Should I open another ISA today, before the end of this financial year?

[ChimpMaster]

I just had a look at my personal bank account, and I could just about stretch to opening a funds ISA, if I took a small (£3k) short-term loan from my company. I did have enough in there until recently when my spread betting losses mounted up

Opening an ISA would leave me with nothing to spend in my personal account, unless I withdrew more cash from the business account (which I don't want to do).

I don't like missing out on a year's tax free opportunity, but I'm feeling that I'd rather keep the money free and feel rich for a while, and just spend it ...or gamble it

I used to be a big advocate of ISAs and have a few years worth invested in various funds (China, Special Situations etc) but the returns now are abysmal and I'm feeling that I want to enjoy the money now instead of in 20 years' time.

In addition I reckon the stock markets are in for a serious tumble.

What say you, oh well heeled investment gurus?

[Gonzo]

The tax advantages of the schemes now are nowhere near as good as they used to be. Blame Gordon for that.

So missing out on one year's stocks investment allowance is not going to make a huge amount of difference compared with investing the money in the stockmarket outside of an ISA if you want to make up the difference later.

If you have the money spare and you are going to invest anyway then obviously it is better to put the money in an ISA.

If you intend spending the money it is not worth taking on debt just to ensure that you have used the ISA allowance, IMO.

DISCLAIMER: I am not qualified to give this advice, neither am I authorised to charge you for giving it. Past performance is not necessarily a guide to future performance. The value of your investment and the income from it can go up as well as down.

[MarillionFan]

I ensure that I use up my cash ISA every year without fail. I do mine just after the 5th maxing out for myself & the wife. I take the highest interest rate on offer each year, quite happy to lock it for 3-5 years at a time. If needs be I'll have the interest paid to the wife as a form of tax free income.

I don't bother with Share ISAs as I prefer to trade own my own to my capital gains allowance(and if opportunity arises the wifes).

[EternalOptimist]

I just had a look at my personal bank account, and I could just about stretch to opening a funds ISA, if I took a small (£3k) short-term loan from my company. I did have enough in there until recently when my spread betting losses mounted up

Opening an ISA would leave me with nothing to spend in my personal account, unless I withdrew more cash from the business account (which I don't want to do).

I don't like missing out on a year's tax free opportunity, but I'm feeling that I'd rather keep the money free and feel rich for a while, and just spend it ...or gamble it

I used to be a big advocate of ISAs and have a few years worth invested in various funds (China, Special Situations etc) but the returns now are abysmal and I'm feeling that I want to enjoy the money now instead of in 20 years' time.

In addition I reckon the stock markets are in for a serious tumble.

What say you, oh well heeled investment gurus?

Yep, I havnt saved for a couple of years because of uncertainty. so my warchest has built up massively at 0%, but I went into RBS last week and transferred my Santander 0.1% cash ias to a new 3 year fixed cash isa at 4.2 %

then I stuck 5k into it, and then another 5k tomorrow

Just a few more years and it will be as good as a small pension, plus the captital will belong to me (and mine when I snuff it)

[gingerjedi]

I'm a complete noob when it comes to ISA's so forgive my daft question.

Can you contribute to the same ISA year on year up to the limit or do you need to open a new one every year?

[EternalOptimist]

I'm a complete noob when it comes to ISA's so forgive my daft question.

Can you contribute to the same ISA year on year up to the limit or do you need to open a new one every year?

I use the same one , mrs eo opens a new one (for the good deals) every year

she is left with an administrative nightmare, and bitterly regrets it.

If you go for a fixed term isa (like I just have) you cant pay any more into it (so I will be left with a dilemma this time next year)

[pmeswani]

I just had a look at my personal bank account, and I could just about stretch to opening a funds ISA, if I took a small (£3k) short-term loan from my company. I did have enough in there until recently when my spread betting losses mounted up

Opening an ISA would leave me with nothing to spend in my personal account, unless I withdrew more cash from the business account (which I don't want to do).

I don't like missing out on a year's tax free opportunity, but I'm feeling that I'd rather keep the money free and feel rich for a while, and just spend it ...or gamble it

I used to be a big advocate of ISAs and have a few years worth invested in various funds (China, Special Situations etc) but the returns now are abysmal and I'm feeling that I want to enjoy the money now instead of in 20 years' time.

In addition I reckon the stock markets are in for a serious tumble.

What say you, oh well heeled investment gurus?

If you open a Hargreaves Lansdown account and place your hard earned cash in their ISA product, you can earn a loyalty bonus each month. Over the past 3 months, I have accumulated 110 pounds in Loyalty Bonus, or 180 pounds since January. Not a huge amount in the big scheme of things, but good enough to bring a small income from my ISA investments. It's up to you how you splash your cash, but if you want to save, it could be an option.

[Gonzo]

I use the same one , mrs eo opens a new one (for the good deals) every year

she is left with an administrative nightmare, and bitterly regrets it.

If you go for a fixed term isa (like I just have) you cant pay any more into it (so I will be left with a dilemma this time next year)

It should be relatively stright-forward to transfer them from one provider to another so that they can be amalgamated at a later date if you want.

[Waldorf]

I never bother with cash ISA's but I do fully use my shares ISA - I use this for my retirement fund, better than pensions in my view, I go for good steady income and growth funds and overall they have done ok.

I leave the income inside the ISA to roll up the overall fund value.

I always invest at the start of the tax year in a lump sum rather than rushing to do it at the end of the tax year.

[MarillionFan]

I'm a complete noob when it comes to ISA's so forgive my daft question.

Can you contribute to the same ISA year on year up to the limit or do you need to open a new one every year?

For most parts no. It's a bit of a pain, but you can just keeping with the same company. Unless you have a yearly ISA and roll it to a new ISA each year and add the allowance for the present year then you'll find you land up with lots and lots all paying different interest.

Depending on your own circumstances you may not want to lock it away. Personally I see it as a tax free income/pension & presently the interest on my mortgage is 1%, and I have ISAs at 5%. Best one for now is a 5 year @ 4.5%, so I'll take that one next week.