ISA Help

Twentymac · 15 Sep 2008 at 13:36

Hi i need help deciding what do to with some money, i have £1000 exactly and i want to invest it somehow and try and get a little back.

Would an ISA be the best ?
If so, Why ?
any other suggestions what to do with the money ?

Ben M · 15 Sep 2008 at 13:39

cash ISAs offer the best %APR without risk because they are tax free.

Twentymac · 15 Sep 2008 at 14:02

how much would you think i could gain in a year ?

Ben M · 15 Sep 2008 at 14:04

have a look for yourself, I think the online ISAs are 7% at best

stoofa · 15 Sep 2008 at 16:49

Have you considered Premium Bonds?
No guaranteed come back, but your £1000 will always be worth £1000 - so no risk of losing any money.
But a chance of winning a million...

OpenToSuggestions · 15 Sep 2008 at 16:51

stoofa said:
But a chance of winning a million...

Tiny chance, much less likely than winning the lottery.

Online ISA is the best.

Haircut · 15 Sep 2008 at 17:06

stoofa said:
Have you considered Premium Bonds?
No guaranteed come back, but your £1000 will always be worth £1000 - so no risk of losing any money.
But a chance of winning a million...

But £1000 this year is worth more that £1000 next year, even moreso with inflation on the rise.

Having said that if you're a higher rate tax payer premium bonds can be a reasonable option as they're tax free.

FrostedNipple · 15 Sep 2008 at 17:30

If you already have a Barclays account, you can set up a 'Tax Haven ISA' which returns 6.25%. Although if you don't have a Barclays account you can still set one up, but i've heard it takes a few weeks before you see anything.

Gecco · 15 Sep 2008 at 17:45

I just moved mine from firstdirect (5%) to icesave (6.2%)

just as I switched they upped their ISA rate.... typical.

Anyone know how long it takes for the transfer ? IS it the usual 3 days ?

Money went out from the firstdirect ISa but hasn't arrived yet into the new account :eek:

Jez · 15 Sep 2008 at 18:28

It takes around 2 weeks IME of exactly what you are doing, Gecco. The transfer is done via post and cheque believe it or not :/ (I went from Natwest to Icesave)

OP: Dont bother with premium bonds, they are garbage.

Shimmy · 15 Sep 2008 at 18:42

Recently went with Egg.com, 6.05% ISA and a 6.3% savings account.

Energize · 15 Sep 2008 at 18:56

stoofa said:
Have you considered Premium Bonds?
No guaranteed come back, but your £1000 will always be worth £1000 - so no risk of losing any money.

Except it won't be because of inflation...

Premium bonds are crap.

Gecco · 20 Sep 2008 at 09:41

Jez said:
It takes around 2 weeks IME of exactly what you are doing, Gecco. The transfer is done via post and cheque believe it or not :/ (I went from Natwest to Icesave)

OP: Dont bother with premium bonds, they are garbage.

Took 3 days in my case. quite impressed.

I just looked in the icesave account details and it says

Rate Details

Interest rate (gross pa*): 0.50%

W?F ?

gumbald · 20 Sep 2008 at 10:03

Put it all on red?

titchard · 20 Sep 2008 at 10:30

stoofa said:
Have you considered Premium Bonds?
No guaranteed come back, but your £1000 will always be worth £1000 - so no risk of losing any money.
But a chance of winning a million...

You do technically lose money though.

£1000 today is worth more than £1000 in a years time.

Rich

Peño · 20 Sep 2008 at 11:45

FrostedNipple said:
If you already have a Barclays account, you can set up a 'Tax Haven ISA' which returns 6.25%. Although if you don't have a Barclays account you can still set one up, but i've heard it takes a few weeks before you see anything.

Yes.

I applied for my Barclays Tax Haven ISA on the first day of this tax year but it took them a month to open it because it was so popular. Might have quietened down now though.

zetec452 · 20 Sep 2008 at 13:32

Ensure that you are with a decent bank covered by the FSA. Icesave are not for instance and you could argue that if they did go bust its a little harder to get your money back.

www.moneysavingexpert.com is a decent site to get some information from.

Twentymac · 20 Sep 2008 at 14:32

Yes the £1000 that i have are in premium bonds atm. but i dont know whether to do something with them or keep them in there ?

titchard · 20 Sep 2008 at 14:52

Twentymac said:
Yes the £1000 that i have are in premium bonds atm. but i dont know whether to do something with them or keep them in there ?

I'd move them, getting money back on them falls on luck, rather than a guaranteed return in an ISA.

Rich