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My First ISA

GE0RDIE · 2023-11-20 20:05:15

I find myself with some money to invest, for the first time. If I put £20k into an ISA this year, could I do the same again in April, or do I have to wait a year? I've noticed some are %5+. . does this mean £5 interest on every £100 per year? So I could turn £40,000 into £42,000 by April 2025? Is it naïve of me to think I…

Comments

PRAISETHESUN Posts: 5,083 Forumite

13 December 2024 at 4:15PM

Make sure when you move your money to a new provider that you use the specified ISA transfer process, rather than simply withdrawing it and re-depositing it. If you withdraw the money then it leaves the ISA wrapper, becoming taxable, and subject to this tax year's limits regarding deposits.

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