What else can i do with my spare cash?

siuron

only 1? if thats the case..i can keep adding £3000 each tax year to the previous balance which at the moment is £3000 right? total £6000 then next tax yr £9000 in the mini isa?

i can have as many regular savings acc i want right?

morg_monster

correctamundo on both counts.

end of tax year April 2006 - £3000
end of tax year April 2007 - (up to) £6000 total
end of tax year April 2008 - (up to) £9000 total

woohoo!

siuron

right, A&L is offering 5.2% + 0.7% bonus?
i would like to transfer my current ISA to A&L, is that possible, will it use up my allowances so i cant add £3000 on the new tax yr? bcoz i could have able to if i didnt transfer to A&L

A&L also offering 10% regular savings that i can take as well

sly_dog_jonah

siuron wrote:

right, A&L is offering 5.2% + 0.7% bonus?
i would like to transfer my current ISA to A&L, is that possible, will it use up my allowances so i cant add £3000 on the new tax yr? bcoz i could have able to if i didnt transfer to A&L

A&L also offering 10% regular savings that i can take as well

5.2% including bonus until April 2007. Open a 2006/2007 ISA in branch or online from tomorrow with either a £250 monthly contribution or larger deposit to start off, with a monthly deposits to take you up to £3k for that year. Once opened, request a transfer in of your previous tax year's ISAs with other providers. One form is all that is needed (from A&L) which you send to the old account provider.

Jobs a goodun.

siuron

thats cool, but after april they go back down to 4.5%?
if thats the case, i'll just find one with 5% all yr round if there's such

Anon

5.2% until next April, when you get close to the date, check out the rates for another account to transfer again if required. Many have headline rates that are really good, but include a bonus - this one lasts for a year which is better than most (assuming the base rate does not reduce as it is 4.5% plus 0.7% bonus - if the rate drops, so will this, but then again, most of the others are likely to as well).

Anon

codetown

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?

No. You can only put 3000 max in a single minicash ISA in a tax year.
So whatever you have spare you will have to find another form of investment.
A suggestion was a pension. Another option might be another good saving account.

codetown

siuron wrote:

thats cool, but after april they go back down to 4.5%?
if thats the case, i'll just find one with 5% all yr round if there's such

I suggest you read about saving accounts for a while if you are not so confident with them. They all have some catches, either variable interest or lower interest, restriction on min deposit, difficult usage models etc.

So just check the lists at https://www.moneysupermarket.co.uk and you will be able to dedice according to your constraints/wishes.