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Anyone know about ISA's?

josie, 17 April, 2008 at 15:36 Posted on Off Topic Posts 0 4

I am looking at opening an ISA as I am getting a puppy and although I am going to insure it I want to open an ISA so I have some 'emergency money'.
I cant open the ICA with alot of money, probably £20 and I can put in around £20 a month. I was looking at this one
http://www.alliance-leicester.co.uk/savings/index.asp?page=direct-isa&ct=calcresults

do you think its ok?

4 replies

Latest activity by AllyDrew, 17 April, 2008 at 16:32
  • A
    Beginner August 2007
    alison76 ·
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    That is one of the market leaders for ISAs so yes - go with it.

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  • J
    josie ·
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    This might be a stupid question but if I decide I want to cancel the ISA say next Febraury can I just go into a branch and cancel it and withdraw the money or doesnt it work like that?

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  • V
    Beginner June 2004
    very excited ·
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    Hi, it is like a normal savings account in as much as you can have the cash when you want (interest penalties may apply if say you have a fixed rated for a fixed period of time).

    moneysavingexpert.co.uk has a good article and a top ISA list

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  • A
    Beginner August 2007
    alison76 ·
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    quote:Originally posted by josie
    This might be a stupid question but if I decide I want to cancel the ISA say next Febraury can I just go into a branch and cancel it and withdraw the money or doesnt it work like that?
    id="quote">

    Yes and there are no penalties for withdrawl with A&L. It's an instant access ISA.

    You can pay in up to £3600 total before 5th April next year. And the interest is all tax free.
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  • AllyDrew
    Beginner May 2007
    AllyDrew ·
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    quote:Originally posted by josie
    This might be a stupid question but if I decide I want to cancel the ISA say next Febraury can I just go into a branch and cancel it and withdraw the money or doesnt it work like that?
    id="quote">

    It's a Direct ISA no a branch-based account, so you can't actually go into a branch to close it. Well, you could, but you'd be directed to the customer phone to call the savings department.

    You can open the account at branch, or on the internet. You can make the first deposit at branch within 1 weeks of opening. Any further withdrawals or deposits have to be made via internet or phone banking (both are v easy to use) and the funds will be transferred to/from your nominated current account,the details of which you'll give when opening the account. if you actually want to close the account, you just call the savings dept (you'll get all the necessary numbers through in the post when you open the account) and they'll calculate your closing interest and transfer it, and the balance of the account to your nominated current account.

    It's not as complicated as it sounds, honest. It's one of the most popular accounts we have...
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