Can anyone recommend an ISA?

[TheSlantedOwl]

Hi,

I want to move some savings into an ISA and haven’t done it before. Ideally the money would be easily accessible for when and if it may be required.

Does anyone have any recommendations? How easy are they to set up?

Thank you.

Incredibly easy, look at money saving expert online for full details and advice.

Thank you, I will.

Are you looking for a cash based or an equity based ISA?
What's your time frame and saving objective?

An ISA is just a wrapper that ensures you don't pay tax on interest or profits. First you have to decide what your investment objectives are.

If your time frame is 5 years or more, I'd suggest a European Index Tracker. Otherwise just go with whoever offers the best interest rate.

NB: if you are following the news, youll kniw that markets are currently in turmoil, so take your time

Money Saving Expert and Vanguard are good websites for learning about investing.

Hi, thanks. My initial objective is to stow some money where it’s still accessible. I will check out those websites.

There are two types of ISA: Cash ISAs and Stocks and Shares ISAs. S&S ISAs are more suited to long-term investments (5 years or more), as they are at risk of Donald Trump causing market volatility, i.e. if the day you need to withdraw your money is the day that the markets have dipped, you won't get as much back.

If you're looking for a short term saving, look at cash ISAs on money supermarket or compare the market etc. You can filter on the amount you want to save and also on whether you can withdraw your money without penalty. If you agree to keep your money in the account for 1 year / 2 years etc you can get better interest rates, but the downside is you forfeit the interest (and earn nothing) if you want to withdraw your money early. Some accounts have no restrictions, but the trade-off for the extra flexibility is a slightly lower interest rate. So have a think whether you want complete flexibility or whether you're able to tie your money up for a period, then play with the comparison websites to see what the best interest rate is for those given parameters.

You can get easy access ISAs with a low rate and a triple access, which allows three withdrawals a year, then the rate goes down if you take out more. The rates are around 4%. If you want to leave the money for a couple of years without touching it, you can get those too, but you can’t make any withdrawals.

As others have said, look here and it will tell you which is best for your needs. https://www.moneysavingexpert.com/savings/best-cash-isa/

I'm currently with trading 212 and so far so good. I have new money and haven't yet decided whether to throw in there are take out a new account with another provider.