Left or Right Turn at Albuquerque?

Oswaldtwistle

I'm a man of modest means and I have most of my savings tied up in two ISAs. One of these is a NISA opened with Coventry. I can roughly put aside £500 a month, but I'm wondering where to put it. Do I add £500 a month to my newest ISA from July 1st and tie this money up for the ISA duration (3 years)? Or should I place this money in a decent current account and wait to see what next April's ISA rates are like?

Thanks for reading or replying. Apologies if this is an asinine question.

jimjames

Personally with those sorts of sums I wouldn't touch an ISA until rates improve.

When that does happen you can easily get all the money into a new ISA with a single year's allowance - assuming you aren't using a S&S ISA too.

Archi_Bald

Oswaldtwistle wrote: »

Do I add £500 a month to my newest ISA from July 1st and tie this money up for the ISA duration (3 years)?

Assuming your ISA is the Coventry Fixed Rate ISA 21, I can't see how you could add £500 a month into it.

You can make an initial deposit of £5,940. Then from 1 July 2014, for a limited period, deposit up to a further £9,060 (dependent on any stocks and shares ISA/NISA subscription you may have made for the 2014/2015 tax year), making a total subscription of £15,000 (your 2014/2015 NISA investment limit).

http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

Oswaldtwistle

Archi_Bald wrote: »

Assuming your ISA is the Coventry Fixed Rate ISA 21, I can't see how you could add £500 a month into it.

Thank you both for replying.

You're right Archi Bald, it is the Fixed Rate ISA 21. I assumed you could add the further £9060 however you wanted, the total or in stages, but if I can't that makes things simpler. Cheers

Jonbvn

OP,

Surely you could not have opened an NISA yet, given that they will only be available from July?

jimjames

Jonbvn wrote: »

OP,

Surely you could not have opened an NISA yet, given that they will only be available from July?

A NISA is no different any other ISA other than the increased limit from July and the ability to switch a S&S ISA to cash.