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anyone out there know anything about I.S.A's?

(3 Posts)
mothersmilkandherchickenseggs Thu 21-Jul-11 18:41:00

im nearing my limit on mine (new this year) becuase i deposited a large amount at the begining of the year. Can you only have one I.S.A or is it that you can only have one with that bank? could i open another one with another bank?
many thanks

CogitoErgoSometimes Thu 21-Jul-11 18:49:38

You can only have one Cash ISA with one provider in a financial year - maximum savings £5340. Come April you can open another, with a different bank if you wish, and you get your new allowance. What you can do in the meantime, of course, is take out a stocks and shares ISA either with the same provider or a different one and deposit another £5,340 in that.

CogitoErgoSometimes Thu 21-Jul-11 18:52:33

Should clarify... the money in a stocks and shares ISA is not deposited but 'invested'. You are not guaranteed a specific return, there may be fees to pay for the units, and the value of your investment can go down as well as up. It's a riskier investment than a cash deposit and it's more suitable for people looking at putting money away for the long-term i.e. up to ten years, rather than needing instant access.

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