancel the ISAs and put them into the personal term deposit account.
I realise that I am lucky, very lucky to have this sort of dilema in the present climate but please any simple advice that could help us decide would be welcome.
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Thank you jackdoor I think you are right looking at other posts.0
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