mini and maxi isa - v - savings

ebj

We have a mini and a maxi isa currently and are worried that they are going to continue to do badly. We are medium term savers and wonder if it is wise to transfer the money into savings account or to hold tight. Any suggestions?

jem16

The mini cash ISA can't do badly unless it's a low interest rate. If it is transfer it to a better interest rate ISA.

Hold onto the Maxi ISA - it will recover with time.

Keep both in ISAs - do not take them out as you lose the ISA status.

debbie42

Next year there won't be a difference between mini + maxi, but it's possible that the OP has both mini + maxi stocks and share ISAs?

You need to decide on your level of risk, why you originally invested in them and what your future plans (and timescales) are. If you are medium term savers then it's debatable that you shouldn't be invested in stocks and shares at all.

dunstonh

ebj wrote: »

We have a mini and a maxi isa currently and are worried that they are going to continue to do badly. We are medium term savers and wonder if it is wise to transfer the money into savings account or to hold tight. Any suggestions?

ISAs dont make or lose money. Its the investments you hold within them that do. You can hold non stockmarket investments as well as stockmarkets from all around the world. Every investment has its own risk level.

We cannot really make any comment without knowing what investments you have in your ISA. So tell us that and we can give our opinions.

jem16

debbie42 wrote: »

Next year there won't be a difference between mini + maxi, but it's possible that the OP has both mini + maxi stocks and share ISAs

You're quite correct - read the post too fast and assumed cash.

ebj

Thanks for the message, sorry I didnt explain myself very well. We have mini and maxi stocks and share ISAs. The mini currently sits at £700. The Maxi £22K (was £26K 6 months ago). We dont need the money for another 2 years approx. So should we sit tight? What are the tax implications if we take them out now / after April 6? Can we transfer these to cash ISA or Savings without penalities or only stock and share ISAs? They are both with SJP Bank who have suggested we hold tight or move to their more secure Jupiter Stock and share ISA. Look forward to hearing from you.

jem16

ebj wrote: »

What are the tax implications if we take them out now / after April 6?

No tax implications of taking them out now or after April 6th. However the implication is that you have lost £22,700 worth of ISA allowance that you will never be able to replace.

Can we transfer these to cash ISA or Savings without penalities or only stock and share ISAs?

Transfer of S&S ISAs can only be to S&S ISAs. You can't trabsfer to a cash ISA.

They are both with SJP Bank who have suggested we hold tight or move to their more secure Jupiter Stock and share ISA. Look forward to hearing from you.

SJP - Saint James' Place I assume?

Exactly which fund or funds are you invested in?

ebj

the funds are with St James Place and are as follows;

Maxi Isa -
Recovery unit trust
Uk and general progressive unit trust
Uk high income unit trust

Mini Isa -
Corporate bond unit trust
Property unit trust
UK and general progresssive unit trust
UK high income unit trust

jem16

Couldn't comment on the funds. However there was a recent thread on St James' Place which you might want to read.

http://forums.moneysavingexpert.com/showthread.html?t=810179&highlight=james