ISAs - Advice Please

[TheShellBeach]

Can someone tell me how many ISAs I can have in my name in a tax year? I thought it was only one, but now I see that there are different kinds.

Also, can someone explain what the different ISAs are all about? Thanks.

You can have multiple isas, but can only pay into one of each type every tax year

And can you pay £20000 into each?

No, 20,000 in total only 4000 (I think) into a lifetime ISA

Main types are stocks and shares and cash.

If they are flexible isa any money you take out that tax year can be put back in. Tax year starts on 6th April each year.

I've already got a cash Isa. Shall I wait until 6th April before opening an investment one?

What is the cash ISA for? If you open a S&S ISA as part of opening that you can transfer in the cash ISA.

Try to keep things as simple as possible. Have just the accounts you need.

Have you hit your £20k limit this tax year? If yes, then wait until 6 April. If no, you can open it now with any amount between what you have in the cash isa and a maximum of £20k.

Up to you. if you haven't used the full 20,000 you can. If you want to move the cash from the cash isa onto a s&s isa then do this as a transfer by contacting the new provider. DO NOT WITHDRAW the money from the cash isa and then pay it into the S&S isa.

Thank you both very much.

If you have money you want to invest now, you'd be best opening your S&S ISA before the end of the tax year, because you can put money in this year and then you get a new allowance to use next year.

I'm a bit confused as well by all the different Isa's. I opened a 2 year fixed rate Isa in August and put £20000 in as it was paying just under 3%.
Can I open another Isa for this tax year?

You can only invest a total of £20000 in an ISA in each tax year.

The new tax year starts 6 April.

ISAs should ideally be considered long term investments as, if you withdraw funds, you cannot replace them later.

Stocks and shares invariably perform better in the long term, say 5-10 years or more.

The easiest way to own S&S is via a unit linked fund.

Most managed funds do not outperform index funds.

There are different index funds that track different indices - UK, Europe, US etc.

All funds have charges, but Vanguard funds are generally cheapest.

The Vanguard website has a lot of useful information about investing.

@Yellowshirt you will have to wait till after 5 April to open another one, it’s £20,000 per year.

@Mindymomo . Thankyou for clearing that up for me. I would probably of been better going for a 1 year fixed rate then really.

That doesn‘t come into it. There is no limit to how much you can have in ISAs. The annual limit is the amount you put in. For this tax year you have already used up your allowance. On 6th April you get a new £20k allowance.