ISA guru question

pookey

pecunianonolet said:

pookey said:

OK I think I understand now. The 19,999 is from last year's allowance in a flexible ISA so you can use it  this tax year and put it back in?

Indeed, it was tax year 22/23 allowance and we can now "work" with the money in tax year 23/24 and pay it back in by the 5th April 2024 latestand and it doesn't affect this years allowance at all.

We also waited to open some reg savers, First direct for me and Halifax for my partner because that means that we now can secure the high rate, pay cash into them but the maturity will be in tax year 24/25 so we can try to utilise our PSA when rates most likely have decreased on easy access. 

That's great. Also just in case you missed it first direct monthly saver is 7%. 

I was going to open several monthly Savers but the ISA rate is quite good so I'm thing to put a lump sum in there and see what happens later down the line. Now I learned there are flexible ISAs it does help to keep the options open 😊