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Releasing endowment Help ?????
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duck_3
Posts: 48 Forumite
I currently have two Endowments
Endowment 1 =£10000
Endowment 2= £3000
I want to transfer them to an ISA
How easy is it ????
Will i have to pay any fees ???
Endowment 1 =£10000
Endowment 2= £3000
I want to transfer them to an ISA
How easy is it ????
Will i have to pay any fees ???
0
Comments
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I want to transfer them to an ISA
How easy is it ????
You cant transfer them to ISAs. You have to surrender them, wait for the funds and then pay them into the ISA using your £7200 allowance up.Will i have to pay any fees ???
There may well be a surrender penalty.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.0 -
If i transfer £7200 can i still pay into the ISA each month or do i have to leave it for a year ???0
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£7200 is the annual allowance. It doesnt matter if its monthly or single contributions or a mixture. You cannot exceed the annual allowance (note if you are over 50, there is an ISA allowance increase in October this year).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.0
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So would the best way be that myself and my wife open two separate ISA`s and in one deposit the max of £7200 and the other £5800 of which we can make monthly deposits ??£7200 is the annual allowance. It doesnt matter if its monthly or single contributions or a mixture. You cannot exceed the annual allowance (note if you are over 50, there is an ISA allowance increase in October this year).0 -
That would workI 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.0
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