Isa?

mariejader

Looking for some advice please

I had untill yesterday a pet insurance policy which I was paying £15 a month for.

I have three golden retrievers and this only covered the yongest !!!!! who will be three this year, in the time I had the policy I made one claim when she cut her face on some wire which was when she was still a puppy.

Now as my eldest who is 9 is getting on a bit I thought I would be better off stopping the insurance and paying the £15 into a ISA or some other sort of account which I would be able to use in the event if any of my dogs needed vet treatment. (thankfully all three are really healthy and other than the incident with the puppy's face we have never needed any treatment).

So my thoughts were to set up maybe a ISA? where I can deposit on line the £15 each month.

Before I do I understand that I can only use it until April this year, and then can I open a new ISA for the next tax year?

Can anyone advise me if this is possible or even if it's the best option available to me, as I am not going to be paying in loads of money each month.

I am currently not in a position to be saving so I am not worried about the £3k limit.

Also can anyone tell me which is the best ISA or savings to go for


Thanks in advance

lisyloo

Before I do I understand that I can only use it until April this year, and then can I open a new ISA for the next tax year?

You can simply carry on using the same ISA.

Can anyone advise me if this is possible or even if it's the best option available to me

It's certainly possible.
The benefit is pretty small (around £2 per year).

The downside (vs insurance) is that if you needed to make a large claim then you would probably not have enough money in your ISA.
You say your dogs are health but it's possible they could be involved in something like a car accident and need expensive treatment.

Also can anyone tell me which is the best ISA or savings to go for

National savings have a direct ISA for 5.8% which is one of the best paying at the moment.

http://www.nsandi.com/products/disa/rates.jsp

Ian_W

Only problem with NS&I is that the min is £1,000 which isn't really what marie is after.

You can check out best buy ISA's on the savings section of the site, whilst you're there also have a look at regular savers as there isn't much to choose between some of them and ISA's in your circs. If you bank with LTSB, for example, they do a RS at 8%, closes next week though for new applications, but you'd need to up your monthly contribution to £25 from memory. If you used a regular saver then you could move it to an ISA when it matures.

Hope your dogs stay healthy and happy for many years to come.