Really quick ISA question?

pania

Hi Guys,

Just a quickie,

Am i right in thinking that you can open more than one ISA per year but you are still limited to the 3k limit.

I have opened an ISA with Halifax in april but not paid anything into it at all, L+G have a very good one with mega cashback through quidco. just don't want to do my legs if i'm not correct?

Thanks in advance
P
xx

Jonbvn

At present you can open only (1) mini cash ISA and one (1) mini S&S ISA during each tax year.

What you need to do is transfer your current ISA from the Halifax to L&G.

One final thing, why are you considering savings when you have so much outstanding debt (as indicated in your signature)?

maypole

I agree with jonbvn

I would get rid of the Provi debt first, don't they charge like a million % or something? :eek:

dunstonh

You should never buy investments based on a initial gimmicks.

Also, the ISA limit for a mini stocks and shares ISA is £4000. Not £3000.

I also mirror above comments that short term debt should be cleared before you invest.

gt94sss2

pania wrote: »

I have opened an ISA with Halifax in april but not paid anything into it at all, L+G have a very good one with mega cashback through quidco. just don't want to do my legs if i'm not correct?

The L&G one will be a mini share ISA. Was the Halifax one a cash ISA or a share isa?

Normally, as others have said, if it was the same 'type' you need to transfer your ISA you can't just open a new one..

However, in your specific case - if the Halifax one is a share one, can still open a L&G one without transferring - as you have not paid any money into the one you already opened.. - but don't do it just for the Quidco cashback..

Regards
Sunil

pania

thanks for the advice and i am aware of the debt being cleared. This is the reason i want to save so i can offer full and final settlements.
Thanks again

dunstonh

You werent talking about saving though. You were talking about investing.

pania

I mentioned an ISA, no mention of investing. I wanted to open an ISA to be able to save a lump sum. as soon as i had an appropriate amount i could offer a full and final to a creditor.
Also I was thinking about savings for christmas next year and obviously tax free would be the best way of maximising these savings.
the interest rate on the L+G ISA is far more preferable than the Halifax ISA that I opened. I also wanted something that I couldn't get into easily to allow the money to grow until sufficient was in there for the offer to be made.
Thanks for the advice guys, think i'll go for a bog standard savings account.

dunstonh

I mentioned an ISA, no mention of investing.

You mentioned L&G. L&G offer investments not savings. Hence why we all took the view you were looking to invest.

pania

sorry, L+G have a mini ISA, thought a mini ISA could be used as a savings vehicle and not necessarily long term investment. can anyone recommend a good savings account then? suitable for christmas savings and building up a sum of money?

dunstonh

sorry, L+G have a mini ISA, thought a mini ISA could be used as a savings vehicle and not necessarily long term investment.

MINI ISAs can offer stocks and shares as well as cash. As can MAXIs. The term you need to look out for is CASH ISA. The MINI/MAXI bit is being withdrawn next year and it the bit that is most confusing about ISAs.

can anyone recommend a good savings account then?

I will leave that to someone else. Investing is my thing. Cash is not.