Yeah pretty much. For your second Q, I'll just do that but manually.
Best savings account?
- Thread starter Merlin5
- Start date
I'm not a JISA expert - I use part of my ISA for investments like this for family. But according to Fidelity, yes you can switch between. If it was me, I would gradually switch that existing capital over. The value of money erodes so much over these kind of timeframes.
Soldato
According to Vanguard I can't - the issue is that a child can only have one of each type of JISA open at any time. I'm investing in the LifeStrategy 100% Equity Fund and I can switch if I wanted to, but I can't transfer partial cash JISA funds. I'm not even sure that I could transfer from cash JISA to S&S; I think it needs to go like for like.
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Commissario
@Raymond Lin @Maccy
My Nutmeg account is now showing the £1000 I transferred over.
Can I now just withdraw £500 straight away back to where it came from?
My Nutmeg account is now showing the £1000 I transferred over.
Can I now just withdraw £500 straight away back to where it came from?
Man of Honour
Probably, I waited until it had been invested and then withdrew it just to be sure
Caporegime
Me too!
But it’s not showing in here though…don’t you need to wait for it to be applied to here then sell £500?
Commissario
I will wait.
Regarding the Chase/Nutmeg deal, what are the tax implications if you invest in the 'General Investment' pot?
I already have a separate ISA that I'm paying into this year, and I'm not interested in locking it into a pension, so it would have to go in the general investment pot.
I'm not sure how tax works on investments outside of an ISA though.
Let's assume the £1000 I pay in turns into £1100 in 6 months time, and I choose to withdraw the lot. The capital gains tax allowance is much higher than the £100 I've made so am I right in saying I don't need to pay any tax or declare anything?
I already have a separate ISA that I'm paying into this year, and I'm not interested in locking it into a pension, so it would have to go in the general investment pot.
I'm not sure how tax works on investments outside of an ISA though.
Let's assume the £1000 I pay in turns into £1100 in 6 months time, and I choose to withdraw the lot. The capital gains tax allowance is much higher than the £100 I've made so am I right in saying I don't need to pay any tax or declare anything?
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Yeah, basically. Pretty sure unless you make over £12k gains on that £1k, you pay nothing. I'm not sure where General Investment sits with the £500 petty interest allowance tho.
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Soldato
Its guaranteed nominally, it will lose to inflation, but inflation acts slowly, which is why traditionally the older you are the more bonds/cash. You dont have time to recover from stock market crashes, while you are dependent on that money.
Most people cannot stomach volatility, that is why its important to research, even though i've told you the simple steps, the market will crash 50%, and you will panic and sell. This is what everyone does, The average investor returns far less than the market due to this.
Over long periods of time, the differences in lump sum or averaging in are basically non-existent. So you can do either way, but i read from him he cant do this, in which case, there is no issue transfering it all at once.. Dont be upset if you happen to have worst possible timing, wont matter in 10 years
Hi all,
I have £20,000 to put in an ISA (I haven't used my allowance this year). Unlikely I'll need to use it for around 1 year, but maybe the year after I will buy a house (rental/move into etc) so would be useful for a deposit.
I was thinking about putting it in the 1 year 4.25% with virgin money, the penalty to withdraw is 60 days interest (about £140), any thoughts on that?
or, put £1000 in stocks and shares with nutmeg for the £100 bonus and the rest in the cash ISA...
I have £20,000 to put in an ISA (I haven't used my allowance this year). Unlikely I'll need to use it for around 1 year, but maybe the year after I will buy a house (rental/move into etc) so would be useful for a deposit.
I was thinking about putting it in the 1 year 4.25% with virgin money, the penalty to withdraw is 60 days interest (about £140), any thoughts on that?
or, put £1000 in stocks and shares with nutmeg for the £100 bonus and the rest in the cash ISA...
Sounds sensible. Avoid S&S for the bulk of it for obvious reasons. We are all taking a punt on Nutmeg and the 100 quid, hopefully the markets don't implode lol.
Good start
FYI, the Capital Gains allowances change on 1st April to £6k then in April 2024 it drops again to £3k.
Soldato
Yeah about that...
Soldato
Do you guys have a fair chunk in your Chase savings, Im one of them persons who is a little hesitant to put lots into an app based only account, as Im so used to using high street banking, along with the online, but its my first time using app only banking.
I know technically there is no difference, its just you can't pop into your local hughstreet bank to sort any issue out.
I know technically there is no difference, its just you can't pop into your local hughstreet bank to sort any issue out.
Man of Honour
No but I do have a significant amount in Chip which is the same setup, no worries here as it's all covered as per a traditional account.
Chase is owned by J.P. Morgan and protected by the FSCS promise.
Not all app-based banks are the same, e.g. I wouldn't put my life savings into Revolut but Chase is a major bank
100% this. I keep Revolut broadly empty but Chase is a proper bank really.