New to ISA's

craig.selby

am i right in understanding that if i was to open an ISA today(2012/2013 year) then another tomorrow (2013/2014?) then i could only add funds to the 2013/14 one?

so unless i had a reasonable amount to put into 2012/13 today there wouldnt be any point?

sorry if it seems a bit "simple" just abit confused

Lokolo

If you open one today and deposit money in today, it will go towards 2012/13. If you open one today, but deposit money tomorrow, it will go towards 2013/14.

craig.selby

ok thanks that clears things up

saintalan

Providing you can fund the 12/13 by midnight tonight April 5 then you can also add to the 13/14 from tomorrow. If you miss the midnight deadline then you can only fund the 13/14.

The advantage of funding the 12/13 one is you have whatever the amount protected from tax! You could argue you should load the 12/13 one cause it expires in a few hours, whereas you have another 365 days to fund the new one.

You can always then transfer the 12/13 one from tomorrow on if you find a better rate.

Good Luck

Alan

craig.selby

ok i think if i had more to put in i could see the advantage of putting it in today but i think ill look into the best ones opening tomorrow and start from there, really should have paid more interest in these before today!!

live and learn tho.:mad:

saintalan

craig.selby wrote: »

ok i think if i had more to put in i could see the advantage of putting it in today but i think ill look into the best ones opening tomorrow and start from there, really should have paid more interest in these before today!!

live and learn tho.:mad:

If you feel you don't have enough to put in you should maybe take a look at the Regular Savings options which normally offer a higher rate.

Cheers

Alan