'ISA Newbie' - Questions

bubblegum2

OK stupid questions coming...

I know nothing about ISA's but I was looking on the Halifax website and they have this 'ISA Saver Direct' thingie

Is this like a savings account? Can I pay in a few pounds each week? (maybe £2 one week and £6 the next) until my account reaches £3k?

I'm thinking of opening one this week as I'm saving for a mortgage deposit but does it mean I can't get my money out until April 2008 - The reason I'm asking is I will need the money out in Feb/March 2008 so is this a problem?

Last question - Can you pay the money in at the bank or do I have to transfer funds via my other Halifax accounts

Someone please explain ISA's to a 'ISA Newbie'

jem16

bubblegum2 wrote: »

OK stupid questions coming...

I know nothing about ISA's but I was looking on the Halifax website and they have this 'ISA Saver Direct' thingie

Is this like a savings account? Can I pay in a few pounds each week? (maybe £2 one week and £6 the next) until my account reaches £3k?

Yes you can do that.

I'm thinking of opening one this week as I'm saving for a mortgage deposit but does it mean I can't get my money out until April 2008 - The reason I'm asking is I will need the money out in Feb/March 2008 so is this a problem?

With the Halifax ISA Saver Direct you can take the money out whenever you want. If you close the account the interest will be paid to you as well. Just remember you cannot "replace" that money in that tax year.

Last question - Can you pay the money in at the bank or do I have to transfer funds via my other Halifax accounts

You would pay in by transferring from other Halifax accounts - it can't be operated via the branch. They have another ISA paying less interest for those people who want to use the branch to pay in.

bubblegum2

Thank you for the reply

What is the other account where I can pay via the branch I missed that one?

jem16

Its the Halifax ISA Saver but it's only paying 4% interest so I wouldn't recommend it.

http://www.halifax.co.uk/isas/variablerateisa.asp

Gordon_the_Moron

There's no such thing as a stupid question, you can't know everything about everything, lack of knowledge doesn't amount to stupidity.

Da Moron