new saver. ISA advice

samjh87_2

Hi,

So I'm trying to save some money. Was going to wait for the 6th April and then open an ISA but on Friday I should have £1000 to save. Should I open an ISA up straight away and put this in so I don't use my allowance for next year and then open another to save in next year as of April? I'm also not sure what ISA is best.

Sorry if this is a really silly question, don't know anything about ISA's or saving as I am only just starting out on my saving adventure! Any advice would be great.

blueberrypie

There's nothing to lose by opening one and depositing money now, and it will allow you a full £5,100 for 10/11. If you don't save that much in 10/11, you've lost nothing.

"Best" depends on your needs. If you're happy to tie up your money for a year or two, go for a fixed rate. If you want instant access, A&L/Santander's 3.5% ISA is currently the highest-paying flexible ISA for new money. A&L/Santander doesn't have a good reputation for customer service, but there aren't a lot of good deals out there this year. See the first post of this thread - http://forums.moneysavingexpert.com/showthread.html?t=401374 - for what's available and what the restrictions are on each.