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edufly
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#1
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#1
Does anyone here have an ISA or an alternative savings accounts. If so could you tell me about your one and give any other info on them??

Cheers
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Joey_Johns
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#2
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#2
(Original post by eddiedaboss)
Does anyone here have an ISA or an alternative savings accounts. If so could you tell me about your one and give any other info on them??

Cheers
Waste of time. Get yourself into spread betting or low risk gambling.
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Perplexed
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#3
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#3
(Original post by eddiedaboss)
Does anyone here have an ISA or an alternative savings accounts. If so could you tell me about your one and give any other info on them??

Cheers
I enquired into opening an ISA, it seemed more bother than it was worth.

They’re fairly difficult to withdraw cash from etc. More suited to medium to long-term.

This was about three years ago though, so don't take that as fact.
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Blamps
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#4
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#4
(Original post by eddiedaboss)
Does anyone here have an ISA or an alternative savings accounts. If so could you tell me about your one and give any other info on them??

Cheers
an ISA basically is a long term investment whereby a bank/building society buys stocks or shares with your money, guaranteeing a ceratin amount of return...a Tessa is like a long term savings account with a fixed interest rate (which is not that favourable at the mo, but maybe higher in coming years)
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Blamps
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#5
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#5
(Original post by Joey_Johns)
Waste of time. Get yourself into spread betting or low risk gambling.
Gambling is a bad form of logic that is too addictive
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Joey_Johns
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#6
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#6
(Original post by Blamps)
an ISA basically is a long term investment whereby a bank/building society buys stocks or shares with your money, guaranteeing a ceratin amount of return...a Tessa is like a long term savings account with a fixed interest rate (which is not that favourable at the mo, but maybe higher in coming years)
Bank accounts are useless.

I bet on Chelsea to beat Boro at 1/10 and Celtic to beat some shithouse team at 1/9. I made over £200 in one day. For the same investment in an ISA over a year I would have made about £60.

My dad bets on commodity prices like metals and currencies.

Basically with an ISA you are paying somone to invest in stocks and shares for you and make money. Why do that when you can cut out the middle man and take all the profit.

And people wonder why they dont have any money.
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Joey_Johns
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#7
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#7
(Original post by Blamps)
Gambling is a bad form of logic that is too addictive
Ok, so what are stock brokers? Professional gamblers, nothing more nothing less.

In other words, keep your money in a piggy bank.
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Blamps
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#8
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#8
(Original post by Joey_Johns)
Bank accounts are useless.

I bet on Chelsea to beat Boro at 1/10 and Celtic to beat some shithouse team at 1/9. I made over £200 in one day. For the same investment in an ISA over a year I would have made about £60.

My dad bets on commodity prices like metals and currencies.

Basically with an ISA you are paying somone to invest in stocks and shares for you and make money. Why do that when you can cut out the middle man and take all the profit.

And people wonder why they dont have any money.
For the most part, you are much more likely to make some money in the longer term by saving rather than gambling
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Blamps
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#9
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#9
(Original post by Joey_Johns)
Ok, so what are stock brokers? Professional gamblers, nothing more nothing less.

In other words, keep your money in a piggy bank.
and it won't make interest...plus with an ISA, you should be guaranteed a certain return as the investments are invariably in renound blue chip companies
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Muse
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#10
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I *think* you need to be 18 to have an ISA
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Joey_Johns
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#11
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#11
(Original post by Blamps)
For the most part, you are much more likely to make some money in the longer term by saving rather than gambling
Lol. Thats just funny. Its a hobby, I have lost twice out of about 300 times. I only ever bet £1000 a game. I usually make around £100 a game if I win. You do the maths.
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PQ
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#12
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#12
(Original post by Blamps)
an ISA basically is a long term investment whereby a bank/building society buys stocks or shares with your money, guaranteeing a ceratin amount of return...a Tessa is like a long term savings account with a fixed interest rate (which is not that favourable at the mo, but maybe higher in coming years)
There are no such things as Tessa's anymore - there are cash ISAs (zero tax, high interest rate savings accounts sometimes with a minimum withdrawal time and sometimes not), stock/share ISAs (like the old PEPs) and the thing you describe as a TESSA sounds more like a Unit Trust.
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Joey_Johns
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#13
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#13
(Original post by timeofyourlife)
I *think* you need to be 18 to have an ISA
No its 16.
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Blamps
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#14
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#14
(Original post by Pencil Queen)
There are no such things as Tessa's anymore - there are cash ISAs (zero tax, high interest rate savings accounts sometimes with a minimum withdrawal time and sometimes not), stock/share ISAs (like the old PEPs) and the thing you describe as a TESSA sounds more like a Unit Trust.
Whatever....I thought Tessas were still going (its not like I have looked it up much0
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Sza
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#15
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#15
It is actually worth opening an ISA account at 16. Put in £3000 every year from 16, when your 18 you'll have £9000 in tax free - plenty of interest.

But for some reason i've got a feelin its been reduced to £1000 max for every tax year - (b1tch!).

ISA superseeded TESSA - but they are still in practise right now for existing account holders, now you just can't open up a new TESSA account.
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Joey_Johns
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#16
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#16
(Original post by Blamps)
Whatever....I thought Tessas were still going (its not like I have looked it up much0
No you cant get TESSA's anymore.
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Joey_Johns
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#17
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#17
(Original post by Sza)
It is actually worth opening an ISA account at 16. Put in £3000 every year from 16, when your 18 you'll have £9000 in tax free - plenty of interest.

But for some reason i've got a feelin its been reduced to £1000 max for every tax year - (b1tch!).
It is in 2006.
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Muse
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#18
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#18
(Original post by Joey_Johns)
No its 16.
I was pretty sure it was 18, as it is a government investment :confused: It is for Barclays anyway.
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Joey_Johns
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#19
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#19
(Original post by timeofyourlife)
I was pretty sure it was 18, as it is a government investment :confused: It is for Barclays anyway.
I know you can because I have one. I got it when I was 16.

Barclays is a very poor quality bank.
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Muse
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#20
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#20
(Original post by Joey_Johns)
I know you can because I have one. I got it when I was 16.

Barclays is a very poor quality bank.
ahh..it's 18 for a certain type of ISA, sorry.
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