Shares ISA

Bjornki

I want to open a shares Isa but read everywhere that this is a good thing when you don't need the money for 5 years. I don't know if I will be staying for another 5 years in the UK. Let's say that I will stay another 2 years. I know I won't be able to put more money in it. Will I be able to maintain the ISA after this period?

mad

To be honest with you I would think you would be better with Instant access savers / See the link in the blue box above your post or maybe Mini Cash ISA's, again there is a link in the blue box above. You can also check out the best rates in most of the newspapers.
The best mini cash ISA is Alliance and Leicester at 5.2%
I can't see why you can't maintain the account after you leave but it might not be appropriate. Maybe someone else could help on that

Deemy

Bjornki wrote:

I want to open a shares Isa but read everywhere that this is a good thing when you don't need the money for 5 years. I don't know if I will be staying for another 5 years in the UK. Let's say that I will stay another 2 years. I know I won't be able to put more money in it. Will I be able to maintain the ISA after this period?

Yes, once an ISa has been opened it can remain open, no matter if you later on change residency status.

Titan

However, in many cases the provider will ask you to have an address within the UK where you can be contacted. Leaving a friend with a Power of Attorney in charge of your finances can be an option... just make sure you can trust'm!!

I myself plan to leave my ISA in the UK should I leave, as far as I know there is no other country with a similar tax efficient savings scheme (at least none of the countries I'll be going to have it!)

Cheers