Which Cash ISA?

[Brigadier]

But, if i opened one now, i could then put another £20k in in April as that is start of new tax year?

As I understand it, yes.

Although you might need to check whether you can top up an existing ISA, or have to open a fresh one.

£20k p.a. total input though, either way.

 

[Koolpc]

As I understand it, yes.

£20k p.a.

Per tax year...yea?

 

[Brigadier]

Per tax year...yea?

Same thing effectively.

Both are 12 months.

After year 1 of you starting, obviously.
Otherwise, you could (attempt to) put too much in, depending on the exact dates you started in relation to the start / end of the tax year.

 

[Mottie]

Per tax year...yea?

Yep. You could put the max allowance in one day before the end of one tax year and put the max in again on the first day of the new tax year if you wanted.

 

[Koolpc]

But, 12 months is not the same if i opened an ISA today and wanted to add another £20k in April

 

[Mottie]

But, 12 months is not the same if i opened an ISA today and wanted to add another £20k in April

Today will be in this tax year, April will be in the next tax year. No problem doing that. You might not be able to add to the same ISA if it’s a fixed one but you usually can if it’s an instant access one.

 

[Koolpc]

Today will be in this tax year, April will be in the next tax year. No problem doing that.

I thought so...cheers

 

[Koolpc]

Nationwide wont let me do that with their fixed ISA's though. I asked...

 

[Mottie]

Nationwide wont let me do that with their fixed ISA's though. I asked...

You might not be able to add to the same ISA if it’s a fixed one but you usually can if it’s an instant access one.

 

[Ihavenojob]

There's a lot of people mentioning Nationwide, I've been with them for decades, and I've been getting their fairer share payment. I have just found out these payments are classed as interest, so worth bearing that in mind when submitting a tax return. I have several ISAs with them, also some with Santander and some with a small local B/S, all paying from 3.75% to 4.25%. It may be worth finding a high interest non ISA savings account, as depending on your tax bracket, you may get more even after paying tax on it.

 

[blup]

Max 20k investment year, but a total of 20k at any given moment, so in reality you reinvest what’s already in if you put 20k in at the outset

 

[Harry Bloomfield]

My bond is doing 12.13%..

 

[noseall]

My bond is doing 12.13%..

James Bond is doing the crooks and Brook Bond the tea.

 

[Koolpc]

My bond is doing 12.13%..

Is that Brook Bonds?

 

[Harry Bloomfield]

Is that Brook Bonds?

Aviva