ISA and Moneybox

LightKnow

Thank you for the response, I appreciate feedback, I will be taking a look

LightKnow

Quick question,
If I get funds with vanguard or any other , am I ok to switch investment to someone else ? As long my contabution s with one provider ?

eskbanker

Biil said:

Quick question,
If I get funds with vanguard or any other , am I ok to switch investment to someone else ? As long my contabution s with one provider ?

You can only pay into one S&S ISA per tax year but within that you can buy whatever investments you choose, so could acquire units of a Vanguard fund plus units in another fund manager's product too, or sell the first and buy the second.  However, most on here would advise against tinkering, especially with a small pot, so the generally recommended route is to research what best suits your objectives, risk profile, etc, then buy it and leave it alone....

LightKnow

Rather making a new thread, I thought use here to enquire about ISA Allowance, If there is any remaining Allowance I not used will I lose that ? Or will it carry over ? (  Like say I saved 1000 but I have 19k left, will I have less for new tax ?)
everywere i read it says max allowance is 20k but mine has always said I can save like 20k and few hundred over that in tax year ?

oli356

Use it or loose it @Biil can't carry it into the next tax year

eskbanker

Biil said:

Rather making a new thread, I thought use here to enquire about ISA Allowance, If there is any remaining Allowance I not used will I lose that ? Or will it carry over ? (  Like say I saved 1000 but I have 19k left, will I have less for new tax ?)
everywere i read it says max allowance is 20k but mine has always said I can save like 20k and few hundred over that in tax year ?

It really hasn't said that, unless perhaps it's a flexible ISA from which you've withdrawn more than £20K (in which case you can replace the same amount you withdrew, provided you do so in the same tax year). Or are you perhaps getting confused with interest paid, or investment growth, that would allow £20K of contributions to become a higher balance (which is fine, the allowance relates only to the amount of new money subscribed)?

LightKnow

eskbanker said:

Biil said:

Rather making a new thread, I thought use here to enquire about ISA Allowance, If there is any remaining Allowance I not used will I lose that ? Or will it carry over ? (  Like say I saved 1000 but I have 19k left, will I have less for new tax ?)
everywere i read it says max allowance is 20k but mine has always said I can save like 20k and few hundred over that in tax year ?

It really hasn't said that, unless perhaps it's a flexible ISA from which you've withdrawn more than £20K (in which case you can replace the same amount you withdrew, provided you do so in the same tax year). Or are you perhaps getting confused with interest paid, or investment growth, that would allow £20K of contributions to become a higher balance (which is fine, the allowance relates only to the amount of new money subscribed)?

Thanks for explaining, i took a look and it seems that how it is ( bold text) thanks for the time to explain

LightKnow

Re updated question
So since my first time actually having money in my savings while new tax year started, I wanted to enquire on few things 
So the allowance has refreshed back to 20k but I have money in there but it's not lowered my allowance ? Does not include money from last tax year ? I put in 1 pound to see what happens and my 20k allowance drop by a pound. So am I right to think I can save 20k plus whatever I had in there from last year ? 

Alexland

Yup you are correct an adult UK resident can contribute £20k this tax year regardless of what is in the account from last tax year. That's how people build up really big ISA accounts.

LightKnow

I like to clarify something, So I kinda been using moneybox more offten. But I was wondering is it more beneficial if I put money in each week or one  lump sum each month? Or does not really matter ?