Maturing 25k ISA... I'm clueless! Where to put the money?

AdmiralX

esuhl wrote: »

My sister and I are the only benefactors, and she is happy for the money to be "tied up" in an ISA in my name for now (we get on really well, so there's no problem there).

That is good.
It might be a good idea to discuss with sis if you or she might see any unforeseeable thing that needs access to part of the cash. How would you resolve such issue of urgent cash? Some people do keep a slush fund.

Mikeyorks

esuhl wrote: »

The ISA was originally a joint a/c I had with my mum, but it got transferred into my sole name when she died. So half the money is really mine, while half needs to go to the estate.

Absolutely impossible I'm afraid. You can't have ISAs in joint names. And - on death - an ISA reverts to a normal taxable account.

So you need to qualify just what it is you have. If you've got a maturity statement in your name that is heading in the right direction - but the history you've painted can't be right.

esuhl

The ISA can't have been a joint account held in both names?! Good grief! Maybe it's my money then! How on earth did I save that much?!

Well, I'm staying with my sister for the next week so I don't have any other paperwork with me, but I'll look up the details when I get home and see if I can work out where the money has come from.

Gosh - I really do sound clueless, don't I? I just had an aversion to money (well, financial information really - money is great!) and mum was such a genius that I let her look after everything. She looked after my sister's savings too (although my sister probably remembers what mum did with her money). I'll have to see if I can find the spreadsheet my mum had detailing all of our accounts... That should make things clearer.

AdmiralX

In joint Bank Ac if one dies the other receives the money. In bonds, the cashing requires eihter's or both's signiature to cash it, there is a difference. Was the ISA requiring both persons' or eithe'r signiature?

Mikeyorks

AdmiralX wrote: »

Was the ISA requiring both persons' or eithe'r signiature?

You can't have an ISA that requires 'either or both'. They are strictly individual accounts. That's what the 'I' in ISA stands for.

Even the Junior ISA - where the parent holds the money on behalf of the child - only has a single point of signature.

jem16

AdmiralX wrote: »

Was the ISA requiring both persons' or eithe'r signiature?

You cannot have an ISA which is joint. The clue is in the initials - ISA, I standing for Individual.

Whatver it was it wasn't an ISA if it was definitely in joint names.

EDIT : Mike was quicker this time!

grizzly1911

esuhl wrote: »

Interesting... the main reason I was considering the 3yrs for just 0.15% more was because the BM deal is post only, whereas Natwest/RBS I can deal with in-branch or on the phone (which might be useful if I need to ask them anything).

Cheers all! :beer:

It is internet or by phone. Even if it was just an actual postal/internet transaction they will still talk to you - they did for me.:)

esuhl

AdmiralX wrote: »

In joint Bank Ac if one dies the other receives the money. In bonds, the cashing requires eihter's or both's signiature to cash it, there is a difference. Was the ISA requiring both persons' or eithe'r signiature?

I guess the ISA has always been in my name. We had a couple of joint accounts too (I would get embarrassed speaking to the staff because they would ask me simple questions and I didn't have a clue what they were talking about and would have to relay stuff to my mum - it was easier if her name was on the account and she could make the call!)

She also had a lot of different accounts and I'm just getting a bit confused because I don't have any of the paperwork with me at the moment.

I'll get my head round it before long - especially now I know how valuable the advice on this forum can be! Thanks again, everyone.