cash ISA help!!!

rmb66

Hello i have a cash ISA and i need to know what i have to do with the money that i have saved once the tax year is up and i have been paid the interest. Will it roll on into the next tax year's ISA or do i need to re-invest? Also if i need to use some of the money can i pull some out at the end of the tax year?

Baldur

rmb66 wrote: »

Hello i have a cash ISA and i need to know what i have to do with the money that i have saved once the tax year is up and i have been paid the interest. Will it roll on into the next tax year's ISA or do i need to re-invest? Also if i need to use some of the money can i pull some out at the end of the tax year?

Depending on the Terms & Conditions of the particular Cash ISA, you can either leave it to roll over and continue to subscribe to it on or after April 6th or you can simply leave it where it is and open a new Cash ISA with any provider that offers a better rate for your 2010/11 Cash ISA allowance.

Many Cash ISA's interest rates drop after the first year, so simply leaving it where it is may not be the best idea - it can be transferred to any provider that accepts ISA transfers, simply by completing the chosen new provider's ISA transfer form and letting the arrange the transfer.

You can withdraw funds whenever you like, as long as the Ts & Cs permit that.

rmb66

ok cheers thats a great help, have been so unsure. thank you