| Cash ISA [message #390271] |
So, 21 Mai 2006 01:47 |
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Hi I have an investment ISA with Jupiter into which I pay £50 per month but
can pay up to £7000 per year. I will shortly be getting a lump sum of £8000.
Can I get a cash ISA for £3000 and put the remaining £5000 into a high
interest savings account or do I have to put it all into a high interest
savings account? I suppose the question is can I have 2 ISAs a cash ISA and
an investment ISA?
Thanks Tricia,
looking for a safe home for £8000 for 3 years.
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| Re: Cash ISA [message #390273 ] |
So, 21 Mai 2006 08:55 |
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Tricia wrote:
> Hi I have an investment ISA with Jupiter into which I pay £50 per month but
> can pay up to £7000 per year. I will shortly be getting a lump sum of £8000.
> Can I get a cash ISA for £3000 and put the remaining £5000 into a high
> interest savings account or do I have to put it all into a high interest
> savings account? I suppose the question is can I have 2 ISAs a cash ISA and
> an investment ISA?
> Thanks Tricia,
>
> looking for a safe home for £8000 for 3 years.
>
>
No.
Your Jupiter ISA seems to be a Maxi ISA, which means you can only stick
upto 7000 into there. You cannot open another ISA during this tax year.
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| Re: Cash ISA [message #390315 ] |
Mo, 22 Mai 2006 11:54 |
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You can have a cash ISA and an investment ISA in one year, but the
latter has to be a mini-ISA.
As your Jupiter ISA has (by the look of it - but it's worth checking)
been set up as a maxi-ISA, you cannot open a mini-ISA until next tax
year.
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| Re: Cash ISA [message #390322 ] |
Mo, 22 Mai 2006 12:52 |
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dtren [at] my-deja.com wrote:
> You can have a cash ISA and an investment ISA in one year, but the
> latter has to be a mini-ISA.
>
> As your Jupiter ISA has (by the look of it - but it's worth checking)
> been set up as a maxi-ISA, you cannot open a mini-ISA until next tax
> year.
It probably has, but if it's been set up to save only £50 a month,
then even with the odd unscheduled lump sum, it's unlikely to exceed
the mini limit.
I think *all* ISAs should be set up as minis by default, unless it is
anticipated from the outset that contributions will exceed the mini
limit in any year. They also ought to be freely convertible between
mini and maxi status for any year, so investors/savers don't have to
sacrifice flexibility.
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| Re: Cash ISA [message #390335 ] |
Mo, 22 Mai 2006 16:01 |
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In message <1Kgcg.73455$wl.57570 [at] text.news.blueyonder.co.uk>, Ronald
Raygun <no.spam [at] localhost.localdomain> writes
>dtren [at] my-deja.com wrote:
>
>> You can have a cash ISA and an investment ISA in one year, but the
>> latter has to be a mini-ISA.
>>
>> As your Jupiter ISA has (by the look of it - but it's worth checking)
>> been set up as a maxi-ISA, you cannot open a mini-ISA until next tax
>> year.
>
>It probably has, but if it's been set up to save only £50 a month,
>then even with the odd unscheduled lump sum, it's unlikely to exceed
>the mini limit.
>
True, but you need to select the status, i.e. Mini or Maxi, at the
outset so you could select MAXI and only put a quid in but you would
still have knackered your ability to have a mini,
>I think *all* ISAs should be set up as minis by default, unless it is
>anticipated from the outset that contributions will exceed the mini
>limit in any year. They also ought to be freely convertible between
>mini and maxi status for any year, so investors/savers don't have to
>sacrifice flexibility.
Try greeting Uncle G to agree to that!
>
--
John Boyle
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| Re: Cash ISA [message #390342 ] |
Mo, 22 Mai 2006 16:41 |
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john boyle wrote:
> In message <1Kgcg.73455$wl.57570 [at] text.news.blueyonder.co.uk>, Ronald
> Raygun <no.spam [at] localhost.localdomain> writes
>>
>>I think *all* ISAs should be set up as minis by default, unless it is
>>anticipated from the outset that contributions will exceed the mini
>>limit in any year. They also ought to be freely convertible between
>>mini and maxi status for any year, so investors/savers don't have to
>>sacrifice flexibility.
>
> Try greeting Uncle G to agree to that!
I don't understand why that should be a problem. The whole purpose of
the scheme is to encourage saving and investing, isn't it? Increasing
the scheme's flexibility will surely make the objective more achievable.
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| Re: Cash ISA [message #390370 ] |
Mo, 22 Mai 2006 23:45 |
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In message <84kcg.73555$wl.23572 [at] text.news.blueyonder.co.uk>, Ronald
Raygun <no.spam [at] localhost.localdomain> writes
>>>I think *all* ISAs should be set up as minis by default, unless it is
>>>anticipated from the outset that contributions will exceed the mini
>>>limit in any year. They also ought to be freely convertible between
>>>mini and maxi status for any year, so investors/savers don't have to
>>>sacrifice flexibility.
>>
>> Try greeting Uncle G to agree to that!
>
>I don't understand why that should be a problem. The whole purpose of
>the scheme is to encourage saving and investing, isn't it? Increasing
>the scheme's flexibility will surely make the objective more achievable.
>
Of course it will. Its the obvious and sensible thing to do. Thats why I
know that GB wont do it.
--
John Boyle
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| Re: Cash ISA [message #390376 ] |
Di, 23 Mai 2006 00:31 |
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john boyle wrote:
> In message <84kcg.73555$wl.23572 [at] text.news.blueyonder.co.uk>, Ronald
> Raygun <no.spam [at] localhost.localdomain> writes
>>
>>I don't understand why that should be a problem. The whole purpose of
>>the scheme is to encourage saving and investing, isn't it? Increasing
>>the scheme's flexibility will surely make the objective more achievable.
>
> Of course it will. Its the obvious and sensible thing to do. Thats why I
> know that GB wont do it.
So young, yet so cynical.
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| Re: Cash ISA [message #390430 ] |
Mi, 24 Mai 2006 12:17 |
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<dtren [at] my-deja.com> wrote in message
news:1148291660.406119.251600 [at] i40g2000cwc.googlegroups.com...
> You can have a cash ISA and an investment ISA in one year, but the
> latter has to be a mini-ISA.
>
> As your Jupiter ISA has (by the look of it - but it's worth checking)
> been set up as a maxi-ISA, you cannot open a mini-ISA until next tax
> year.
>
That's correct, a £3000 mini cash + a £4000 mini stocks&shares is allowed
each year
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