Best ISA for 10K now

Gareth77

Lads, 

Whats the best ISA for putting 10K TODAY with a view to withrawing it in 2026 when I come to remortage.

Also if I opened an ISA last June does that limit what I can do this year?


Cheers!

Dazed_and_C0nfused

Gareth77 said:

Lads, 

Whats the best ISA for putting 10K TODAY with a view to withrawing it in 2026 when I come to remortage.

Also if I opened an ISA last June does that limit what I can do this year?


Cheers!

I'm not really well placed to answer this but I suspect a lot will depend on what type of ISA you opened last June and how much you have funded it with to date.

Ayr_Rage

You cannot open another ISA of the same type this tax year, I hope you realise subscriptions follow tax years (6/4 to following 5/4) and not calendar years.

If your "June ISA" is cash then you cannot open another cash ISA now and you cannot contribute more than £20,000 in total for this tax year.

GrubbyGirl_2

"Lads"?

Are you for real? 

xylophone

"Lads"?

Are you for real? 

Perhaps akin to  "You guys".......seems to be used to address all and sundry 

xylophone

Whats the best ISA for putting 10K TODAY with a view to withrawing it in 2026 when I come to remortage.Also if I opened an ISA last June does that limit what I can do this year?

What kind of ISA did you open last June (current tax year)? Was it by transfer from an ISA opened during the previous tax year or part of a total subscription (max £20,000 over cash/stocks and shares) for the current tax year?

MissHap

You cant use the generic "guys" either apparently!

elkiedee

If you've paid 20K into your ISA between June 2023 (last June) and now then you've used your ISA allowance for this year.

If it's a cash ISA you can't just open and pay £10K into another one, but if you have 10K plus of unused allowance you could either add to that, or find an ISA which accepts transfers, but you don't have much time left - probably a good idea to open an account and request the new provider to do the transfer process now (or on Monday).

If not, you could identify an ISA to use after 6 April (the first bank working day next financial year is Monday 8 April), and open an easy access account with the same provider to park your 10K now. Then you can transfer it quickly to your new ISA. If you're just saving for a few months it might be worth choosing an account with a monthly interest options to boost your savings slightly - or you can open an account with yearly interest and get it on closure or on the anniversary in the next tax year.  I've opened several accounts with the Coventry including an ISA, easy access and one with 4 x access in the year - they are not necessarily the top rate accounts available but they offer a choice of monthly interest and between them, suit my needs ok (some short term accessible savings but will need money within the next few months, some medium term (at least 18 months and possibly a bit longer).