Sorting your CASH ISA

ReportInvestor

If you have £6K available, and have not invested in 2005/6, why not open one on April 5th and another on April 6th.

That way you'll avoid all the last minute hassle next year, only have to withdraw money once and you will earn more interest as well :j !

Murtle

thanks for the reminder, must get ISA sorted out else will be so annoyed with myself!!

grumbler

ReportInvestor wrote:

... why not open one on April 5th ...
That way you'll avoid all the last minute hassle next year

Is not this the 'last minute hassle' this year?

Debt_Free_Chick

And if you don't have £6k, then at least open a mini-cash ISA on 6 April and set up a standing order to save an amount monthly!

Kazza242

grumbler wrote:

Is not this the 'last minute hassle' this year?

I must admit I thought the same as Grumbler when I read the first post in this thread. Why wait until April 5th to open one for this tax year? I would suggest it's best to open one ASAP if you haven't contributed to one during this tax year (6th Apr 05 - 5th Apr 06) i.e. tomorrow (Mon 3rd Apr).

Leaving it until the 5th is taking a huge risk, especially if you have £3K available to open one now.

If you haven't opened/contributed to one this tax year; you could open an ISA with a bank/building society that you already bank with, at least then it's more likely to have been opened before the deadline. Another option is to go along to a bank/building society branch and ask to open one there and then. If the rate is uncompetitive, you could then transfer it to another provider when things calm down a bit.

Murtle

and I've just added it all together and we each have enough to open a mini one, so first thing tomorrow....we're each off to our own bank to open one for this year. Then next years is being drip fed all year, can't cope with the panic at the end of the year!!!

Thanks for the comments here, keeping the post active is keeping my mind focussed!!!

x xx

ReportInvestor

Re leaving it to Wednesday.

Not everyone has a spare £3K or £6K sloshing around in their current account, and many people will have to organise a transfer on Monday and hope the funds clear in time for Wednesday.

I suppose there's a risk for branch savers since building society queues on Wednesday lunchtime will be long. Don't expect to get in and out in a hurry.

Murtle

was waiting for my bonus, but think I should be able to do it without and then reorganise my finances afterwards!! Why did I think the 1st April was on Monday??!!

x

hansi

Murtle wrote:

was waiting for my bonus, but think I should be able to do it without and then reorganise my finances afterwards!! Why did I think the 1st April was on Monday??!!

x

April Fool??

Murtle

hansi wrote:

April Fool??

by me, on me.....omg.....I wish someone else had told me it's on Monday, then I wouldn't feel so stupid. Have two days less to sort out ISA. Keen to have them, as set them up last year and would like to do it each year, last year I was going to set it up and pay monthly, I'll say the same for next year now....and this time stick to it!!

x

VickyA_2

Thanks for reminding us. Just about to transfer some money in my name, but need to open one for OH. He's got the task of doing that tomorrow thanks to this post. Then we can do it all again on Thursday! :beer: