ISA's - in particular First Direct

Sep 13, 2005 4 Replies
H

Another newbie question...



I was looking at First Direct's ISA page and thought I might apply, I konw that you can put up to 3,000 in but when applying it asks for an account from which to take money to deposit in your ISA...



Do you have to pay a monthly amount into ISA's? I'd be interested in an ISA but I don't want to be forced into having to put a monthly amount in at all so wondered if you _have to_ deposit a monthly amount into ISAs or if you can just put money in whenever you want up to the max amount allowed each year.



Ta for helping out a newbie in advance.


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I

Most ISA's now link to your main current account, where the investment initially comes from and goes to when you withdraw. I had a *quick* review of the First Direct T&c's, and it seems you can put in a lump sum, and it is your choice to make regular or adhoc investments, as long as your total investment is no more than 3K during this current tax year. (Please note: this is not financial advice - just my interpretation of the facts presented on F-D's website)

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S

I have a First Direct ISA. When you set it up, you are given the option of transferring an amount each month, but you don't have to. You could bang

3,000 in it on day one if you wanted, which would take you up to your annual limit straight away, so it would be pointless paying more in each month.
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J

In message , Ian Cornish writes

No, just a few, mostly on line ones like FDs.

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A

No, it depends on the people running the ISA. I have a Legal and General Shares ISA and I opened it with a cheque.

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