Tax Free maximum?

Nick_B_5

I have 2 hopefully simple questions:
1. At work I have heard of paysave schemes which allow you to save, tax free, a maximum of £250 per month. This equates to £3000 per year but is this the same £3000 pounds that I am entitled to put into a cash ISA? or can I do both?
2. I currently hold an ISA which is below some of interest rates of ones I have seen. I read on this page the word transfer so could you tell me how I go about transferring my existing one?
thanks
Nick

derrick

Not sure about your first question,but your second one is easy,just contact the provider you want to transfer to and they will do the rest.there may be penalties or notice period with your current provider,so remember to check with them first.
I think at the moment Abbey Postal ISA is the best no notice account paying 5.35% with a guarantee to pay .5% above bank base rate until April 2005.

Regards
Derrick

Doads

1. You can do both, and (IMHO) should do if you have the means.

2. Transferring cash ISAs ought to be easier than it actually is - bear in mind that whoever holds your money now will not really be too keen on losing your business. I would suggest you speak to whomever you decide is your preference for ISAs and see how much of the legwork they will undertake on your behalf. In practice, many people leave existing ISAs as they are, and simply divert future contributions to market-leading rate providers. You help your diversity by doing this.

Hope that helps

isasmurf

1. At work I have heard of paysave schemes which allow you to save, tax free, a maximum of £250 per month.

I think this is what you have heard about.

The ISA limit and the SAYE limit are completely separate, so you can invest in both.

Robert_Sterling_3

The ISA Scheme is open to those over 16.

Whether or not you can have a Save As You Earn scheme depends on who your employer is and whether or not they have a scheme.

Tesco have a scheme for their employes.

The amount you get back depends on the price of Tesco shares at maturity but you are guaranteed to get your savings back plus untaxed interest at a reasonable rate if the shares do not do well.