Cash Isia or stock and shares Isia

jackdec

We have a large amount to invest and want to know is it best to put into flexi account, fixed account for one year on Cash Isia or put into Stockand shares Isia . 

We are new to all this but really need some good advice

gravel_2

You need to provide more information. How old are you, what are you saving for, how much are you saving with? How comfortable are you with taking losses?

jackdec

We are both 60 . Not comfortable taking losses and would put away for 1-3 yrs but may need it after that 

HappyHarry

Investments should only be considered if you are looking at leaving the funds for a minimum of  five years.
As your timescale is somewhat shorter, a stocks and shares ISA would not be appropriate.

jackdec

Thank you very much. We have money siting in an account with Quilter and Isia rates are not great with them  and they don’t do Cash Isia. As there are so many we never heard tell off before . Just worried are we better going to a bank we have heard of before even with the rate slightly lower.

Albermarle

jackdec said:

Thank you very much. We have money siting in an account with Quilter and Isia rates are not great with them  and they don’t do Cash Isia. As there are so many we never heard tell off before . Just worried are we better going to a bank we have heard of before even with the rate slightly lower.

Quilter ISA ( it is ISA not ISIA )does not have 'rates' . It is an investment that will go up and down with the markets.

Hight st banks normally have poor interest rates. You need to go to the smaller banks ( you probably have never heard of ) Some often mentioned positively on here are;
Charter
Shawbrook
Paragon
Kent Reliance
Aldermore
Ford Money 
etc.

Every savings provider listed in the following two links has a UK banking license and is fully covered by the £85K compensation scheme.

Best cash ISAs: up to 5.17% easy access, up to 4.76% fixed - MSE (moneysavingexpert.com)

Best ISA Rates UK | Compare All ISA Types (moneyfactscompare.co.uk)

badger09

jackdec said:

Thank you very much. We have money siting in an account with Quilter and Isia rates are not great with them  and they don’t do Cash Isia. As there are so many we never heard tell off before . Just worried are we better going to a bank we have heard of before even with the rate slightly lower.

You’ve given virtually no information so will only get generalised response. 

What sort of account with Quilter is it ‘sitting in ‘?
Approx how much?
You say we - do you mean self & spouse? 
Are you still working?

What is your pension provision like?

Have you used this tax year’s £20k ISA allowance?

Do you have other cash savings?
What rate of tax do you pay?

jackdec

Thank you very much . All the info that you give is very helpful. Advisers give information sometimes which keep,making them money, even with the customers money falling . We have money which has grown in ISA over a long number of years and don’t want to take the chance of not getting a return. Do we have to get the banks to get the money transferred as Quilter will try and get us to reinvest, are we better spreading the amount to keep it within the £85k amount of the bank Guarantee.with a few different banks or do people put amounts over the £85 into the same banks . 

Sorry for soo many questions.

refluxer

jackdec said:

are we better spreading the amount to keep it within the £85k amount of the bank Guarantee.with a few different banks or do people put amounts over the £85 into the same banks . 

Yes - it's not advisable to save more than £85k in total with any one financial institution, which also means allowing headroom for any interest due.

Note that some banks and building societies share their FSCS cover with others so you have to check - there is a checker midway down this page : https://www.moneysavingexpert.com/savings/safe-savings/

where_are_we

Remember to keep all your ISA investments within the ISA wrapper. You have to decide what proportions between Flexible Cash ISA`s and Fixed Cash ISA`s.  You sound very risk averse and if the money might be needed after 3 years you should not put it in Stocks and Shares. Look at the best cash ISA rates and go for the ones that allow transfers in. Perhaps a mix of Easy access flexible, 1 year fix, 2 year fix and 3 year fix. Once you decide on your ISA providers open these accounts with no new money, and transfer in your Quilter ISA investments once they have been converted to cash making sure to stay below £85K for each ISA . I do not know if Quilter allows partial ISA transfers and whether all ISA providers allow partial transfers in.

jackdec

Thank you all . We know some people would say to take an investment for 5 yrs plus and hopefully it will do better that the fixed accounts . But with 60 yrs behind us . We believe that the next 5-10 yrs is all we have left and don’t want to take a chance in loosing more than we currently have. It’s great discussing what my inner mind is saying to me. 

If you go with the banks and keeping below the £85k and spread the amount over a number of banks . Do the banks do the transfer or do we contact Quilter to make sure their is no transfer costs to them .