ISA help please

thepurplegoldfish

Hi All

Thanks for taking time to try and educate/help me, it is appreciated. I've never had an ISA before, mainly due to always being in the RED! Anyway now I have a few thousand pounds to save and currently in my Co-Op bank account it doesn't earn any interest. So I thought an ISA would be a good idea.

I can't afford to lose any money, so it would be a cash ISA only, I've seen the Santander 3.3% Variable and it all looks good, I really just need to know how do I run the account. I want to say with the Co-Op for my bank account and would just like to transfer the money to the ISA electronically via the internet banking, is this possible?

And How do I apply for a Santander ISA online, I'm stuck at this question

You can fund your new ISA account by saving for this tax year.
How are you saving for this tax year? *
Options are
1. Send in cheque from account in my name. ( I don't have a cheque book)
2. Move money from a Santander Current or Savings Account (I don't have a Santander Account)
3. No New Savings

thepurplegoldfish

Oh and is there a penalty for withdrawing money from this account or any limits on how many times I can withdraw?

saintalan

Yes you can set the account up and then fund via Internet Banking.

Question is do you really want/need an ISA? You can withdraw from it but you cant invest/re-invest if it takes you over £5340 limit.

You might be better off just opening a Santander preferred current a/c (without switching from current bank) which pays 5% up to £2500 for a year. You would have to fund it £1000/ month but you can withdraw it again.

xrjtg

thepurplegoldfish wrote: »

Oh and is there a penalty for withdrawing money from this account or any limits on how many times I can withdraw?

There are no limits on withdrawals, but you can only pay in up to £5340 a year, so you want to avoid withdrawals and re-deposits where possible.