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Do I need to move my ISA money?

I am probably being stupid, but I just read Martin's email and it says:

Last Chance! Cash ISA year ENDS Sunday. Use it or lose it. Save at 3.61% tax free
Every tax year, each UK adult can save up to £3,600 in a cash ISA, which is simply a tax-free savings account. Yet the 08/09 tax year slams shut this Sun. 5 April. Get your money in before then, and it remains tax-free year after year; but if you don’t use it you lose it!

---

Does that mean that my £800 I currently have in an ISA will be taken from me if I don't take it out tomorrow? :eek:

I only have it there until I find a flat because it is for my first months rent and deposit so I can't afford to lose it!

Thanks :)
Just because you made a mistake doesn't mean you are a mistake.

Comments

  • jem16
    jem16 Posts: 19,491 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No you won't lose the money.

    Martin means that your allowance will be lost if you don't use it. In other words the £2800 that you can currently add to your ISA allowance for this tax year will no longer be able to be added after 5th April.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    No, you do not lose it. It will just carry on into next year for you to add to it
    or take it out as and when you need it. What Martin means is that if you have mor money to put in then put it in before the tax year ends. if you put it in after the year end then you use up part of next years 09/10 tax allowance. Dont worry.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Drea
    Drea Posts: 9,892 Forumite
    Thanks :)

    I thought I was probably just being stupid but figured it was better to ask than lose my money :D
    Just because you made a mistake doesn't mean you are a mistake.
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