Anyone putting more money into their ISA?
- Thread starter Vanilla
- Start date
Amps said:
Been there, been burned.....
Changed it for a Cash one a few years back which is linked to my normal savings account (Standard Life Bank) so the interest rate I get on each is that which would apply if I had the total of the two accounts in each if you follow
Yeah I'll be putting another £3K in over the next few months, but first I need to check if I've reached this year's limit - I put £500 in around this time last year and don't know if it was before or after the cutoff, so potentially I've only put 2.5 in this year and need to get down the bank sharpish!
ps3ud0 said:Im pretty sure a Maxi ISA consists of £3000 cash and £4000 investment (shares)...
Please correct me if wrong as thats my understanding and Im about to get one on Tuesday
ps3ud0
A maxi ISA can consist of shares up to £7000 and can contain any amount of cash up to £3000 but must not exceed a total of £7000
No I think interest is only paid over the time the money is left in there, otherwise people would just have the cash in a high interest account and move it across on the 4th of April and back on the 6thBig Chris said:
Yeah I get that bit, I was just curious about when/how interest is paid and if I could benefit from dropping a load of cash in now.Vanilla said:
hehe, yeah I s'pose that makes sense. I've had my ISA for a while now, cleared it out a few years back when I went to uni but have been sticking money back in it recently as I'm saving for a car. Never really looked into how it all works to be honest, my olds set it up for me when I was younger, and I just put money in it at the mo so I can't spend it on drugs and hookers.Gilly said:No I think interest is only paid over the time the money is left in there, otherwise people would just have the cash in a high interest account and move it across on the 4th of April and back on the 6th
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ISA's - The simple guide.
Right, you have a tax-free savings allowance each year of £7k. Keeping it simple, it should be spread like this: £3k cash, £3k stocks & shares (investment) and £1k of life plan. You can trade the £1k of life plan into your stocks and shares though. Maxi ISA's are slightly more complex so we'll leave those for now.
Mini Cash Isa: £3k limit per tax year. THis is the first port of call you should have for 'cash' savings. It's instant access, decent interest and Mr Brown can't tax the intrest. No upper limit on how much you can have in one either and they are safe.
Stocks & Shares Mini ISA. £4k limit for all intents and purposes per tax year. You should be prepared to leave these for upto 5 years really, if you want decent retuns. The money can be put into different types of investments, from the safe and suer 'corporate bonds' right through to Japanese growth funds where results will vary widely.
In all financial plaaning, you should consider your own attitude to risk and have a balanced fun: some cash, some low risk, some medium and a bit of high risk to add the cherry on the top.
Hope that's useful.
Right, you have a tax-free savings allowance each year of £7k. Keeping it simple, it should be spread like this: £3k cash, £3k stocks & shares (investment) and £1k of life plan. You can trade the £1k of life plan into your stocks and shares though. Maxi ISA's are slightly more complex so we'll leave those for now.
Mini Cash Isa: £3k limit per tax year. THis is the first port of call you should have for 'cash' savings. It's instant access, decent interest and Mr Brown can't tax the intrest. No upper limit on how much you can have in one either and they are safe.
Stocks & Shares Mini ISA. £4k limit for all intents and purposes per tax year. You should be prepared to leave these for upto 5 years really, if you want decent retuns. The money can be put into different types of investments, from the safe and suer 'corporate bonds' right through to Japanese growth funds where results will vary widely.
In all financial plaaning, you should consider your own attitude to risk and have a balanced fun: some cash, some low risk, some medium and a bit of high risk to add the cherry on the top.
Hope that's useful.
OT, the tax year is 6th April? Does this mean if I haven't claimed for any tax I overpaid last year, I won't be able to claim now? Therefore, I have lost out on a lot of money? Damn.
I don't have a job currently, so won't be receiving it that way :/
I don't have a job currently, so won't be receiving it that way :/
Mikol said:
No, it's a number of years before you lose the right to claim it back. I'm just about to put in a claim for £400 from 2004/2005.
Although if by last year you mean the year just gone, you actually can't claim it back until the new tax year anyway, IIRC.
Belmit said:
Yes, it was money earnt from July-October 2005. If that's the case, fantastic. Last time I claimed I got it surprisingly quickly. It didn't matter what I did last year, forms filled out etc., I still got taxed, but it's always useful to get a lump sum back later.