Help A Son Trying To Help His Dad!

jamesd

The 7000 limit has already been used by the existing ISAs. The limit per tax year is either up to 7000 in a maxi ISA or up to 4000 in a stocks and shares ISA and up to 3000 in a cash ISA.

The past year amounts are not relevant to whether you can put more in this year - they don't count in any way towards the limit. So she could have opened the NS&I one if it wasn't for the 7000 from the bank.

The Halifax money can be transferred to another cash ISA with a transfer form and won't count against this year's allowance. Abbey has a good deal that accepts transfers in. Don't just withdraw the money and pay it in somewhere else - you must use an ISA transfer form or it'll count as new money for this year. Abbey's online application accepts transfer details, taking the place of the paper form.

jem16

jamesd wrote: »

Abbey has a good deal that accepts transfers in. Don't just withdraw the money and pay it in somewhere else - you must use an ISA transfer form or it'll count as new money for this year. Abbey's online application accepts transfer details, taking the place of the paper form.

Just so long as you have infinite patience!

My son and I applied on 10th April to have our Halifax ISAs transferred to Abbey. We are still waiting!

baby_boomer

I agree with previous comments. Why limit your return with that awful Woolwich product which is neither fish nor fowl?

If you wanted to reduce risk but get a stock market return in the long term, you might think of investing into an equity income fund monthly e.g. £1,000 pm over four years. Most of this could be in ISAs if you split the money after April 2008.

Rhino666

---

Quote:
Use Hargreaves Lansdown vantage service to pick a UK based fund from their wealth 150 or whatever they call it - you could do far worse and will save lots of commission.


Although the poster and his father have no knowledge of investing and the HL wealth 150 has a poor reputation historically.

---

This surprises me Dunstonh as I thought the whole point of the wealth 150 was an unbiased Mark Dampier selecting funds with the best potential - are you suggesting that your average IFA could do better ;-)

---

Quote:
I'm sure that Dunstonh would agree that the UK market appears fairly stable with potential for a 10 - 15% upside over the next 12 months ?

I don't now. I'm focusing on income more at present. Still including other sectors as rebalancing takes care of risk/reward over time. Light on US but starting to increase Japan. UK does look attractive but it will not escape a global dip. It could be quicker to recover though and the dip wouldnt be much. There is no bubble with the UK stockmarket unlike China.

---

Not sure whether or not you are agreeing with me here Dunstonh - I suspect you are but with a some spin :-) If you are focussing on income and a very good idea, where other than the UK with its relatively high yield share base would you be looking to invest ?
I don't think any stockmarket based fund will shelter investers from a global stockmarket dip but I think we agree that if there were such a dip and one could well happen in the next 2 years or so, the UK would be a preferable place to be invested in.

dunstonh

This surprises me Dunstonh as I thought the whole point of the wealth 150 was an unbiased Mark Dampier selecting funds with the best potential - are you suggesting that your average IFA could do better ;-)

Have you read Mark Dampier's press releases recently? Anything but unbiased.

If you can get hold of an older 150 list, you will find many are no longer ideal. Mostly based on past performance. Although I have heard that third party from someone that uses HL.

Not sure whether or not you are agreeing with me here Dunstonh

I am but I am still not ignoring other sectors.

cheerfulcat

dunstonh wrote: »

If you can get hold of an older 150 list, you will find many are no longer ideal.

Whoever told you that doesn't seem to realise that the list is regularly updated - furthermore, HL clients who hold 150 list funds are told when a fund they hold drops out, and why.

jamesd

jem16, I recommend not using Abbey. I just found out that if you sign up online they will send your password plainly printed on an application form for you to send off. They then have to file that application with the compromised password for at least 6 years per the ISA rules.

Personally, I'll be picking somewhere else that hasn't shown a reckless disregard for proper password security.

jem16

Yes I noticed that too.

I handed the application form directly into the Glasgow centre as opposed to posting it which at least I could do.

Can't say I'm impressed with their handling of any part at all!