Best thing to do with £40/month!

CPYS11688

i want to save £40 per month,i have two isa's one has £3507 and the other has £2370 i also have a high interest savings account with the my bank am i better to top up one of the isa's or look at opening another savings account elswhere?or save with existing bank? and where and what is the best right now?..i dont have to touch the money it can be forgot about basically!Thanks

melancholly

i'm a bit confused - you can only pay into one ISA a year, right? that will be the place to get you the highest interest rate.

Crabman

Have you used all of this year's £3000 ISA allowance? If not, make sure you do so as time is running out (16 days) till the tax year ends. I'll move this over to the Savings & Investments Board

P.S: Welcome to MSE :beer:

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

KiKi

Hi

How much you have in your ISAs is irrelevant; what's important is that you ONLY invest in ONE each year, and no more than the allowed amount (£3000 in 07-08; £3600 in 08-09).

So if you haven't already added more than £3000 this year (up to April 5th 08), then you can add more to your ISA that you've been adding to this year (only that one, don't touch the other).

From April 6th, you should put the £40 into the ISA that pays the highest interest. Or, open an ISA with an even higher interest rate and pay into that. You must add to the *same* ISA all year, you can't split the £40 amounts between them.

Hope that helps you.
KiKi

CPYS11688

As I Said In My First Thread I Have 2 Isa's Would I Be Better To Transfer The Lower Isa Into The One Where I Have The Most Money And Just Have The 1 Isa?......or Am I Best To Keep The 2 Isa's Seperate?.

emmy05

how have you managed to get 2? i thought we were only allowed to have the 1 and build on that? and i think youll find someones already answered your question

CPYS11688

Hi EmmyMyself and my wife have an Isa each.....but would it be better to just have the one and transfer the lower into the greater isa?.regards

emmy05

oh i see haha! i never thought of that at all tbh, i bet someone will be right back with some info for that then x

free4440273

...or shove the £40 each month into a high-interest earning regular saving account:)

KiKi

CPYS11688 wrote: »

Hi EmmyMyself and my wife have an Isa each.....but would it be better to just have the one and transfer the lower into the greater isa?.regards

Emmy - you *can* have more than one ISA, but you can't open more than one in a year, nor can you invest in more than one in one year.

CPYS - you cannot transfer one ISA to another in this case because one ISA is in your name, and the other ISA in your wife's name. You can't add your tax-free allowance together under one account.

There is a sub-board here with an FAQ on ISAs that you might find useful.

KiKi

emmy05

kiki thanks hun, x i shall go hunting for this sub board x