We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

2008/2009 isa allowance

newcastlebelle
newcastlebelle Posts: 175 Forumite
in ISAs & tax-free savings
was in a building society yesterday opening another monthly saver account and the advisor said I could put £3600 [2008/2009] into a cash isa NOW FOR NEXT YEAR!
HOW......its not april 6th yet
does this mean it'll not earn interest til april 6th, or will I get tax free interest on this and my other current cash isas?

Comments

  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    newcastlebelle wrote: »
    was in a building society yesterday opening another monthly saver account and the advisor said I could put £3600 [2008/2009] into a cash isa NOW FOR NEXT YEAR!
    HOW......its not april 6th yet
    does this mean it'll not earn interest til april 6th, or will I get tax free interest on this and my other current cash isas?
    As far as I know that's totally 100% incorrect. The deposit rule for ISAs is that you can only contribute your allowance each tax year. What would be the reasoning behind having such a limit and then allowing people to ignore it?

    Maybe he was suggesting that you put aside some money now for dropping into an ISA immediately when your allowance is reset?
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It could be pre-applications. Many providers introduce dual applications for those wanting to get the applications in ready for the start of the new tax year.

    Just because you do the paperwork now doesnt mean it gets invested now.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    dunstonh wrote: »
    Just because you do the paperwork now doesnt mean it gets invested now.
    Invested? This is a cash ISA ;)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Paul_Herring wrote: »
    Invested? This is a cash ISA ;)

    I can't believe I read dunstonh' post earlier ..... and missed that opportunity:rolleyes:

    But he'll only tell you it's syntax ..... and
    Just because you do the paperwork now doesnt mean it gets saved now.
    ..... simply doesn't scan;)
    If you want to test the depth of the water .........don't use both feet !
  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I've been pwned! What excuse can i use? Hmm, yeah saving doesnt sound right in this case. :whistle:
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • michaels
    michaels Posts: 29,224 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I assumed it was an ironic comment on the stability of the British Banking system and the inadequacies of the deposit insurance scheme - putting money in a bank is not 100% secure hence even a savings account has become a risky investment...
    I think....
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    michaels wrote: »
    I assumed it was an ironic comment on the stability of the British Banking system and the inadequacies of the deposit insurance scheme - putting money in a bank is not 100% secure hence even a savings account has become a risky investment...
    .. ohh - nice one. Think we could persuade the government that cash ISA's now pass the 5% rule, so we can put £7200 in a cash ISA? :rotfl:
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture