Cash ISA

teamvan

wondred if someone could advise...

How many ISA accounts can you hold, I have one but wanted to know if I can open another?

I also want to put money away for our daughter, about £15 per month till she is 21, can I open an ISA in her name for her?

The_Economist

teamvan wrote: »

wondred if someone could advise...

How many ISA accounts can you hold, I have one but wanted to know if I can open another?

I also want to put money away for our daughter, about £15 per month till she is 21, can I open an ISA in her name for her?

I think you can only open 1 cash ISA and 1 stocks and shares ISA. For the cash ISA you can put upto £ 3000 a tax year and i think its now £4000 in a stocks and shares one. As for your daughter might be worth looking at a childrens savings accounts because if she does'nt pay tax an ISA might not be paying the best interest.

dzug

From the Inland Revenue site:

How many ISAs can I have?
There are limits on the number of ISA accounts you can subscribe to each tax year.

• After 5 April 2005, you will only be able to put money into either one Maxi ISA or up to two Mini ISAs – one each for cash and stocks and shares, as life insurance is merging with stocks and shares.

But in different years, you could choose to save with different managers. There are no limits to the number of different ISAs you can hold over time.


Children have to be 16 to have an ISA.

teamvan

CHEERS, will re think the savings plan!!

PBA

dzug wrote: »

Children have to be 16 to have an ISA.

Being slightly pedantic, 16 for a cash ISA and 18 for a stocks & shares ISA.

Assuming you don't use your stocks and shares ISA allowance, you could always set up a £15 a month regular savings plan using that. It would of course be in your name, but then you're free to give it to your daughter when she turns 21.