ISAs?

chouglez

chouglez

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I am fairly new to the UK and was wondering what ISAs are and whether they are worth investing in them?

Any thoughts? :thinking:
 
I have one with HSBC - it was good when the interest was higher than it is now. You could also access it online and transfer money in and out with ease instantly.
You are limited to investing £3600 pcy due to tax purposes.
TBH if you have an amount to invest but still need relatively quick access perhaps a long term savings account at a building society would be good? I am sure more peeps on here will have better financial knowledge.
 
I have a cash ISA, the interest rate is higher then a standard Savings account, and you can access it at anytime, but can only put £3600 in one year. Personally i put the cost of monthly car insurance and house contantents insurance monthly, then when i get the renewall pay each item of in full saving me the interest rate the car insurance company's add.

Got alittle fund building up due to the interest gained over time if i hit the £3600 limit (remember ISA's are tax free Savings account are not) then id have to think weather to and start Stocks and ashares ISA which has another £3600 limit again tax free and has no garrentee of making any money as there depentant on the stock market-
 
I've just set up a NatWest online account so I can go on to open an ISA with them and transfer my current ISA savings. However, it may be a plot by the Illuminati to screw the last savings out of any who have any left . . . On the other hand, even if the interest isn't great now, making use of the allowance means you've got more to transfer to an account when conditions are favouring savers better.
 
The rates have bombed thanks to the Bank of England. On my cash ISA 6 months ago I was earning over 7%, not I'm down to 1.05%

My stocks and share ISA has also manged to drop by about 30% in that time
 
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