"Sealed Pot Challenge 5"

crimson.addict

Last night i found out that you can LOSE money in an ISA...... Did anyone else know this???

I was talking to some friends last night about my upcoming bank meeting and they said they put £1,800 into an ISA and by the time they took it out they had £700 in there!!!!!

I am no longer getting an ISA, they advised i just get a normal savings account if i dont want to keep it all under the floorboards!

x

jakes-mum

crimson.addict wrote: »

Last night i found out that you can LOSE money in an ISA...... Did anyone else know this???

I was talking to some friends last night about my upcoming bank meeting and they said they put £1,800 into an ISA and by the time they took it out they had £700 in there!!!!!

I am no longer getting an ISA, they advised i just get a normal savings account if i dont want to keep it all under the floorboards!

x

from what I understand there are 2 types of ISA's, the one that plays with stocks and shares and one that is just like a savings account (cash ISA?) so you accrue a bit of interest each year.

I assume they had the one that uses the stock market and it should have been explained that yes you can lose money as your basically gambling with your money that what your invested in will go up (maybe over simplifying but just putting it how I explained it to myself :rotfl:)

I have a standard cash ISA so each year I get a couple of quid in interest as I couldnt afford to lose any money.

Im sure a more savvy money buff will be along to explain it better than I have (and correct me if im totally wrong :rotfl:)

Sue-UU

samtoby wrote: »

The Topper Sailing boat is ready for summer Sue and my Reefs are my birthday present from my boyfriend. Excellent x

Lovely sam!!! :grinheartNo wonder you can't wait then, excellent indeed!

nu1isit? wrote: »

Hello Sue ...:grouphug: Have a cheeky one of those too...

A magically stunning 104 pence from us today, 1p of it roadkill , caught by the eagle eyed DW :j...
Got another project, to play with after I've finished the one I'm on ...

The big one made us this the other day... Can you guess what it is?

Thanks for the dodgy hug (I think :undecided) nu1isit? and very well done on the cash injection...a very keen eyed Mrs nu1isit?
You be sure to tell you eldest that her dalek is superb and she's very, very clever! Bless her.

Sorry to hear about your battery, jakes-mum, I hope it's soon sorted for you

I'm definitely feeling better thanks, nanto3girls.

Fingers crossed ETO and good for you in sharing the love and hugs! At least you're not giving us all dodgy ones like nu1isit?!!

Good for you skilly.

You're becoming a real SPCer now, black cat, taking your glove off first too! That's the signs of an expert 'prepared to get down and dirty SPCer, just like sparks, LC 2 and jakes-mum!! :rotfl:

Ahhh, bless you, little_sweetie, I'm fine again thanks. Well done you with your £10er!!! :T Have a lovely meal with your FIL..what an age! :eek:

crimson.addict wrote: »

Last night i found out that you can LOSE money in an ISA...... Did anyone else know this???

I was talking to some friends last night about my upcoming bank meeting and they said they put £1,800 into an ISA and by the time they took it out they had £700 in there!!!!

I find that VERY hard to believe, Ruth.unless stocks and shares are involved! Go onto that part of the Forum and C&P the above and ask, but I think something slightly different must have been the case. Please let us know. Ta.

Sue x

Anyone wishing to join, just ask, you're more than welcome, it's never too late.

Please read the 1st post on Page 1 first so you know what's what.

EverTheOptimist

jakes-mum wrote: »

from what I understand there are 2 types of ISA's, the one that plays with stocks and shares and one that is just like a savings account (cash ISA?) so you accrue a bit of interest each year.

I assume they had the one that uses the stock market and it should have been explained that yes you can lose money as your basically gambling with your money that what your invested in will go up (maybe over simplifying but just putting it how I explained it to myself :rotfl:)

I have a standard cash ISA so each year I get a couple of quid in interest as I couldnt afford to lose any money.

Im sure a more savvy money buff will be along to explain it better than I have (and correct me if im totally wrong :rotfl:)

Nothing more to add to that Jakes-mum, but thats how i understand it too. I also have a cash ISA, not that i get much in interest, but at least we don't pay tax on it.

crimson.addict - i would still consider getting an ISA as overall they are generally better than a normal savings account as long as it has a better rate of interest. I think the limit is £5340 max, (for a cash ISA) you can save up to that amount each year, but if you withdraw any money you cant replace that equivalent. so if you withdraw £340 over the year you can only save £5000.

Hope that makes sense.

ETO
x

jakes-mum

Sue-UU wrote: »

Sorry to hear about your battery, jakes-mum, I hope it's soon sorted for you

New one should be here today and DH my mecanical wizz will fit it and get it back on the road for me if im lucky he might even put some fuel in it as there was only 39 miles showing when if conked out

Sue-UU wrote: »

You're becoming a real SPCer now, black cat, taking your glove off first too! That's the signs of an expert 'prepared to get down and dirty SPCer, just like sparks, LC 2 and jakes-mum!!

Shes only at our level when she sees an old lady bending down and automatically rugby tackles her to the floor incase she was aiming for a penny she had spotted

crimson.addict

jakes-mum wrote: »

from what I understand there are 2 types of ISA's, the one that plays with stocks and shares and one that is just like a savings account (cash ISA?) so you accrue a bit of interest each year.

I assume they had the one that uses the stock market and it should have been explained that yes you can lose money as your basically gambling with your money that what your invested in will go up (maybe over simplifying but just putting it how I explained it to myself :rotfl:)

I have a standard cash ISA so each year I get a couple of quid in interest as I couldnt afford to lose any money.

Im sure a more savvy money buff will be along to explain it better than I have (and correct me if im totally wrong :rotfl:)

Well i hope you are right. I must admit, i have had an ISA for a while now with only £100 and i have never lost money... I didnt even know there are two types of ISA. Think i'll have to do more digging before next week!

If anyone else can help though i will be very grateful!

EverTheOptimist wrote: »

Nothing more to add to that Jakes-mum, but thats how i understand it too. I also have a cash ISA, not that i get much in interest, but at least we don't pay tax on it.

crimson.addict - i would still consider getting an ISA as overall they are generally better than a normal savings account as long as it has a better rate of interest. I think the limit is £5340 max, (for a cash ISA) you can save up to that amount each year, but if you withdraw any money you cant replace that equivalent. so if you withdraw £340 over the year you can only save £5000.

Hope that makes sense.

ETO
x

Unitl just now i didnt know you can get more than one kind of ISA so i didnt think to ask. I have been trying to read up on this site but i an supposed to be working so i think i'll carry on tonight. :rotfl:

I'm still going to be around checking on the board though. And i have until friday 16th to decide so i should be able to rea enough before then. I hope.....


Sue, I'll let you all know what i find out.

electrobix99

Added 58p to my sealed pot. I need to find a tub of coppers that is somewhere in a box in the garage from moving. It should add a big chunk to this one :-)

samtoby

Sailing a a cheap sport once you have bought the boat. Mine is at Christchurch near Bournenouth and we can sail through out to see from the harbour. Its so beautiful espcially on a clear day.

Although....sailing through the run is a challenge....mix of the harbour waters and see; there is a current....get in that andyou end up with your sail caught up with the families crabbing off the quay....I did find out what that was like last year....my son was crying he thought it was so funny! Bless him sat at the front with the Lucy the Daushaund. Quite an entertaining watch I reckon!

samtoby

Sorry for the spelling I am Dyslexic.....

RedGoose

nu1isit? wrote: »

It's a Dalek ...she told me proudly...:p...

Bless her! I hope it has pride of place in your living room.