Anyone good with ISA info?

  AL47 20:33 25 Nov 2008
Locked

cause now i have some money i can fill mine for the year.

i was planning to put it in kent building society which is [atm] 6.24%

its an under 25 year old one

i understand you can do one a year and the original [tho capped at 3600 pounds] can keep growing beyond that after the year is out?

money can come out, and that theres really no point in not doing it if i have the money cuse its tax free?

all this credit crunch stuff has got me thinking about it,

so good idea?

  bremner 20:35 25 Nov 2008

The best and only advice is to see an independent financial advisor.

  peter99co 20:39 25 Nov 2008

Your info is correct.

  AL47 20:43 25 Nov 2008

i also hear that you get one a year so if you miss it, its gone forever? that years worth of tax free saving?

  peter99co 20:52 25 Nov 2008

You are allowed to save a max (atm) of £3600 in each year. The building society will give you dates (from/to) when you set-up your ISA. Read their terms and conditions when you apply.

  jakimo 20:52 25 Nov 2008
  Forum Editor 23:56 25 Nov 2008

based on information you obtain here. I have no doubt that some of our forum members know about these matters, and their advice is offered with the best intentions, but you should consult a financial adviser before deciding what to do.

  robgf 00:15 26 Nov 2008

While the advice to see an independent financial advisor is good, I would not rate their advice as any better than someone you know and trust.

I have made two bad financial decisions in my life, both times were when I consulted independent financial advice and allowed their opinions to override my own thoughts and my dads sound advice.

  hastelloy 07:17 26 Nov 2008

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  laurie53 09:09 26 Nov 2008

To my mind the biggest advantage of ISAs is that you don't pay tax on the interest.

The less I can hand over the better!

  newman35 09:31 26 Nov 2008

I cannot agree with going to see (and paying!!) a financial advisor just about Cash ISAs.
These are simple instruments that anyone with any sort of common sense can surely 'suss out'.
They are savings accounts (not investments) and follow mainly the same rules as deposit accounts (providing you don't want to use them as a payin/take out on regular basis).
The only differences tend to be with penalties for withdrawing (losing ISA status) and whether you choose to want instant access (just like any other deposit account).

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