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  • FIRST POST
    petchy
    ISA/Savings Help!
    • #1
    • 14th Dec 04, 12:37 PM
    ISA/Savings Help! 14th Dec 04 at 12:37 PM
    Hey PPL,

    I'm a student currently on my placement year. I have got an Instant ISA at nationwide of which i put between 150-300 of my monthly salary in every month.

    So far in the account i have 1,000

    I was wondering whether this was the best option for me to save my money, and if i can also open another isa once i fill the one ive got with 3,000

    If anyone can help with any ideas or what to do, your help would be truly greatful! Thanks a million folks!
Page 1
  • Unbelievable
    • #2
    • 14th Dec 04, 7:46 PM
    Re: ISA/Savings Help!
    • #2
    • 14th Dec 04, 7:46 PM
    I was wondering whether this was the best option for me to save my money, and if i can also open another isa once i fill the one ive got with 3,000!
    Can't say whether this is the best option for you or not, however you can save a maximum of 3000 in any tax year. So in April 2005 you could put another 3000 in your Nationwide ISA or you can open a new one.
  • deemy2004
    • #3
    • 14th Dec 04, 8:35 PM
    Re: ISA/Savings Help!
    • #3
    • 14th Dec 04, 8:35 PM
    Hey PPL,

    I'm a student currently on my placement year. I have got an Instant ISA at nationwide of which i put between 150-300 of my monthly salary in every month.

    So far in the account i have 1,000

    I was wondering whether this was the best option for me to save my money, and if i can also open another isa once i fill the one ive got with 3,000

    If anyone can help with any ideas or what to do, your help would be truly greatful! Thanks a million folks!
    Hi


    As already stated you have an an allowance of 3k per tax year, so 3k until 5th April 05, and then 3k until 5th April 2006. Now after that date its supposed to drop to 1k per year.

    ISA's are a great tax efficient long-term savings accounts, try your hardest to fill it up this tax year, as you use it or lose it ! there is NO carry forward.

    5% in an Cash ISA is equivalent to 6% in any other taxable savings account (for basic rate tax payers).

    Also you do not have to open your next ISA with the SAME provider ! And you can also TRANSFER ISA's from provider to provider.

    Cash ISA's are by far the safest and most tax efficient savings product available.
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