Explain ISAs to me

[Mercury00]

I opened an ISA account a few years ago with Santander but I've never had any kind of statement or paperwork from it so I have no idea of how to use it, when the money has to paid in by, allowance limits etc. I really have no idea what I'm supposed to do with it. Can someone explain in simple terms how much I can deposit, until what date each year, and what I do with it after that?

P.S. Sorry for being stupid

[jfbrin]

This has all the relevant details.
But your bank should at least send you an annual statement.
http://www.barclays.co.uk/Helpsupport/GuidetoISAsa...

[megaphone]

If you want to take up this year's allowance, 13/14 , you need to act immediately, you have 2 days. You can invest £5760 in cash ISA. Once you money is in an ISA 'wrapper' it stays in and can be moved around to other ISA investments.

[The_Doc]

Mercury00 said:

I opened an ISA account a few years ago with Santander but I've never had any kind of statement or paperwork from it so I have no idea of how to use it, when the money has to paid in by, allowance limits etc. I really have no idea what I'm supposed to do with it. Can someone explain in simple terms how much I can deposit, until what date each year, and what I do with it after that?

P.S. Sorry for being stupid

They don;t write to you much because they give you a good rate for one year, then it quietly drops to 0.00000000000000000000000002% and they rely on you doing nothing, as most people do.

You can however move it to a new ISA as long as the money never leaves an ISA account. SO just find a new home for it (each year)

all the banks do a good rate for one year, then it plummets

[davepoth]

I've been quite impressed with the Virgin Money ISA I've got. I've had it three years, and although the rate has dropped, the return is still pretty decent compared to the market.

[Neil G60]

If you want to keep the money invested over the longer term you may want to consider putting it into a stock and shares ISA, pick a fund(s) and see how you go...

[Juanco20]

Is there any reason to go with an ISA over peer-peer lending like Zopa. They're offering 5% for five year loans, which is a long time to tie your money up for but the rate pisses all over an ISA

[ninja-lewis]

Juanco20 said:

Is there any reason to go with an ISA over peer-peer lending like Zopa. They're offering 5% for five year loans, which is a long time to tie your money up for but the rate pisses all over an ISA

One of the budget changes is to allow Peer to Peer lending inside the ISA wrapper.

[Revisitph]

Juanco20 said:

Is there any reason to go with an ISA over peer-peer lending like Zopa. They're offering 5% for five year loans, which is a long time to tie your money up for but the rate pisses all over an ISA

Tax (free) - a 20-45% increase in your return depending on your marginal rate.


for anything ISA-ble and also for the 5% return on P2P (if that's what you're happy investing in) when loaned from within an ISA later this year.

[fandango_c]

Juanco20 said:

Is there any reason to go with an ISA over peer-peer lending like Zopa. They're offering 5% for five year loans, which is a long time to tie your money up for but the rate pisses all over an ISA

Risk.

[Crafty_]

cash ISA rates this year are ste. Take a look at the high interest current accounts and stash in there instead..