We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

ISA'S Help

Options
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

Comments

  • dunstonh
    dunstonh Posts: 119,617 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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
    Part of the Furniture Combo Breaker
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.