mini isa...can someone explain please.

[giddy1]

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if you put it in an instant access cash isa you can withdraw it later but you have to check to make sure you'll still get the interest - you might not get it all

the difference with an isa is that you don't pay tax on the interest

if you're going to need it back soon it may just be worth putting it in a high interest savings account - there's usually a list of Best Buys in the Guardian on a Saturday

but again you'd need an instant access account

I have one with Abbey which is ok

www.moneysavingexpert.com, if you look down the left hand colomn you will see savings....check there for the best account for it.
Ive just opened one with yorkshire bank..instant access etc.

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I dont know, you could ask on MSE, I havent a clue....you can have mnore than 1 but not in the same tax year AFAIK

the reason you put it in before the end of the tax year is cos you can only put £3,000 a year in a mini isa

so if you had another £3,000 next year to invest you wouldn't be able to put it in if you put the first amount in after April 1

Hi Giddy-Hope you are all well.

We've both got ISA's and had our letter yesterday informing us of the tax year coming to an end and we still have X amount that we can deposit until 5th April,which Dh will do next week.
The year before last he deposited the majority of his money into the ISA fairly near April and got hardly any interest on it for that reason.Last Year he deposited the money around June time which made quite a bit of difference interest-wise.
I really wouldn't bother rushing to open an ISA account now to put that money in before April,as the interest will be very minimal.Also if you're going to be "dipping" into it over the year,it might be best to wait,open one shortly after April and you'll benefit next year.Also it's worth noting that if you put in £3,000 at the start of the year,then draw out £2,000 for example,you won't be able to deposit any more money into that account for the rest of the year,even if there's months left to run on it.Hope this makes sense.x

Hi giddy.

Am I right that this money is held as part of an 'offset' mortgage?

Whether it is worth your while to transfer the money from your mortgage pot to an isa would depend on the mortgage interest rate that you are paying. For instance if you would pay 5.75% on your mortgage and you would get 5.25% on an isa then you would actually be worse off by taking the money out and moving it. and vice versa if that makes any sense!

Check telephone based and web based isa accounts for the best rates. Make sure that they are instant access and that there is no penalty for withdrawal.

Hope this helps.......

Hope this helps.

ooops