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ISA what type to select

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26.02.2001

Advantages:
investment tax - free

Disadvantages:
limitations

Recommendable Yes:

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15 Ciao members have rated this review on average: very helpful See ratings
very helpful by (96%):
  1. rowei
  2. SirLink
  3. Jeser
and 23 other members
helpful by (4%):
  1. RajPatel

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ISA is an Individual Savings Account. You could ask:” So every account is individual anyway, what is so special that people keep talking about it?” Well, it is tax-free, and if you’re resident in UK and your age is 18 or above you are allowed to have one.

There are three different kinds of ISAs that you can pick and choose, equities, cash, or insurance. The advantage in have an ISA is that you get all the interest tax free, which normally you wouldn’t. Now let’s clarify, I said previously that there are three different kinds of ISAs, that’s correct, but they are divided in Maxi ISA or Mini ISA and in both cases the maximum amount permitted to invest is £7.000 pounds.

When you invest in Maxi the maximum amount that you can invest is £7.000 pounds, we are talking in investment so you could ask:” What sort of investment is the Maxi ISA?” Good question! They are shares, bonds. The limit to invest in shares is £7.000, but you can still invest the limit of £3.000 pounds tax-free in cash (savings) or £1.000 pounds in insurance (health, life). You cannot invest more than the limit, so when your money start to grow and goes up to the limit you have no choice than relocate part of it to not exceed the limit, that’s why for those who would like to invest a lot of money when it is the case the money have to be relocated or to savings or to insurance, all tax-free, don’t forget.

When you invest in Mini the maximum amount that you can invest is £7.000 pounds, but £3.000 pounds for shares, £3.000 pounds for cash (savings), £1.000 pounds for (insurance). You can start an ISA account with only £1 pound, but the best of all is the one that you have to commit yourself putting some effort into it and make a monthly deposit of £30 or £50 pounds, because your money will grow, and if you considerate the fact of a long term savings, you would probably be ending with a lump sum to by your new car, revamp the house, or…I am sure you will think of something, but leave some money in the account to grow thinking of the future. Basically all is about the most wanted money, the circle of trust and savings, with good rates, but the rates may vary according to each bank.

The are some places that charge you for the investment up front so, would be nice if you ask before disappointments happen, but generally is a good thing to do. There are some bank’s websites that sells ISAs online, you can just transfer from your account, or even you could have a look in where you have your bank account, ask for the rates, fees, etc… You will be well of !!! Now if you are convinced and need more info about it, please do not hesitate to go to www.halifax.co.uk


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Comments about this review »

Jeser 13.11.2003 01:35

Great concise op. I recently took out a fixed rate ISA with Halifax that offers 5% p.a fixed for 5 years. Take care.

CareBear 27.02.2001 19:28

This is a fantastic opinion and really shows that language is not a problem... keep writing.

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Review Ratings »

This review of Halifax Accounts has been rated:

"very helpful" by (96%):

  1. rowei
  2. SirLink
  3. Jeser

and 23 other members

"helpful" by (4%):

  1. RajPatel

The overall rating of a review is different from a simple average of all individual ratings.



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