Isa Newbie

himonster

sammy_zammy said:

eskbanker said:

himonster said:
I would be putting my full limit in there, so I presume putting it in now, it will still be for the 2025/2026 window and not the end of the current one? I was confused by the wording.

If you pay in by Saturday it'll count towards your 2024/25 allowance, or if after that, then to your 2025/26 allowance.

To add to that, you can likely pay in both before and after and contribute from both years - that may be useful depending on how much you want to save.

Are you saying I could add £20k now, then £20k in a couple of weeks and then in a years time, have the interest on £40k tax free?

eskbanker

himonster said:

sammy_zammy said:

eskbanker said:

himonster said:
I would be putting my full limit in there, so I presume putting it in now, it will still be for the 2025/2026 window and not the end of the current one? I was confused by the wording.

If you pay in by Saturday it'll count towards your 2024/25 allowance, or if after that, then to your 2025/26 allowance.

To add to that, you can likely pay in both before and after and contribute from both years - that may be useful depending on how much you want to save.

Are you saying I could add £20k now, then £20k in a couple of weeks and then in a years time, have the interest on £40k tax free?

Yes, provided (as above) the first £20K is actually credited to the account by the 5th.

himonster

Thanks all. What worries me is that if I need access to the money straight away, I'm going to be charged and lose some of that £20,000. Currently it's in an easy access savings account so I wanted peace of mind that I can access it straight away with no penalty. I just don't know who to go with that seems to be trusted and that offers easy access to it

Middle_of_the_Road

himonster said:

Thanks all. What worries me is that if I need access to the money straight away, I'm going to be charged and lose some of that £20,000. Currently it's in an easy access savings account so I wanted peace of mind that I can access it straight away with no penalty. I just don't know who to go with that seems to be trusted and that offers easy access to it

If you need access to your money, you could put some of it in an easy access ISA.