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    Hey, anybody out there have an interest in finance?

    I'm looking to set up an ISA account and just wanted to know which is the best going, at the moment?

    I looked up on it and found there are two options... Fixed Rate and Easy Access?

    I think I'll be more inclined to create a fixed rate account because I do not see myself constantly withdrawing money. Looking to put around 3k in there...

    Any advice would be really appreciated! I don't want to fall into any traps or go for one which doesn't give the best return.

    Thanks
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    If you have a look at Money Saving Expert you should get a good idea of who to open an account with.
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    I don't think being a student makes much difference to the best type of ISA to get. Like you identified, the best type for you will depend on how long you are okay with your money being locked away. Some ISAs won't give you interest if you withdraw money during the year but will compensate for this by having higher overall rates. You can always put in some money initially and add to it throughout the year if you don't yet know how much cash you'll need access to, as that's okay with any ISA, to my knowledge. Also some have easier/harder access (i.e. some are only online whether obviously some highstreet bank brances offer ISAs and you can deposit/withdraw cash very easily therefore). There are lots of very good deals at the moment for new customers, so definitely use some comparison websites.
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    (Original post by bigmo7)
    If you have a look at Money Saving Expert you should get a good idea of who to open an account with.
    Hi, on that site it says

    "A cash ISA is simply a tax free savings account every UK adult can now put around £5,100 per tax year in. Once in it remains tax-free year-after year, but if you don't use this year’s allocation by Today! Tue 5 April, you lose it."

    What does it mean? Lose what exactly? What do you need to 'use'?
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    I think I prefer the flexible one, in which case this would be best ?

    http://www.santander-products.co.uk/...7FISAXTY-_-mse
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    why cant i post on my own thread !
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    (Original post by IGotAQuestion)
    why cant i post on my own thread !
    You can, but as a new member, any posts that you make that include a link are subject to pre-moderation - this helps to guard against attempts to exploit the site for advertising purposes.
    (Original post by IGotAQuestion)
    Hi, on that site it says

    "A cash ISA is simply a tax free savings account every UK adult can now put around £5,100 per tax year in. Once in it remains tax-free year-after year, but if you don't use this year’s allocation by Today! Tue 5 April, you lose it."

    What does it mean? Lose what exactly? What do you need to 'use'?
    You can only invest up to a certain limit into an ISA in each 'tax year', ending on 5 April each year (i.e., today for 2010/11!). If you don't invest the maximum amount in any given tax year, it's not possible to carry forward the unutilised amount to be invested in a future year - instead, contributions into an ISA are subject to the limit applicable for that future year, i.e., the unutilised amount is 'lost'.

    For 2010/11, the usual limit for contributions to a cash ISA is £5,100 for each individual.
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    So, what do they pay your interest on at the end of the tax year? How much money was in there at the end of the year? or an average of how much was in there over the year? or how much you paid in?
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    Barclays one is the best out at the moment
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    (Original post by alexcs)
    So, what do they pay your interest on at the end of the tax year? How much money was in there at the end of the year? or an average of how much was in there over the year? or how much you paid in?
    Interest will usually be calculated on a daily basis, but paid into the account monthly, annually or at the end of a fixed term - you'll need to check the specific account details for this.
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    (Original post by Kel2693)
    Barclays one is the best out at the moment
    It's good, but not *quite* the highest rate - Santander and the AA just pip them to the top instant-access variable rate for the time being. No transfers in on any of these three, though.

    http://www.moneysavingexpert.com/sav...sh-isa#instant
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    (Original post by Absinth)
    Northern Rock's 4% afaik.
    That's a fixed rate/term account though, I think?
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    Best with transfers in remains Halifax. Pay 3.2% on mine. It's still a loss due to inflation, but it's the best way of minimising it.
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    Does anyone have a Santander one from last year? Did I see somewhere that the bonus has been extended for another year for existing customers?
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    (Original post by Colbert)
    Does anyone have a Santander one from last year? Did I see somewhere that the bonus has been extended for another year for existing customers?
    Yes, but not at quite the same level. For existing customers, the rate drops down to 0.5% after the initial 12 months, but if you invest with them again this year (there's a minimum requirement that I don't have to hand right now), the rate goes back to 2.5% for a further year. That's not as high as the rate used to be, though. I'm going to be switching shortly as a result.
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    (Original post by Illusionary)
    Yes, but not at quite the same level. For existing customers, the rate drops down to 0.5% after the initial 12 months, but if you invest with them again this year (there's a minimum requirement that I don't have to hand right now), the rate goes back to 2.5% for a further year. That's not as high as the rate used to be, though. I'm going to be switching shortly as a result.
    Cheers. I think I have the flexible ISA and the direct ISA with them, both of which need to be transferred

    Although I can only apply for their credit card whilst I have a savings account with them so will have to wait until i get around to that :beard:
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    None of them, they are all negative nominal.
 
 
 
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