I have heard so many people rant how good they are and how they don't get taxed etc, also the interest is great supposedly, but is it right that you have to open an ISA account with a minimum of £3000?? as ill only be putting in £100 a month 4 savings... do any of you have a ISA if so are they all people make out to be??
2006-09-26 03:20:43 · 5 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
The big advantage of an ISA account is the interest is completely tax free. You don't even have to record it on your tax return. Click the link below for an independent explanation of ISAs, and you can click the link at the bottom of their page to get a comparasion of different products.
Are they the best deal since sliced bread? Well, that depends on your point of view. If you have some other form of saving, such as a bank or building society saving account, you should switch to an ISA account just to get the tax free interest. If/when you exceed the £3000 per year limit you should consider other forms of savings.
2006-09-26 03:55:03 · answer #1 · answered by Sean M 2 · 0⤊ 0⤋
No you can put in an ISA what you like upto 3000 maximum deposited a year april-april
Remember though if you take out money from an isa you cannot replace it once you have depsotited £3000 thats it!!! Even if you took out £2800 and have only £200.00 left in until the next april!
2006-09-26 03:36:53 · answer #2 · answered by coulditbemanilow 3 · 0⤊ 0⤋
you commonly have a 14 day cooling off era whenever you do investments so that you need to be nice. in spite of the indisputable fact that, i'd contact sturdy previous Mr Taxman only to be on the danger-free area. a minimum of then you actually keep in mind that you're not to any extent further breaking any guidelines and guidelines that they set. To be truthful, in case you do not enable them understand, they ought to nevertheless p.c.. up the innovations at some degree because it somewhat is one reason it really is functional to provide your nationwide coverage variety. in the different case, are you able to imagine what number of human beings would open diverse ISA's to get all their pastime tax loose. I were operating contained in the banking marketplace for 12 years and at the same time as ISA's were first presented, I had to address an ISA that changed into invalid because the customer already had one. We received notification from the Inland sales to boot because the customer getting a letter. It changed into extremely frowned upon (you should tell through the tone of the letter). a minimum of in case you contact them, they're going to understand it really is a real mistake and also you're not to any extent further attempting to debris round something. wish this enables.
2016-11-24 20:09:17 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Wrong info in answer just now, you can take money out when you like, you dont have to wait 3 months. Pretty low interest however you dont get taxed, so that has to be a plus.
2006-09-26 03:34:28 · answer #4 · answered by Annie M 6 · 0⤊ 0⤋
i have one. i put in £50 a week, however, you can put in how much you like. its only 4.5% interest everymonth. its not fantastic. as i have worked out that i put in £200 a month, at the end of the year i will have £2600, and £90 given to me in interest. £90 for nothing yeah,but its not something to scream about in joy is it. but its a good way to save though, i cant save to save my life. and you cant touch your money without 3 months notice. i think.
2006-09-26 03:25:08 · answer #5 · answered by london lady 5 · 0⤊ 0⤋