Nope neither (that was what was happening when my son was watching bugs bunny with daffy duck).
So you don’t get caught out by Elma Fudd (G Brown) its ISA season.
Buy your Maxi share isa now for this tax year asap. Remember as soon as the tax year is over you cannot go back and invest money in a previous ISA.
Hence, my suggestion is even if you don’t have much money now, open an ISA and deposit say £1000. Then when you have more money next tax year say £7k, you can open another ISA and you will have £8k straight awaiting your instructions.
Some brokers to consider for your ISA:
Etrade –
ISA charge £2.5/mth, £8-95 per trade. But they have a special trading offer of £4.95 on for limited time. They only allow UK stocks to be traded.
Hoodless Brennan
£50 an. Mgt fee.
£7 per trade fee. Plus there is some US stocks that can be traded within it.
Self –trade
£25 mgt fee. £12.50 trading fee. Plus there is some US stocks that can be traded within it.
I can recommend this broker from experience but feel the trading fees are too high compared to the competition. Plus they have a great system of sending SMS for all account alerts. Don’t know of any other broker who offers this.
If you plan to open a maxi share isa for next tax year
Thursday, 29 March 2007
Rabbit season or Duck season??
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6 comments:
Neil,
Thanks for taking the time to do all that research for us.
Richard
I agree this has made it so much clearer to understand. Couple of questions though can you add or take money out once the Maxi ISA has been bought? Can you open for one for 5000£ or less or more instead of £7000?
Thanks
Veronica
Veronica,
yes you can open a Maxi ISA for less than 7k. But you cannot to add that tax year allowance later on. But you can add another ISA to it in new tax year.
you can take money out any time, but not allowed to put it back. If you do it will have to be with another ISA allowance.
Neilo
Thanks for your reply I have understood now, as far as I can see though one canot trade US stocks on E trade, hesitating whether to go else where in order to do that. Chuck seemed so adamant that US stocks was the way to go. Anyone else got any thoughts on this?
i would personally say trading US stocks is down to your own requirements of what suits you best. Like saying dont eat chinese food before eating indian food. If you feel confident enough JDI! If not get experience with the UK stock market. Personally i have current ISAs with many UTs/OEICS which i will keep for now. Trade in other accounts with UK stocks only. I can see money to be made within UK market. When i get more experience i will trade US but i need to fit in the time.
I agree with dilemma on using etrade for ISA - that US stocks not allowed. Whereas Hoodless and Selftrade allow some US stocks (dont know why). Selftrade is very good easy to use service, but you pay more dealing charge (i can get you a £25 bonus if you get my dad to refer you). Hoodless is recommended in various places but were involved in some miselling a few years ago:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/079.shtml
hope this helps for now.
Neil
Left it late but wold like to open an Maxi ISA although some information around the web advises not to if you are a newish trader due to fee to trade, yearly mgtmt fee and inactivity fee if you trade less than 2 x in a month.
I have the money sitting in my account could use debit card if your dad can get me a £25 discount. Given the late stage of the game my mobile is 07790376270 cheers.
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