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ISA Help and other financial questions for those much smarter than me!

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DelBoy888
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2008/05/17 14:14:07 (permalink)
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ISA Help and other financial questions for those much smarter than me!

Hi guys,

Just a quick question regarding ISAs. I have one with Halifax and have 6500 in it, used 500 of my allowance this year, I am looking ro movr my ISA to ICE save, as they are offering 6.1% compared to the 4.5% I'm getting now. Is this possible and would I be able to invest the remaining £3100 allowance I have?

I also am looking to stick 5 grand in ICEsave 1 year bond at 7.01% what is the difference between getting interest paid anually and monthly as affects the gross p.a and AER interest which I don't understand! Is there anything better I can do with this money as I'll need it in a year for a deposit for a house?
Is it worth investing into a share ISA, as I have one that has lost 200 of the 1500 I invested but if share prices are low now would it be a good time to buy?

Thanks a lot guys for any help you can give,

Del
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7 Replies Related Threads

    DaveyboyUK
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/17 16:09:31 (permalink)
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    ORIGINAL: DelBoy888

    Hi guys,

    Just a quick question regarding ISAs. I have one with Halifax and have 6500 in it, used 500 of my allowance this year, I am looking ro movr my ISA to ICE save, as they are offering 6.1% compared to the 4.5% I'm getting now. Is this possible and would I be able to invest the remaining £3100 allowance I have?


    Yes, I believe you can get the back to transfer the money from an existing cash ISA and it does not us your tax fee allowance, so you can still invest the remaining £3100. BTW Barclays are offer 6.5$ + 1% for first 12 months = 7.5%.


    I also am looking to stick 5 grand in ICEsave 1 year bond at 7.01% what is the difference between getting interest paid anually and monthly as affects the gross p.a and AER interest which I don't understand! Is there anything better I can do with this money as I'll need it in a year for a deposit for a house?


    Get some else who you trust to open another ISA. Or shop around and do the maths on the interest (including tax deductions). But on 5 grand it will only be the difference of a few hundred pounds.


    Is it worth investing into a share ISA, as I have one that has lost 200 of the 1500 I invested but if share prices are low now would it be a good time to buy?


    IMO, buying now is good long term invest. I'm pouring money into equities and commodities at the moment. But its a risk, kind of have to know hedge it. Funds through an investment ISA might be worth while if you not happy picking your securities.
    #2
    DelBoy888
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/17 16:43:12 (permalink)
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    Nice one mate, I'll move it to Barclays ISA, as only looking to keep money invested for 12 months because I'm going too use for deposit.

    I was thinking of maybe sticking in maybe £500 more into my stocks and shares ISA, I know nothing about shares or where to invest so would you advise this be the right way about it?
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    tuc biscuit
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/17 16:47:38 (permalink)
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    make sure you do it as an isa transfer and not take it all out then try and pout it all back in a different isa as you won't be able to put the full amount back in


    due to the purpose of the money (house deposit) you probably want tlow risk and easy access so the deposit type accounts (isa's) are ideal


    stocks and shares go up and down as many people find out to their detriment, so only invest in stocks what you can afford to lose


    a good website to get some knowledge on the world ofequities (stocks and shares) is www.thisismoney.com

    I wish I was more attractive like Dagless.
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    DelBoy888
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/17 18:06:27 (permalink)
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    Cheers mate, just done some more research into ICEsave and found somewhere that said to be wary because was not a UK bank and so savings didn't have same security as UK banks should they enter a Northern Rock-esque tits up. What do people reckon?
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    Wes Borland
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/17 18:39:52 (permalink)
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    ISHARES FTSE 100 Tracker may be worth a look at but I think thats maybe alonger term investment than you may be looking for.

    You buy into it lilke ordinary shares but it tracks the FTSE100.
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    DaveyboyUK
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/18 00:42:39 (permalink)
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    Yes make sure you get the bank to initate the transfer, don't do it yourself!


    ORIGINAL: Constantine

    ISHARES FTSE 100 Tracker may be worth a look at but I think thats maybe alonger term investment than you may be looking for.

    You buy into it lilke ordinary shares but it tracks the FTSE100.


    ETF's are great way for novice investers to start playing, spread it over different securities, make sure you have some equities, bond, commodities! Even for veteran investors, i still think ETF's are great, i have main of them!
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    DelBoy888
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    RE: ISA Help and other financial questions for those much smarter than me! 2008/05/18 07:45:57 (permalink)
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    Cheers for the help guys!

    I am really not sure on how to buy into this, I have been on loads of websites. I bank with Halifax - is this the right thing to look at? http://www.halifax.co.uk:80/investments/funds_uk_ftse_100_index_tracking.asp

    Cheers guys
    #8
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