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ISA questions...

Opened an ISA in May 05 - put in the full subscription allowed. Fast forward to now, just got my interest added to the account (X). I presume interest in the future on this X is also tax free, even though the toal amount is more than the maximum subscription?

The ISA is with Alliance & Leicester. Several months after it was opened, they dropped the interest rate for new customers, while keeping the higher old rate for existing subscribers. Does anyone know if I can subscribe again in April, by simply adding more to the ISA and keeping the same high rate of interest, rather than opening a new one?

Marcus

Reply to
Marcus Fox
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Bitstring , from the wonderful person Marcus Fox said

Correct. The only control is on what you put in. If the A&L decided to double it, you could have tax free interest on the doubled amount.

Yes, the A&L knows. Ask them.

Reply to
GSV Three Minds in a Can

Yes, there is no limit to how much is in your account. You can add £3000 to a mini ISA every year, plus the interest.

It seems so obvious now, but IT IS NOT CLEAR.

I had £3000 in my account for years. It is not obvious this is the YEARLY DEPOSIT LIMIT and not the total ACCOUNT BALANCE LIMIT!

I think I am financially literate but I got this wrong. Did anyone else?

Reply to
jameshamilton777

It depends what you mean by "IT" - ie who you feel is responsible. Many companies provide ISAs and there are many websites which talk about them, and they usually say something like "the maximum you can invest each year is £3000/4000/7000" (depending on the sort of ISA you're interested in).

Reply to
Poldie

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