can you advise an idiot please

oneeye1

i do not understand anything about investing and tax and isa etc.

i am married and we have £10,000.00 to put away.

we want quick access.

we want secure investment

can we both have an isa as our total exceeds the annual isa tax free amount.

my wife is not employed

we have 2 children.

where do i put it

thank you in advance

Lokolo

If your wife is not employed, give it all to her and the interest will be tax free anyway. (fill out an R85 form with the bank)

calypso_rhapsody

You can both have ISAs but as your wife is not a taxpayer it may not be worthwhile unless she expects to become a taxpayer ....

Assuming she doesn't expect to be a taxpayer within hte next year or so, the best plan i think would be to put you max into the 2011/12 ISA, put the rest into the best instant access account in your wife's name (make sure she does a R85 form so that interest is paid to her gross) - then in April you can reassess and decide whether it is sensible to put that cash into a 2012/13 ISA in your name.

calypso_rhapsody

You may well find that you can get a better rate on an ISA than your wife can get on a non-ISA instant access account. For example, at present the top ISA instant access is paying 3.3% (Santander) or 3.35% (AA) whereas the best non-ISA instant access is 3.1% (Coventry).

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

http://www.moneysavingexpert.com/savings/best-cash-isa

The same does not seem to hold true if you wanted to fix for a year, say - so you need to look at the accounts and decide if it makes sense to take an ISA or not ... of course there is nothing to stop you non-taxpaying wife having an ISA so she could take the Santander/AA option too.

jennifernil

You could consider NS&I Index linked saving certificates. Best return is when you leave them in, but you can cash them in if need be.

Otherwise (and I like your wife have little income) I have the HBOS ISA which pays 3%, or 3.2% as an HBOS Reward current account holder. I also have HBOS Reward Websaver 2.8% or 3% as a customer. And I have Lloyds Vantage x 3, which gives £15k @ 3%.

All instant access.

calypso_rhapsody

I wouldn't recommend NS&I if there is a likelihood you will need to access the money within 12 months - the rate if you do is derisory ... but once a year has elapsed then you can withdraw with minimal penalty

xrjtg

oneeye1 wrote: »

can we both have an isa as our total exceeds the annual isa tax free amount.

Yes, and this is likely to be your best option.

The article on the main site might help you understand ISAs more generally.

oneeye1

thanks everyone for your in put