Wedding Forum - ISA's - help needed!!...

the limit is the same each year. you will need to open another one x

An ISA limit is about £5000 per annum unless you have a different arrangement with your bank it run from the end of tax year 5 April.. So you will get a new limited in a months time xx

yeah I had this problem. you just have to wait till april and put it in then, or open another isa.

But make sure if you open another ISA that it's not one of those where they wont let you withdraw money for 5 years.

they have amazing interest rates - but if you need your money you're stuck because you cant get to it.

If I had money I knew i could afford not to have for a few years i would 100% put them into a high interest account - but i cant imagine if something happened and i needed the money then and there but couldnt get to it I would be soooo annoyed!

thanks girls. I have an old savings account i can maybe transfer the money into to keep it away from me until april!

hope this helps a bit
Money may be withdrawn at any time without losing tax benefits.

Providing you've picked an easy access ISA you can withdraw the money whenever you want just like a normal savings account, the key thing to remember though is once the money's withdrawn, it can't be returned.

An example should help... say you save £4,000 that leaves you £1,100 left to put in. then two months later, still in the same tax year, you take out £2,000 you can still ONLY put £1,100 back in.
You get a new ISA allowance each tax year.

Each tax year (6 April until the next April 5) everyone aged 16 or over gets a new cash ISA allowance but if you don't use it, you lose it.

This means literally once that years closed you cannot put another penny in that specific cash ISA - so if you put in nothing in the 2009-10 year that's it its gone. If you put £2,000 in even though that year's maximum was £3,600 - the year is closed you can't now top it up.

Yet if you do put the cash in in-time, you can keep it in there, tax-free for as long as you like.

And as soon as the new tax year starts on the next 6 you can put a whole new year's allowance in - and from April 2010 this is £5,100.
You can have lots of ISAs but only from different years.

The golden rule is you can only open a cash ISA with one provider in a tax year you can't split it. However you can hold lots of different cash ISAs from different years with different providers.

So if you opened a cash ISA with Barclays two years ago, you don't need stick with it for this years cash ISA you can choose whomever the top payer is.
If you've got ISAs from past years - you can transfer to up the rate

ISA providers love us to think once our money's in, its a done deal. This is wrong, you have a right to transfer past years cash ISAs to the new best buys - and if you've got serious cash saved in them, this can make a massive difference.

For full pros and cons on this, and which top paying cash ISAs allow you to transfer see the full cash ISA transfers guide.

If ur h2b hasn't got an ISA for this tax yr then get him to open one up it's a better interest rate than any other instant acres savings every penny helps u can then each set urselves up as 3rd parties on each others ISA so that u both have the authority to draw out of each others if ever u need to pay for wedding bits its not as complicated as it sounds u just each need to sign a form to set that authority up anyone in th bank can do this for u!