Isa’s and “friendly” society’s

farmer_giles

Hello, I recently inherited some money and want to put the max £20000 into my isa on 6 April. I have been paying a small amount into isas with Scottish Friendly ever since my daughter was born several years ago. Can I continue to pay into those isas after the 6 April if I put the max into my isa?

Albermarle

The max you can add to ISA's of any type is £20K pa in total.

It might be an idea to review your SF ISA, as friendly society products tend to be old fashioned and poor value.

eskbanker

farmer_giles said:

Hello, I recently inherited some money and want to put the max £20000 into my isa on 6 April. I have been paying a small amount into isas with Scottish Friendly ever since my daughter was born several years ago. Can I continue to pay into those isas after the 6 April if I put the max into my isa?

If the Scottish Friendly one is a Junior ISA in your daughter's name, then that's a separate annual contribution allowance from yours, so you could pay up to £9K into hers alongside £20K into yours.

dunstonh

You may wish to review the Junior ISA.    The RIY due to charges ranges from 1.5% to 2.0% depending on fund selection.    That compares with around 0.4% for the modern options on the whole of market platforms.