pslewis

Get £3000 into a cash ISA now, if you haven't already ........ and then in April bung another £3600 in for 2008-2009.

Tax free interest on £6600

andys

yes am off to see the IFA on Friday

rossyboy

iTrader: (8)

Am I missing something or is there hardly any point for fy 07/08?

There's only a month left, so £3k at say 6% = £15 for the month. Even if tax is 50% of that its not exactly something to get excited about

ChrisB

It continues to attract interest tax free in the future and once the "year" has ended, you can't use that entitlement again.

rossyboy

iTrader: (8)

Ah I see, thanks

Abdabz

Have had one since Sept which will be "filled" in April then all taken out in Aug as it is the wedding fund

Steve vRS

From when it will never be filled again

Steve

pslewis

Thanks for that explaination ...... the reason for flagging now is that once the financial year ends you have lost the ability to earn Tax Free Interest on £3000 forever!

The next £3600 can go in at anytime between April 2008 and March 2009.

Well worth doing - pity it's only £3000

The Rig

iTrader: (13)

would like 3 k then another 3600 to put in

J4CKO

iTrader: (1)

Its 7k for a Maxi Isa, and £7200 next year.

The Rig

iTrader: (13)

there not mini and maxi isa anymore

cash or shares from april

Shark Man

Damn Labour

Is it just me, or is the maximum amount payable into a ISA per tax year just pathetic?

Now if were £30,000, now that would be more like it

RESSE

iTrader: (1)

To ensure you receive the 100% investment allocation for 2008/2009 tax year of £7,200 you will have to write a larger cheque.

£7,200 allocation = £7,539.27* gross payment, less initial charges/commission.

* This amount will vary from provider to provider.

Abdabz

How right you are Steve, how right you are

J4CKO

iTrader: (1)

So, anybody got any tips for which providers and funds are worth going for ?

Etheridge, cheers for that, will make sure I ask the question.

j4ckos mate

Who are you kiddin j4cko ?

pslewis

It is pathetic ...... I would make the limit £35,000 as that is the amount guaranteed by the Banking Regulations ..... I do not keep more than £35,000 in any single institution, but trying to keep tabs on the accounts is a right royal pain in the rear end!!

Snug Rhino

why should it be 35k? That's MASSIVELY more than the average person has in cash savings so completely unrealistic.

ISAs just came of the back of PEPs which were all about getting joe bloggs into equities, if you started doing PEPs when introduced (along with your spouse) you would now have 100's of k in equities (almost) free of tax. Theres ample capacity.

Snug Rhino

Why? What was the last high street bank to loose your money? I assume you keep hundreds of thousands in your house.....or have you bought 30 caravans in case there's a problem with one?

RESSE

iTrader: (1)

J4CKO

An important thing to remember is the facility within your ISA to switch between different funds and different fund managers (usually at a very small cost).

Some providers offer fund-supermarkets, where you can link your investment to different providers, e.g Invesco/Perpetual, Fidelity, Schroder etc etc.

Check:
1. Can you switch funds within the ISA.
2. What funds can you switch to (e.g. Cash Option during periods of high volatility).
3. Switching charges if any - usually you can do a number of "free" switches in the ISA plan year. But this varies from provider to provider.

Petem95

Lloyds TSB seem to be offering the best deal at the moment - 6.5% fixed for a year with their ISA, and they allow transfers in

Beats the 6.05% Im currently getting with Kent BS.

RESSE

iTrader: (1)

Petem95 - you may be "charged" to transfer from your existing ISA provider if you transfer to another ISA provider (sometimes as much as 3% of the value).

Richard

Dieseldog

I think the rate only applies if you have £9k in there. Barclays are doing the same deal but on £1 and above.

Petem95

Are you sure this is correct? Can't see anything that mentions a charge to transfer in on their website?

Dieseldog

I did the Lloyds thing last week and can't see any reference to charges in the paperwork, Petem

check out this thread on Martins Money Tips if you want to be sure...
http://forums.moneysavingexpert.com/....html?t=725969

RESSE

iTrader: (1)

Lloyds may not make a charge but there is usually, on a unit linked ISA, a penalty if a transfer is made.

For example if you hold an ISA with Invesco Perpetual and transfer to Skandia MultiFUNDS, the cost is 3% to the ISA holder.

Lloyds maybe the exception (I am not up to speed on their product, but don't want anyone to get caught out by "hidden" costs).

Dieseldog

Thought the reference to 6.5% means we're talking cash ISA's...?

Scooby-Doo

India, Africa, China. Just avoid Japan

pslewis

There is no charge to move a CASH ISA ..... is there??

RESSE

iTrader: (1)

Pete

No charge for moving a Cash ISA - I meant to say the transfer charges may be applied for unit-linked ISAs.

Apologies if I caused any confusion.

Richard