ISA question

jrsga

Hi


How does one get round depositing more than the 85k FSCS limit with regard to an ISA?


For example, £108k to invest - would I need to put 85k into the ISA with a provider and then the remainder with another provider also in ISA? So in effect two ISA's? Is that allowable?



thanks

ColdIron

You can only put £20,000 into ISAs in each financial year so you've got over five years to figure it out. You can have as many ISAs as you like but you can only put (subscribe) new money into one of each type per financial year. What makes you think a cash ISA is the best place to stash all your cash? Have you got a spouse?

eskbanker

OP asked a variation of the question on the ISA board, but suggesting that £85K is already in an ISA:

https://forums.moneysavingexpert.com/discussion/comment/75583688#Comment_75583688

jrsga

ColdIron wrote: »

You can only put £20,000 into ISAs in each financial year so you've got over five years to figure it out. You can have as many ISAs as you like but you can only put (subscribe) new money into one of each type per financial year. What makes you think a cash ISA is the best place to stash all your cash? Have you got a spouse?

I don't necessarily. Do enlighten me as to what you think are the best places to place cash.

eskbanker

jrsga wrote: »

I don't necessarily.

Was that in answer to "What makes you think a cash ISA is the best place to stash all your cash?" or "Have you got a spouse?"?

jrsga wrote: »

Do enlighten me as to what you think are the best places to place cash.

It's a lot of money to hold in cash form - unless you have a reasonably specific use earmarked for it in the short to medium term then it would be worth considering investing at least some of it (in a S&S ISA), given the prospect of it losing real-terms value to inflation.

If you're convinced that cash is the answer then there are various options to earn better returns than cash ISAs typically deliver, even if you're using up your personal savings allowance, as per https://www.moneysavingexpert.com/savings/which-saving-account/