Stocks & Shares ISA newbie overwhelmed

Farway

Mr_T_Blue said:

Thank you everyone!

I miss the notifications for latest replies.

Can I treat a Cash ISA like any savings account?
Say I deposit 20k still in March expecting to receive interest in a year's time, can I still put another 20k in May 2023 (new fiscal year) for a total of 40k?
Or would it better just to add 40k to a savings account?

Thank you.

Yes, to Bold, just watch out for any withdrawal limits or penalties

RobM99

Barclays do a 4% ISA that allows 10% withdrawals but 3 per year. Might be worth a look, especially with the perceived (?) banking situation...

Steve_666_

dealyboy said:

Hi @Mr_T_Blue ...
I think it might be a good idea to open a Cash ISA in this tax year (by April 5th) otherwise you will lose the allowance.

This is very sound advice, you will lose this years allowance in early April, even if you change your mind later. Cash ISAs can be moved to S&S ISAs. I think you need to figure what your long term plans for this money is, retirement/pension, house purchase, etc etc

Just a note, if you are a 40% tax payer then contributing more to your pension to relive the government of the burden of collecting that extra tax and supporting your income with these savings is a very effective mechanism

Mr_T_Blue

Thank you everyone.

I should add that I currently rent atm so I'm considering shared ownership and using this "investment money" for deposit instead.

Tonski

This video is quiet a handy overview of the different providers which you could use for a stocks and shares ISA. I covers the costs and fees that you would be charged via each platform:
The BEST Stocks and Shares ISA UK in 2023 (Investment ISA) - YouTube