ISA/Savings Help!

petchy

Hey PPL,

I'm a student currently on my placement year. I have got an Instant ISA at nationwide of which i put between £150-£300 of my monthly salary in every month.

So far in the account i have £1,000

I was wondering whether this was the best option for me to save my money, and if i can also open another isa once i fill the one ive got with £3,000

If anyone can help with any ideas or what to do, your help would be truly greatful! Thanks a million folks!

Unbelievable_2

I was wondering whether this was the best option for me to save my money, and if i can also open another isa once i fill the one ive got with £3,000!

Can't say whether this is the best option for you or not, however you can save a maximum of £3000 in any tax year. So in April 2005 you could put another £3000 in your Nationwide ISA or you can open a new one.

deemy2004

Hey PPL,

I'm a student currently on my placement year. I have got an Instant ISA at nationwide of which i put between £150-£300 of my monthly salary in every month.

So far in the account i have £1,000

I was wondering whether this was the best option for me to save my money, and if i can also open another isa once i fill the one ive got with £3,000

If anyone can help with any ideas or what to do, your help would be truly greatful! Thanks a million folks!

Hi


As already stated you have an an allowance of £3k per tax year, so 3k until 5th April 05, and then £3k until 5th April 2006. Now after that date its supposed to drop to £1k per year.

ISA's are a great tax efficient long-term savings accounts, try your hardest to fill it up this tax year, as you use it or lose it ! there is NO carry forward.

5% in an Cash ISA is equivalent to 6% in any other taxable savings account (for basic rate tax payers).

Also you do not have to open your next ISA with the SAME provider ! And you can also TRANSFER ISA's from provider to provider.

Cash ISA's are by far the safest and most tax efficient savings product available.