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    • Emma_LW
    • By Emma_LW 19th May 17, 8:41 AM
    • 1Posts
    • 0Thanks
    ISA Confusion
    • #1
    • 19th May 17, 8:41 AM
    ISA Confusion 19th May 17 at 8:41 AM
    About 2 years ago my dad gave me 33,000, and until recently it's been sitting in a very low interest savings account since then. At the start of this month I put 20,000 of it into a 1.4% ISA.

    However now I'm having a bit of a worry. Was it okay for my Dad to give me that much money in one go? And is it okay that I've now put it in an ISA?

    Sorry if these questions seem silly, I don't have much know-how when it comes to finances and I'm worried about being fined or prosecuted for inadvertently breaking the rules.

    Thanks for your help!

Page 1
    • greenglide
    • By greenglide 19th May 17, 9:43 AM
    • 3,096 Posts
    • 2,015 Thanks
    • #2
    • 19th May 17, 9:43 AM
    • #2
    • 19th May 17, 9:43 AM
    It is perfectly alright for your father to give you money and it is alright to put some of the money into an ISA.

    The gift (assuming it was a true gift) could cause problems should the unthinkable happen and your father should die or require long term care in the next seven years.

    Whether it is the best thing to do we cannot say but a cash ISA may well not be the best home for it. You can earn up to 5% on current accounts and regular savers these days.
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