Sorting my finances - ISA's
Discussion
I'm looking at trying to sort my long term finances out, but getting a bit confused regards to ISA's and limits etc.
Set the scene, I'm 30 later this year, own a house but rinsed all my savings for the deposit so am now just saving back up.
The two types of ISA I've been looking at are the lifetime ISA and a stocks and shares ISA.
If I did the Lifetime ISA as a cash ISA can I open both of these in the same year?
If I did have both of them I would be allowed to put money into both as they're different types? And that would be up to 4k for lifetime and 20k for S&S?
Anybody got any preferences for either? I've read that Vanguard is recommended for S&S ISA's.
Any help greatly appreciated!
Set the scene, I'm 30 later this year, own a house but rinsed all my savings for the deposit so am now just saving back up.
The two types of ISA I've been looking at are the lifetime ISA and a stocks and shares ISA.
If I did the Lifetime ISA as a cash ISA can I open both of these in the same year?
If I did have both of them I would be allowed to put money into both as they're different types? And that would be up to 4k for lifetime and 20k for S&S?
Anybody got any preferences for either? I've read that Vanguard is recommended for S&S ISA's.
Any help greatly appreciated!
ISAs are wrappers - you can have either cash or S&S in either a LISA or ISA.
You have a total allowance of £20K, of which £4K can be a LISA (so eligible for the 25% government bonus).
What are you saving for, and are you a higher rate tax payer (in which case pension may be a better fit than LISA).
Have a read of https://ukpersonal.finance/isa-vs-lisa-vs-pension/
You have a total allowance of £20K, of which £4K can be a LISA (so eligible for the 25% government bonus).
What are you saving for, and are you a higher rate tax payer (in which case pension may be a better fit than LISA).
Have a read of https://ukpersonal.finance/isa-vs-lisa-vs-pension/
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