ISA, savings account, joint savings etc etc

[nicole_]

i know quite a few of you know alot about financing/banking so thought i might aswell try here as googles confusing me a bit

whats an ISA?
whats the best sort of account id want for savings?
also is it possible to have a joint savings account?
on my own id be looking at £400 a month into it, no lum sum to shove in it other than the first £400
if a joint accounts a possibilty £800 a month
id go ask about my local bank but theyre shut by the time i can go in

[nappert]

nicole theres loads of differnet types of ISA's.Some require you to leave your money in for set periods etc. Im with the RBS ISA but its got crap interest.Not better off googlin it?

[Tom_Crx]

Don't know if this is any help, just shows the best saving accounts, as far as i know, isa's are just high interest saving accounts.

Take a look anyway hope it isn't irrelevant http://www.comparethemarket.com/compare-savings-accounts/

[Tom]

You don't pay tax on the interest with ISA's, and you can only put a certain amount in each year (can't remember amount).

[Tom_Crx]

You don't pay tax on the interest with ISA's, and you can only put a certain amount in each year (can't remember amount).
Depends on savings account

[Viper]

AFAIK the limit for an ISA is about 3,600 every year. interest will depend on the bank/society and some limit how much/when you can take the money out

[nicole_]

what, you pay tax on savings?! :shocked: ! i never knew
looking at that site you posted tom, do your savings accounts mean you have to keep it for a year and keep adding money in over the whole year?
guessing you dont get intrest if you take out before?
ive tried googling but just wanted a summed up answer of what an ISA is

[nappert]

didnt it increase the total amount you can have,few months ago?-yeah its now £5100

[haz_pro]

what, you pay tax on savings?! :shocked: !


No, you pay tax on the interest for your savings, not on the actual money you have put in the bank.

[P90PTS]

You can save upto £5100 in an ISA.

For a good rate of interest you are normally restricted on the amount of withdrawals.

I have a Bank of Scotland ISA that I changed over on the 5th of April with 4.2% of interest but I am only allowed 4 withdrawals each tax year.

If you just want to save £400 a month or so have a look at Regular Savings accounts, they're more flexible and usually similar interest rates.

Also, don't open a joint account, if things go tits up then it's one hell of a battle to close accounts and get money back of each other etc...

Paul.

[jonathon5]

just look on www.moneysavingexpert.com for some good advice

he has saved me lots of money over the years,

you cannot have a joint isa (ISA = individual savings account)

I don't have any other savings except ISA's & shares as I would pay too much tax on any normal interest.

Simple Instant access ISA's are normally pretty good as you can get your cash out at any time. You can only get 1 isa per year.

But be warned don't keep all your savings in one place, I nearly lost all my cash in Icelandic banks.

[Sparky26]

i have an isa with alliance and leicester or santander whatever you want to call them thats the best savings account you can have imo not sure if there is a limit on how many you can have tho

[P90PTS]

There is a limit. 1 ISA per year.

[Sparky26]

There is a limit. 1 ISA per year.

is that with the same bank tho or can you for instance have one with barclays and one with hsbc

[Giraffe]

is that with the same bank tho or can you for instance have one with barclays and one with hsbc

No, one per year. The whole thing with an ISA is that you don't have to pay tax on the interest you gain.

[Sparky26]

No, one per year. The whole thing with an ISA is that you don't have to pay tax on the interest you gain.

oh right fair point didnt know if you could have one with a different bank :y:

[Ryan]

There is a limit. 1 ISA per year.

You can combine different types.

Such as holding shares and a cash isa.