What else can i do with my spare cash?

siuron

i earn £1100 a month

i have £3000 in mini ISA
i saving £250 a month in a 10% interest barclays regular savings acc

and i have about £600 a month spare to go into savings
what can i do?
can i open 2 more ISAs?

morg_monster

hi again!
You can only contribute £3000 to a mini isa in each tax year. Sounds like you've used up this years allowance, but hurrah, tomorrow is the new tax year... so as of tomorrow you have a fresh new £3000 allowance. To maximise your interest, you should get up to your £3000 as soon as you can (assuming you won't want to withdraw any money from the ISA). So, put your £600 spare into the ISA for the first 5 months, then your £3000 allowance is done and it'll be earning you interest.
The rest of the year, I'd find another savings account with good interest and put your savings in there. Then, next APril 6th, you could move £3000 from that account, into a new ISA, and then you have £3000 earning you tax free interest all year!

You could also open a maxi ISA, but I really don't know much about them. Have a look in savings and investment section in MSE. If you want to keep the savings for 5 years or more (which you might, considering your student loans post!) then a maxi ISA MIGHT be something to look at.

morg_monster

PS I am so jealous of all your spare money for savings! :cool2: Good on you - enjoy it while you have it!

siuron

max is putting in £3000 a year in a mini ISA, but next yr i can put another £3000 so at the end the interest will be calculate at £6000 instead of £3000?
or the interest is calculated monthly?(thats why u said get £3000 asap)

siuron

heh i'm not a big spender, and the reason i guess is bcoz i live with parents which saves a lot on rents therefore gas/electric/water are saved too = )

morg_monster

siuron wrote:

max is putting in £3000 a year in a mini ISA, but next yr i can put another £3000 so at the end the interest will be calculate at £6000 instead of £3000?
or the interest is calculated monthly?(thats why u said get £3000 asap)

yep that is right. The interest will be calculated monthly or daily and will be calculated on the TOTAL amount you have in there, not just what you put in this year, so 3000, 6000, etc.

I moved to Camden to work in london in September, but fell out with my nuts housemate, now I'm back in the suburbs with mum and dad which means I have to spend money travelling in every day, grr, I used to live 20 minutes walk from work! they charge me rent too but at least I don't go out as much as I used to when I lived in the big city!

Bargain_Annie

How about a pension????

siuron

since £3000 is the max for mini ISA = £250 a month
i can afford to open 2 more mini ISAs as i have £600 spare.

can i do that?
so at the end of the coming tax year i will have £9000?

sly_dog_jonah

siuron wrote:

i earn £1100 a month

i have £3000 in mini ISA
i saving £250 a month in a 10% interest barclays regular savings acc

and i have about £600 a month spare to go into savings
what can i do?
can i open 2 more ISAs?

Get an A&L Regular Saver 10% £250 a month maximum deposit. It requires a Premier Direct current account with £500 per month funding but this doesn't have to be salary, it can be a standing order from your normal current account.

f3lix

siuron wrote:

i earn £1100 a month

i have £3000 in mini ISA
i saving £250 a month in a 10% interest barclays regular savings acc

and i have about £600 a month spare to go into savings
what can i do?
can i open 2 more ISAs?

I've got my account details here........when your ready

sly_dog_jonah

siuron wrote:

since £3000 is the max for mini ISA = £250 a month
i can afford to open 2 more mini ISAs as i have £600 spare.

can i do that?
so at the end of the coming tax year i will have £9000?

Nope, only one mini cash isa per tax year can be subscribed to.