What ISA... (Bye bye Nat West)
Discussion
Unfortunately (as I'm looking as well) with S&S ISAs it's not just a case of picking one. You need to pick a platform (i.e. the company you use to buy the funds and handle income, decent comparison on Monevator) and then pick what investments to buy via that platform. I've got an S&S ISA with the Nationwide for historical reasons, but now I'm looking into what to buy inside that ISA, I'm finding they only offer a very small sub-set of what's available, and very few of what appears to be decent performers are available there.
I'd also say have a look around the Savings and Investment forum on Moneysavingexpert, and the various investment-related boards on the Motley Fool forum, though the latter (in my personal opinion only) is an exercise in how not to lay out a forum. Lots of very useful, in-depth information though, if you can get past that.
Obviously there are better interest rates at the moment on some current accounts with a bit of juggling to satisfy the various requirements of each account, but I just can't stomach the idea of spending a few years taking advantage of the ISA allowance and then throwing it away for a few years of slightly better interest. There's a web site around showing how to maximise the income from these accounts, and by utilising almost £50k they can produce interest of around £1200 per annum.
I'd also say have a look around the Savings and Investment forum on Moneysavingexpert, and the various investment-related boards on the Motley Fool forum, though the latter (in my personal opinion only) is an exercise in how not to lay out a forum. Lots of very useful, in-depth information though, if you can get past that.
Obviously there are better interest rates at the moment on some current accounts with a bit of juggling to satisfy the various requirements of each account, but I just can't stomach the idea of spending a few years taking advantage of the ISA allowance and then throwing it away for a few years of slightly better interest. There's a web site around showing how to maximise the income from these accounts, and by utilising almost £50k they can produce interest of around £1200 per annum.
Ive also just had my letter from HSBC and the premier rate has gone down to 1.4%
I've got quite a lot in my ISA's and Coventry BS are offering 2.4% until 2020, instant withdrawal but with a loss of 120 days interest. This will increase my interest by nearly 4 figures a year and I'm moving ASAP.
Feck it, bite with your wallet and move I say
I've got quite a lot in my ISA's and Coventry BS are offering 2.4% until 2020, instant withdrawal but with a loss of 120 days interest. This will increase my interest by nearly 4 figures a year and I'm moving ASAP.
Feck it, bite with your wallet and move I say
Same position with my GE ISA.
Just to confirm, if you go through the transfer process, you can move to another ISA and still use this years allowance? (I know you are normally able to do this at the start of the new tax year).
Reason I ask is despite the advice on MSE that you can, there is wording in the ISA providers T&C to the effect of "I promise that this is the only ISA I have for this financial year". However it isn't. For an (albeit brief) period, I will have two.
Just to confirm, if you go through the transfer process, you can move to another ISA and still use this years allowance? (I know you are normally able to do this at the start of the new tax year).
Reason I ask is despite the advice on MSE that you can, there is wording in the ISA providers T&C to the effect of "I promise that this is the only ISA I have for this financial year". However it isn't. For an (albeit brief) period, I will have two.
Yes, transfers don't count towards your ISA subscription. So you can open one and transfer an old ISA into it (as long as the new ISA allows transfers in) and open another one and put new cash into it. There was talk about them relaxing the withdrawal rule so that you could move cash from one ISA to another where the new provider doesn't support transfers, but it hasn't come into force yet.
Edited by droopsnoot on Wednesday 11th November 13:16
I was in a similar position a few months ago and after startibg a thread on here and reading a lot of advice on the monevator website I set up a S&S ISA through Cavendish Online and invested into one of the Vangaurd LifeStrategy passive funds. Unfortunately my timing was spectacularly bad - it was a few weeks before the China crisis, so my investment is worth less than I started with, but climbing back up steadily.
Craikeybaby said:
I was in a similar position a few months ago and after startibg a thread on here and reading a lot of advice on the monevator website I set up a S&S ISA through Cavendish Online and invested into one of the Vangaurd LifeStrategy passive funds. Unfortunately my timing was spectacularly bad - it was a few weeks before the China crisis, so my investment is worth less than I started with, but climbing back up steadily.
I went S&S through Fidelity. The platform is pretty good and they have a huge range of funds to choose from.However, my timing was off too and despite a wide spread of funds they still don't look too happy off the whole China thing.
Still, unless capitalism fails they will come back if held long enough.
trickywoo said:
Still, unless capitalism fails they will come back if held long enough.
^^^ This. It's got to be better than holding cash and watching your money evaporate relative to inflation - with absolutely no potential upside.ISA tax benefits are perfect for stocks & shares, sheltering both the income and any potential capital gains.
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