Advice

A question about : Advice

Hi,

I'm new to ISAs and after some advice. Between my partner and I, we have Ј60k to invest in ISAs (Ј30k before end of Tax Year, and another Ј30k from Apr 6). Can we open up an ISA each then top up that same ISA early in new Tax Year so that each ISA then holds Ј30k? Or is each year a separate and new ISA? Or are there any suggestions for a better way of investing?

Best answers:

• Thanks for the advice, much appreciated and very clear. We are already maxed out on Santander 123 accounts, hence the reason for looking into investing in ISAs.
• Are you also maxed on the other interest-paying accounts?
• No, but managing 4 current accounts just to get some reasonable interest from the banks is a pain; therefore, reluctant to open up more e.g. Lloyds/TSB 4-5% accounts
• I have been managing these, and more, for quite some time. After the initial set up, everything is automated and works like clockwork - all I choose to do manually is skim off the monthly interest although I could automate this too. The multiple times of interest is worth the small amount of extra work to me.
  I do also max my ISA allowance each year but in S&S ISAs.
• Thanks Archibald and JimJames. I am slightly risk averse where money is concerned due to losing out a fair bit on S&S previously. Any threads you recommend for best S&S ISAs, or any personal recommendations I could look at would be very much appreciated.
• Do you have a grandparent handy who might fancy bunging Ј10k into codger bonds? 4% p.a. guaranteed for 3 years. On the other hand, once you hand the money over it's his and there's no guarantee you'll get it back again.
• Just make sure you keep it updated for the best rates - I fell into that trap!