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I'm confused about how cash ISAs work
SapphireFlames
Posts: 83 Forumite
I'm a bit confused about how cash ISAs work. When I was 21, I was given some money (about £350) by my aunt and we set up a cash ISA in my name. I haven't touched any of the money since then.
I'd like to add some of my own money to the account now. I know there is a limit on how much you can put in? How much exactly is this limit, and is it an absolute limit or is it per year? For example, if you have reached the limit in one year, are you allowed to add more money the following year?
I'd like to add some of my own money to the account now. I know there is a limit on how much you can put in? How much exactly is this limit, and is it an absolute limit or is it per year? For example, if you have reached the limit in one year, are you allowed to add more money the following year?
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Comments
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£5,100 contribution is allowed this tax year, £5,340 next year. Any allowance not used in the year is completely lost.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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