isa newbie

el_pistol

would it be worth opening a cash isa account now i would be puting £100 p/m into it so by april i would have about £300 in.

what would happen in april could i transfer the 300 into another isa
account or keep the existing account running

advice would be helpful thanks

xrjtg

The account would continue to run, and the interest would be protected from tax, but you would also have the option to transfer it to another provider if they accept transfers in. In April you can either continue to pay into the same account, or open a new one elsewhere, but not both: the rule is that you can only pay into one account each year.

masonic

el_pistol wrote: »

would it be worth opening a cash isa account now i would be puting £100 p/m into it so by april i would have about £300 in.

You could open it now, or wait a few weeks to see if better rates are available in the run up to the end of the tax year. However, I doubt it will make a material difference to you if you just went with the best rate you can find now.

Have you considered a regular savings account? Interest after tax still might be better than what you would receive in an ISA. At the end of the term, you could then shift the money into an ISA. You would need to commit to saving every month to do this, though.

what would happen in april could i transfer the 300 into another isa
account or keep the existing account running

You can do either, but if you are opening an account now, hopefully there would be no need to do a transfer in just 2 months time.