ISA help, Never had 1, Should i open 1 today

Sherlock78

Ive never had a cash ISA before and have now come to a stage in my life that i can start saving again. Should i be opening one before Tomorrow or does it really matter? Urgent help needed if possible could onope one today at the bank if requires, All help is much appreciated.

psychic_teabag

If you already have some cash saved, and will saved more than £5640 by next April, you should try to open (and fund) an ISA today or tomorrow. Otherwise no need to rush : you get a new allowance on the 6th. (But don't wait too long in case the best accounts get withdrawn.)

Another possible tactic is to build up savings over the year in a regular saver account, and then get the ISA next March/April when it matures. If you can get 5% or more, that would pay more after tax than an ISA.

evenasus

It's certainly worth having ISAs - why pay 20% tax on savings if you don't have to.

If you can open and fund one today, you have an allowance of £5340 for this financial year.

After the 5th April, you will then have another allowance of £5640 for the 201212/2013 financial year.