First ISA

radical73

I am thinking of starting my first ISA having just become morgage free thanks to this web site.

But I have some questions, as I will probably need some of the money I put in the ISA next summer.

1. Is it worth starting an ISA for one year.

2. If I am taking cash out of this years ISA, would I be able to put the full amount into this ISA next year, or will I have to start another one next year.

I would be gratefull for any advice

fullstop

radical73 wrote: »

I am thinking of starting my first ISA having just become morgage free thanks to this web site.

But I have some questions, as I will probably need some of the money I put in the ISA next summer.

1. Is it worth starting an ISA for one year.

2. If I am taking cash out of this years ISA, would I be able to put the full amount into this ISA next year, or will I have to start another one next year.

I would be gratefull for any advice

Question 1 , Yes you can start an ISA this year, by the time next summer arrives we will be in the new tax year anyway. You can put no more than£3600 in this year.

2: Yes you can put the full amount into next years ISA, and combine them both together if you wish and the provider accepts previous years money. Every one starts a new ISA in the new tax year.

McKneff

Doestn the limit to up to over £5k for everyone next April