New to saving - ISA question

egamar

jem16 wrote: »

Cash ISAs work completely differently to S&S ISA. You are correct in what you describe re S&S ISA but not cash ISAs.

Well well well! Who knew? (As they say). Thanks for the information, it puts some things into context.

debbie42

egamar wrote: »

I don't have any cash ISAs, only funds in 'maxi' ISAs and the way FundsNetwork works is that each year you open a new ISA account for that year into which you can put upto £7k's worth of funds.

I have a mini s&s ISA with Selftrade, and have only had the one ISA rollover into the new financial year, but the allowance changes.

I've had a few cash ISAs and they do the same thing too, as others have said. I've never had to open a new account with the same institution. In fact, and old Halifax ISA is still showing as current ages after I transferred all the cash from it. I may use it again, I suppose, if they up the rate considerably...

jess444_2

Thanks everyone,
I think I understand it now.
I knew saving money would be more complicated than spending it. :rolleyes:
Will set up my ISA tomorrow.
Jess