ISA advice for an idiot like me...

[greencrosscode]

I put some money in an ISA about 20 years ago and it's done reasonably well. I've got 20k and the it's 5 days to go until the tax year ends. How the bejesus do I decide which would be the best ISA to put the money in?

Are you young enough for a LISA - I think that's what I would do in your shoes.

nope... too old...

Whilst it makes sense to put it in its ultimate home first off, you can always transfer - whereas if you miss the 5 April deadline you can't get that £20k allowance back (only really matters if you'll have £20k to put in every year).
So put it somewhere easy access ISA if you can't decide quickly.

You have no real rush to decide, the only time limit is if you want to subscribe another £20,000 - which you can do each tax year, you only have until tomorrow for that (last day is 5th April).

@Chasingsquirrels

Oh that's good to know...

I already have that one for 20 years ago. I could just pop more into that one... not sure if that's a good idea or a bad idea.

Or find a different one. But I have no idea how I'd decide which is best.

The point another poster made about tomorrow being the last (working) day is a very good one.

Look on money saving expert and consider fixed rate if you don't need the money in the short term.

However, ultra low interest rates mean that ISAs are a waste of time for most. I'd only consider them if you have a very high income and Hundreds of thousands in savings so that you're likely to need the tax free benefit. Plus after you've maximised your premium bond allowance, put loads in a pension and paid off your mortgage and any other debts.

ISA is a tax wrapper, keeps HMRC off the money.

Cash ISA - useful for short term, up to 5 years. Have it easy access so you can use the money when needed. Shop around for the highest interest rate.

Stocks & Shares ISA - for long term investing, 5+ years. I would pick the fund(s) first then see which platforms have those, comparing the cost of the platform and fund fees, based on how often you would be adding money and the amount involved.

You have had this ISA for 20 years... ask yourself "what is it for?" as it may have started out as being a cash pot of money for quick access but is not more of a long term investment. So you may want to split it up, some as cash for emergency fund and some as investment.

I have 20k in a building society ISA and saving about £700 a month in easy access accounts, do I need to move the 20k today?? Sorry for the hijack OP.

Rates are all so low that nothing is really exciting

Would you ever consider bonds?

No, the allowance is 20k per year. You already have 20k in an ISA so you only need to worry if you have another 20k not yet in an ISA.

"I would pick the fund(s) first then see which platforms have those, comparing the cost of the platform and fund fees, based on how often you would be adding money and the amount involved."

How do I pick which are the best funds?

You want a low cost provider and an appropriate level of risk. Those funds are designed to spread risk but they have different focuses (foci?)

Vanguard funds tend to have the lowest fees: they are mostly trackers so you aren’t paying for fund managers. I like global equity funds but you might prefer a fund focused on the FTSE all share, or on Europe. Check the range out online.

meaningfulmoney.tv/2017/01/18/how-to-choose-a-multi-asset-fund/

Look at cost and diversity. Global tracker, a fund of funds to give lots of exposure around the globe.

*ultra low interest rates mean that ISAs are a waste of time for most.
*
Cash ISAs, yes. But stocks and shares ISAs are a whole other kettle of fish, which more people ought to do.

@AOwlAOwlAOwl

No, the allowance is 20k per year. You already have 20k in an ISA so you only need to worry if you have another 20k not yet in an ISA.

Thank you

Better to get a do-it-for-me platform, do you think?

www.moneysavingexpert.com/savings/stocks-shares-isas/