Isa

[Slogger]

I have never had an ISA but am thinking of opening one. If I open one with, say, £5000, and the maximum allowed is £15,000, can I add to it a little each month until the maximum is reached or has the total got to stay at £5,000? Thank you.

[grasscarp]

You can put in whatever you want at any time of the current year. The upper limit is your only restriction

[boxtops]

You can put in whenever you like (depending on the terms of the isa you choose - some say you need to put in monthly, others are whenever you have cash to hand). However, the limit for a CASH isa is £5940 in this financial year (see attached) - the higher limit is if you combine it with the balance in a stocks and shares isa. http://www.hl.co.uk/investment-services/isa/isa-allowance?theSource=PCGIA&;Override=1&adg=G+ISAG+ALW&gclid=CKyApruMob8CFVIPtAodbygAow

[Jomlett]

That's a great open-ending tax-free way of saving, Slogger.

[Maydup]

You are correct Slogger. From tomorrow the upper limit for a cash ISA is £15,000 and you can pay in up to that limit between now and end of tax year. Unless of course your ISA has any restrictions. Mine allows payments in the first 180 days only.

Quote: From 1 July, the allowance will rise to £15,000 and for the first time, all of it can be put in a cash New ISA (NISA), the new name for ISAs. Alternatively, you could invest the whole lot in a stocks & shares NISA.
Mix 'n' match. Split the allowance between and cash and stocks & shares NISAs - you're allowed one of each per tax year.

[boxtops]

ooh, that's new then, maydup? The isa page I looked at for my own account is stil showing the cash limit of £5960 (not that I have the odd £15K, but you never know..)

[SlackAlice]

Just found this which outlines ISA (now known as NISA) limits.

http://www.bbc.co.uk/news/business-28095508

[bhg481]

Just bear in mind that you can only pay in £15000 in any financial year. If you pay in say £10,000 and then withdraw £5000 you can still only pay in a further £5000 to bring the total to £15,000 paid in NOT a further £10,000 to bring the total in the account to £15,000.