New to ISA's

SKIPPY

I suspect this is going to sound really dum!! Unfortunately I don't have the full £3000 to put into an ISA, but after reading these threads really think I should have one. I do try and save each month in a normal savings account. Should I/Can I use the ISA in the same way i.e open it and deposit an amount in it each month usually 100 - 150/month?

dunstonh

You can save monthly into a cash ISA. Most will accept standing order payments and some can use direct debit.

meanmachine_2

Depends on whether you pay tax or not, and whether you have one of these high interest accounts.

For instance, if you have a A&L 10% account, and are a low rate tax payer and can only save enough to fill up this one account, then stick with that.

If you can save more than the limit on this account, or any other high rate regular saver account, and/or you pay tax on your savings then yes an ISA is your next step.

You don't need to put the maximum 3K in, but some accounts do have a minimum deposit requirment when first setting them up.

SKIPPY

Thanks for your replies. I already have the A&L premier account - will they still let me open one of their 10% savings accounts or is it just for new customers?

schiff

SKIPPY - only for new customers. Ain't fair but they make the rules!