ISA's

[Hill Farmer]

Still need to tuck away my ISA money for this tax year. Would'nt mind parking the lot, £7,000, in cash somewhere until it's much safer to invest. Trouble is that mini ISA's only allow £3,000 cash. Any suggestions for creating a waiting cash pot? Anyone out there still waiting to put something away this tax year and how are you handling it? Thanks.

 

[shelman]

Hill
If you are thinking of a real long term, tax free, investment and i mean 5 years +, now is probably as a good a time as any but you really need to consult an IFA.
Cash is best now but i've no doubt of better returns from the stock market over the long term.
If i had 7 grand i could just forget about this is probably what i'd do and i would lean towards a quality tech fund...if thats not a contradiction in terms lol.
Regards
Steve

 

[Riz]

I think I'd do the same as Steve...wait for the destruction process to come to an end and invest in tech stocks whose quality proved during the crash..

Riz

 

[hi5]

Hill
Try Fastrade (www.fastrade.co.uk). You can put up to £7k cash in a self select ISA. 42 day rule for cash applies (ie must invest within 42 days to show intention of investing)

Dave

 

[RogerM]

Hill farmer

I agree with hi5. A self select ISA requires you to invest within 42 days, but you do not have to stay invested! I queried this with Citydeal who run my selfselect PEPs and ISAs, and they say that in practice you can sell and keep cash for up to 6 months before reinvesting. And then a short term trade of a few days before getting out again starts the 6 month period over again.

 

[Joe]

Nothing to add other than to remember that you can transfer managers but, check management costs, transaction costs and any transfer fees. Ideally check whether any of the above can be paid for outside the ISA arena thereby maximising the capital.

Regards
Joe