ISA

Hi everyone,
Im new to this, also i have never had ISA account.
I was wondering.. might be a stupid question but i will ask. Can i use ISA as a second bank account? I mean will i be able to receive salary on it?

Comments

  • eskbanker
    eskbanker Posts: 29,855
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    Very unlikely that an ISA would be able to receive BACS payments from third parties but it would be a highly unconventional thing to do anyway!  If you want a second current account then open one, and keep ISAs for saving....
  • Albermarle
    Albermarle Posts: 21,105
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    Also if you are a basic rate taxpayer and unlikely to receive more than £1000 in interest this year or in subsequent years , then you probably have no need of an ISA , even as a savings account . You can earn £1000 in interest tax free anyway and non ISA accounts tend to have better interest rates than ISA's.
  • jimjames
    jimjames Posts: 17,494
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    If you want a second bank account you could get far better interest rates on that than an ISA. Virgin for example pay 2% on their account to £1000
    Remember the saying: if it looks too good to be true it almost certainly is.
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