Completely baffled by my ISA options

onthepunt

Hi, I've been overseas and only just found out about these new ISA's but I am totally baffled and hoping you guys could clarify something for me..

I have £10,000 to invest.

In June 2014 I put £5,900 into a 1year Fixed Rate Cash ISA.

Now, under the new rules I understand I can invest my WHOLE £10k in one cash ISA this year (unlike before, when it was a Cash ISA/Share ISA split)

So, what do I do with the £10k? Do I just create a new Cash ISA with my same bank after April 5th for the full 10k? I don't think I can add to my fixed rate ISA, or can I? and do I have to do it BEFORE April 5th for the 15/16 tax year?

I'm very confuddled.. if someone could tell me what to do I would appreciate it very much!

TrustyOven

Just a heads-up: Cash ISAs are not investments. Stocks & Shares ISAs are investments.

If you wanted to do cash ISAs, you could presumably create a new cash ISA after 6th April and dump your 10k in there (there are better places for your money that earn more interest than cash ISAs at present, like some current accounts).

And the cash ISA doesnt have to be with the same bank if you dont want it to / other banks give you a better cash ISA interest rate (which is still less than some current accounts).

I doubt you can add to your fixed rate ISA so don't bother trying to add to it.

But I'd wait for other more knowlegeable people to reply, ESPECIALLY since I'm a bit drunk and could be writing nonsense.

onthepunt

haha, thanks! thats more info than I had!

badger09

The T&C of your fixed rate ISA will say whether you can add to it or not. Probably not - very few allow further subscriptions after a relatively short time.

You cannot pay anything into another cash ISA this year (ie before 5th April)

You could open an S&S ISA and pay in £10k before 5th April - but because of the weekend/Bank Holiday you've probably left it too late.

You can open another cash ISA on or after 6th April and pay in up to £15240.

Why are you so set on cash a ISA? You could get much more interest on £10k from various current accounts

ffacoffipawb

onthepunt wrote: »

Hi, I've been overseas and only just found out about these new ISA's but I am totally baffled and hoping you guys could clarify something for me..

I have £10,000 to invest.

In June 2014 I put £5,900 into a 1year Fixed Rate Cash ISA.

badger09 wrote: »

You could open an S&S ISA and pay in £10k before 5th April - but because of the weekend/Bank Holiday you've probably left it too late.

Because the OP has paid £5,900 into a cash ISA this tax year then the most he can pay into a S&S ISA is £9,100 as the total limit is £15,000.

From Monday (new tax year) he can pay £15,240 (increased limit) in total into a cash ISA and S&S ISA as he sees fit.

bigfreddiel

I hope you aren't living overseas because isa's are only available to uk residents.

Cheers fj