ISA account-can I dump money in it and get interest, then take it out? - HotUKDeals
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ISA account-can I dump money in it and get interest, then take it out?

slackrat77 Avatar
6y, 10m agoPosted 6 years, 10 months ago
i have a halifax ISA with just £5 in it at the mo, can I dump a load in and gain any interest for the remainder of the financial year or not?
slackrat77 Avatar
6y, 10m agoPosted 6 years, 10 months ago
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#1
You can but with interest rates at a low and the short period of time it will be in you won't get much!
#2
You can dump up to £3595 in up till April 5th, but it's verly unlikely you'll get a decent interest return for such a short space of time....
#3
Stil worth putting in the money as next year you can get savings on both. I believe the best ISA out there at the mo is the First Direct/ Santandar one which offers 3.75% sign up now and you can put in the money for this year and next year in April and then get tax free savings with a decent rate of return.
#4
i think youd only get interest on the days that you had the money in there, otherwise everyone would be doing it....
#5
The benefits of an ISA is that you don't pay tax up to a limit. You can put in and take out but you can only put in a set limit in a year - so if you take it out you cannot put it back in if you have surpassed your annual limit.
#6
lanc_red
i think youd only get interest on the days that you had the money in there, otherwise everyone would be doing it....


^^ CORRECT ^^

Whatever the interest rate advertised, it would be for 1 year so divide that by 365 and x the amount of days you will have it in for a rough estimate. Not as simple as that I know but you should be left with a pretty low sum!! :thumbsup:
#7
hotdealing
Stil worth putting in the money as next year you can get savings on both. I believe the best ISA out there at the mo is the First Direct/ Santandar one which offers 3.75% sign up now and you can put in the money for this year and next year in April and then get tax free savings with a decent rate of return.


First Direct and Santander are 2 different companies ??
#8
For short term gain the bank of casino is a good option black/red doubles your money!
#9
thanks everyone
#10
civms47
You can dump up to £3595 in up till April 5th, but it's verly unlikely you'll get a decent interest return for such a short space of time....




You can now invest 10,200 tax free if you're 50 or over by the 5th April 2010 (and 7,200 if you are under 50) when you wrap it in an ISA.

If you don't take up this opportunity, then on the 6th April, your 2009/2010 tax-free savings allowance will bite the dust. And with inflation on the rise and savings rate at a record low, it's more vital than ever to protect your savings from the taxman.

Here are a range of free guides which explain everything you need to know about the new ISA rules.

Why not take a look?
#11
Inactive
First Direct and Santander are 2 different companies ??


Yep but they are both offering the same the same ISA deal.

While you only get interest on the days in the ISA, so if you fill your allowance now you will only get a few days but it means in April you can then add the allowance again if you have the spare cash to put away and then for the whole year you will get tax free savings on a larger amount.
#12
hotdealing
Yep but they are both offering the same the same ISA deal.

.


First Direct are paying 2.75% not 3.75%:whistling:
#13
Jumpingphil
You can now invest 10,200 tax free if you're 50 or over by the 5th April 2010 (and 7,200 if you are under 50) when you wrap it in an ISA.

If you don't take up this opportunity, then on the 6th April, your 2009/2010 tax-free savings allowance will bite the dust. And with inflation on the rise and savings rate at a record low, it's more vital than ever to protect your savings from the taxman.

Here are a range of free guides which explain everything you need to know about the new ISA rules.

Why not take a look?


A bit misleading. As I understand it, the over 50's can invest up to £5100 in a cash ISA by 5th April, everyone under 50 has a limit of £3600 cash. However, you can also deposit a similar value in a shares ISA, but each person can only have a maximum 1 of each, and the total (i.e. cash + shares) cannot be combined.

OP talks about £5 in his account so I'm assuming it's a cash Isa...
#14
civms47
A bit misleading. As I understand it, the over 50's can invest up to £5100 in a cash ISA by 5th April, everyone under 50 has a limit of £3600 cash. However, you can also deposit a similar value in a shares ISA, but each person can only have a maximum 1 of each, and the total (i.e. cash + shares) cannot be combined.

OP talks about £5 in his account so I'm assuming it's a cash Isa...



You could say it's misleading, but that is why I provided a link to give people some further reading.
I haven't read those brochures so I don't know what they say, but at least the link was there.

You assumed the OP was talking about cash ISAs because of the £5.00 in his account.

You could argue that your post was misleading because he could then deposit up to £3600 or £5100 into an ISA depending on his age, but you only mentioned £3600. :thumbsup:

Anyway, I should imagine people by now have got the idea.
Best to probably go searching for financial websites to get the better answers. :thumbsup:
#15
Jumpingphil
You could say it's misleading, but that is why I provided a link to give people some further reading.
I haven't read those brochures so I don't know what they say, but at least the link was there.

You assumed the OP was talking about cash ISAs because of the £5.00 in his account.

You could argue that your post was misleading because he could then deposit up to £3600 or £5100 into an ISA depending on his age, but you only mentioned £3600. :thumbsup:

Anyway, I should imagine people by now have got the idea.
Best to probably go searching for financial websites to get the better answers. :thumbsup:


Whoa there skippy, I wasn't having a go, just trying to clarify that you couldn't just put a total of £10200/£7200 in an isa.....

Some people eh?? :whistling:
#16
civms47
Whoa there skippy, I wasn't having a go, just trying to clarify that you couldn't just put a total of £10200/£7200 in an isa.....

Some people eh?? :whistling:



I wasn't having "a go" either. Hence the thumbs up signs. :-D

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