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Dont understand diff ISAs
bridiej
Posts: 5,775 Forumite
I currently have a mini cash ISA which is nearing its £3k limit.
What are the other mini ones I can open (if any)??
Sorry, but a bit dim when it comes to ISAs, I find it all very confusing! ???
What are the other mini ones I can open (if any)??
Sorry, but a bit dim when it comes to ISAs, I find it all very confusing! ???
0
Comments
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The 3k limit is per tax year. If you've, say, only put 2k in since last 5 april, you can still top it up by another 1k. after next 5 april, you can put another 3k in the same one or start a new one with a different provider and put up to 3k in that one.
If you use mini-ISAs then each tax year you can put 3k in a mini cash ISA, 3k in a stocks/shares based ISA and 1k in an insurance ISA. I've never heard of anyone using the last type. stock/shares ISAs can lose money.
Hope that helps.0 -
The few companies that utilised the insurance ISA have ceased trading (Pearl for example) or no longer offer it as it is being withdrawn.
A mini equity isa doesnt just have stocks are shares but can also have low risk funds such as cash, fixed interest, corporate bonds, gilts etc.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you!
Think I will stick to the cash ISA and put any more savings in my ING account....0 -
That all sounds sound to me................................I have put my clock back....... Kcolc ym0
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