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    I keep receiving notifications on my internet backing to open a Cash ISA. Could someone please explain what an ISA is and if it is worth having one?
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    (Original post by Nfergs)
    I keep receiving notifications on my internet backing to open a Cash ISA. Could someone please explain what an ISA is and if it is worth having one?
    An Individual Savings Account:
    http://moneyfacts.co.uk/guides/isas/...ash-isa120412/

    You put savings into the account and earn tax free interest just for having the money in there. If you have a lot of money that you don't plan on spending for a while, they can be great. Interest rates can depend on the account type.

    Whether it's worth it is up to you; if you only plan on putting a couple of quid in there, then no. They aren't necessary (it sounds as though you already have some form of current account) but are nice little add-ons.
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    Unless you have a lot of money then Isas aren't worth it anymore as you only get taxed once the interest is over £1000.
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    (Original post by Davalla)
    An Individual Savings Account:
    http://moneyfacts.co.uk/guides/isas/...ash-isa120412/

    You put savings into the account and earn tax free interest just for having the money in there. If you have a lot of money that you don't plan on spending for a while, they can be great. Interest rates can depend on the account type.

    Whether it's worth it is up to you; if you only plan on putting a couple of quid in there, then no. They aren't necessary (it sounds as though you already have some form of current account) but are nice little add-ons.
    I do already have a standard savings account which I receive an annual 0.20% interest rate. Obviously the interest is gradually increasing as I save more money but it isn't much.

    What would be a good amount of money to put into an ISA?
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    (Original post by Nfergs)
    I do already have a standard savings account which I receive an annual 0.20% interest rate. Obviously the interest is gradually increasing as I save more money but it isn't much.

    What would be a good amount of money to put into an ISA?
    my mum has some for occasional saving (new cars, holidays and that sort of thing) and well £500 is ok to start the most my mum had was £7500 before we bought a car atm she's got £2,800 in her's
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    (Original post by claireestelle)
    Unless you have a lot of money then Isas aren't worth it anymore as you only get taxed once the interest is over £1000.
    ^this

    Although the new Lifetime ISA might be worth a look (free money!)
    http://www.moneysavingexpert.com/savings/lifetime-ISAs

    And a Stocks & Shares ISA is probably worth considering someone intends to save a siginificant amount (i.e. on or near the annual limit) for the medium to long term.
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    (Original post by jneill)
    ^this

    Although the new Lifetime ISA might be worth a look (free money!)
    http://www.moneysavingexpert.com/savings/lifetime-ISAs

    And a Stocks & Shares ISA is probably worth considering someone intends to save a siginificant amount (i.e. on or near the annual limit) for the medium to long term.
    I've been doing some research and I'm considering opening a fixed rate ISA but I'm not sure if to go for 2 or 3 years.

    The LIfetime ISA starting next year also sounds pretty good. So if I open an ISA now will I stil be able to open a Lifetime ISA next year?
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    (Original post by Nfergs)
    I've been doing some research and I'm considering opening a fixed rate ISA but I'm not sure if to go for 2 or 3 years.

    The LIfetime ISA starting next year also sounds pretty good. So if I open an ISA now will I stil be able to open a Lifetime ISA next year?
    Yes the ISA allowances are annual. So if you invest up to the limit this tax year you can still invest again next tax year.

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    It's worth having a help to buy ISA, not worth having anything else.
 
 
 
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