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how to use 20k isa allowance

tiger135
tiger135 Posts: 438 Forumite
100 Posts First Anniversary Name Dropper
in Savings & investments
not sure whether to open a virgin cash isa @5.06 or t212/freetrade and invest in index funds.
any thoughts?
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Comments

  • wmb194
    wmb194 Posts: 6,054 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 16 March 2024 at 9:23AM
    tiger135 said:
    not sure whether to open a virgin cash isa @5.06 or t212/freetrade and invest in index funds.
    any thoughts?
    No idea. It really depends on your circumstances, how broadly invested you already are and so on. 50/50?
  • Keep_pedalling
    Keep_pedalling Posts: 22,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Not enough info, what is your long term plan for this money? 
  • Qyburn
    Qyburn Posts: 4,184 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    If you're not sure, go for the best easy access cash ISA thst you can find, in order to secure this year's allowance. Then you'll be free to transfer if you decide to go for investment or fixed term or anything at any time in the future. You can transfer a cash ISA into a stocks and shares ISA, just in case you weren't aware.
  • SFCooper
    SFCooper Posts: 86 Forumite
    Second Anniversary 10 Posts Name Dropper
    For me (looking to buy):

    • £16k into a Cash ISA
    • £4k into a Cash LISA
  • badger09
    badger09 Posts: 11,811 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    tiger135 said:
    not sure whether to open a virgin cash isa @5.06 or t212/freetrade and invest in index funds.
    any thoughts?
    Won’t you need it easily accessible  after your property purchase?🤔
  • Albermarle
    Albermarle Posts: 31,210 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    tiger135 said:
    not sure whether to open a virgin cash isa @5.06 or t212/freetrade and invest in index funds.
    any thoughts?
    No thoughts, as you have not provided any background info about yourself or your finances, to base any sensible comments on,
  • Nosmo_King_2
    Nosmo_King_2 Posts: 144 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Your age will probably determine whether you can live with any downturn and wait for the upturn.
  • Nosmo_King_2
    Nosmo_King_2 Posts: 144 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Qyburn said:
    If you're not sure, go for the best easy access cash ISA thst you can find, in order to secure this year's allowance. Then you'll be free to transfer if you decide to go for investment or fixed term or anything at any time in the future. You can transfer a cash ISA into a stocks and shares ISA, just in case you weren't aware.
    Isn't there the potential for charges for early withdrawal/transfer?
  • eskbanker
    eskbanker Posts: 40,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Nosmo_King_2 said:
    Qyburn said:
    If you're not sure, go for the best easy access cash ISA thst you can find, in order to secure this year's allowance. Then you'll be free to transfer if you decide to go for investment or fixed term or anything at any time in the future. You can transfer a cash ISA into a stocks and shares ISA, just in case you weren't aware.
    Isn't there the potential for charges for early withdrawal/transfer?
    Unlikely, but what specifically are you referring to?
  • surreysaver
    surreysaver Posts: 5,250 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You can always just put it all into a cash ISA and do a partial (or full) transfer out once you've made your mind up
    I consider myself to be a male feminist. Is that allowed?
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