Help with savings and ISA

I have £9k to save and i want to put this in a fixed rate cash isa. If I put it in now for 2018/2019 fixed for 3 years, when it comes to the end of each tax year, can i then top it up with more savings?

Comments

  • Goldenyears
    Goldenyears Posts: 314 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    edited 16 November 2018 at 2:11PM
    Sioux77 wrote: »
    I have £9k to save and i want to put this in a fixed rate cash isa. If I put it in now for 2018/2019 fixed for 3 years, when it comes to the end of each tax year, can i then top it up with more savings?

    No, you put next year's ISA allowance into a new product of your choice. It's quite normal to have several fixed-term cash ISAs on the go, maturing at different times.
  • eskbanker
    eskbanker Posts: 30,985 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Also worth considering if a cash ISA is the right home for this - according to the 'best buy' data published on this site, the best 3-year ISA (Bank of Cyprus at the time of posting) pays 1.91% whereas the best equivalent taxable savings account (Secure Trust Bank) pays 2.41%.

    You'd only have tax deducted from the latter if you exceed the Personal Savings Allowance by earning annual interest of over £1,000 (basic rate taxpayer) or £500 (higher rate), so chances are the ISA is a less profitable way of approaching this....
  • The norm is that those fixed rate savings products (ISA or not) which tie-up your money for a given length of time do not allow top-ups. If the investment runs until a certain date (rather than for a certain length of time) then you might be allowed to top-up for a limited period of a few weeks.
    Reed
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards