Top Cash ISAs Discussion Area

Baldur

Try http://www.fairinvestment.co.uk/Investec_Guaranteed_FTSE_100_Income_Plan.aspx

MORPH3US

Hi guys,

I am thinking of transferring my ISA's fron NS&I to M+S since they are the best payer at the moment (according to MSE article).

I just wondered about this bonus though.... is it one of those were you only get the bonus if you leave the money in the account until 21st April 2010....

Or does it just mean that until that date you get that rate (and you can take the money out / transfer out before if you wish) but after that date the rate drops.....

(Hope i've explained that ok and it makes sense... all help appreciated)

M

simo001

Hi,

I'm a student and have just received over 17,000 pounds inheritance and i'm not sure what to do, and was wondering if any of you kind people could give me some advice?

I've read about the cash isa and regular savings account, and was wondering whether i should but my the limit of 3600 into a cash isa and the rest into a regular savings account. Or should i put all of it into a regular savings account as that has a higher interest rate, although will i still be taxed eventhough i'm a student?

sorry if these are stupid questions but i'm new to all of this, and i'm not sure what to do

Martin

Baldur

simo001 wrote: »

I'm a student and have just received over 17,000 pounds inheritance and i'm not sure what to do, and was wondering if any of you kind people could give me some advice?

I've read about the cash isa and regular savings account, and was wondering whether i should but my the limit of 3600 into a cash isa and the rest into a regular savings account. Or should i put all of it into a regular savings account as that has a higher interest rate, although will i still be taxed eventhough i'm a student?

As far as tax is concerned, the fact that you're a student is irrelevant - if you have income, which exceeds your personal allowance (see herefor details), then you are liable to pay tax.

Where you deposit your cash depends on your plans - are you looking at short or longer term savings?

Cash ISAs offer ongoing tax-free interest for as long as the scheme lasts (it has been in force since 1999 to date), while other accounts may offer a higher rate of (potentially taxable) interest over a shorter period of time - e.g. the usual Regular Saver (RS) account rate is only fixed for one year, after which you either need to reapply (if the rate is still competitive at that point) or seek a different home for your funds.

Most RS accounts also limit the amount which you can deposit monthly, typically £250 - £500, which is why 'drip-feeding into such accounts is recommended - so that your lump sum is earning interest in a decent instant access account while awaiting payment into the RS account(s).

<Edit> If you do not earn enough to pay tax, you can submit an R85 - see http://www.hmrc.gov.uk/tdsi/key-info.htm

simo001

thanks for the help

I'm looking for a long term investment really, what would you recommend?

i was thinking about a fixed rate cash isa for a year, because i don't want to be tied down for longer then that as i'm worried that the interest rate will rise and i'll be tied down to a rubbish rate. Then i was thinking about putting the rest of my money into a high fixed rate savings account, does this sound like a good idea?

Martin

Baldur

simo001 wrote: »

I'm looking for a long term investment really, what would you recommend?

i was thinking about a fixed rate cash isa for a year, because i don't want to be tied down for longer then that as i'm worried that the interest rate will rise and i'll be tied down to a rubbish rate. Then i was thinking about putting the rest of my money into a high fixed rate savings account, does this sound like a good idea?

Sounds fine, if you are sure that you won't need access to any of the cash for the whole fixed term - if in doubt, perhaps a small portion into an easy access account for emergencies.

Check out the usual comparison sites for 'best buy' ISA/taxable accounts that suit you:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

http://www.moneyfacts.co.uk/money/savings/1/short-term-fixed-rate-bonds.aspx

http://www.moneysupermarket.com/savings/

http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

opinions4u

simo001 wrote: »

I'm looking for a long term investment really, what would you recommend?

I would define medium term as 5 years and long term as 10 years.

I would also define "investment" as something other than a savings account, such as a stocks and shares or a corporate bond fund.

While I totally agree with Baldur's information if you are genuinely only looking at savings accounts for a year or so, if you are looking at the medium of long term an IFA may be a better option.

My view? As a student I would be surprised if it would be a good idea to invest, and the shorter term savings idea may well be more appropriate.

obamausa8

Hello everyone. Nice to meet you all.


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Two new ISA accounts from the Principality BS

Issue 51 - 1 year fixed at 3-.20% no transfers in. allowed , £3600 minimum/maximum contribution.

Issue 52 - 2 year fixed at 3-50% same conditions as issue 51

PrincessBubba

Hi,
I am looking to open an ISA and the top one acc. to MSE is the IF one. Has anybody got one of these?
I haven't heard of IF before so am a bit wary. Any advice?
Leanne x