Last chance to invest in an ISA

Tuesday, 05 April 2011 11:00

The ISA deadline arrives in a matter of hours so if you want to save money in a tax efficient manner this tax year you need to move fast.

The ISA allowance is available each tax year but if you don’t use your allowance in any one tax year it is lost forever. As a reminder you can invest up to £5,100 into a cash ISA or £10,200 into a stocks and shares ISA or a mix of both types of ISas.

If you have left it to the last minute but want to invest this tax year most providers will need to have received cleared funds by midnight today (April 5th 2011). Some providers will accept debit or credit cards or direct transfers online. Providers may also require your National Insurance number and proof of address.

Cash ISAs

Skipton Building Society offer a cash ISA fixed at 4.5 per cent for five years on sums of £500 or more. They will accept any accounts opened up until the deadline at close of business on April 5th. This means 5pm for branches, 8pm for Skipton Direct telephone service (0845 603 4735) lines are open from 8am to 8pm, Monday to Thursday and up to 8pm online. Anything credited after these times will be treated as next year’s (2011/12) ISA allowance.

Northern Rock is also paying the same 4.5% fixed for five years on sums of £500 or more and also allows transfers in from other providers and you can open an account at a branch. They will accept applications until close of business, Tuesday 5 April 2011.

Halifax will accept new ISA applications and top-ups into existing accounts online until midnight on Tuesday. You can also open an account at a branch. Applications can also be made by phone – call 0845 850 2582 until 8pm on Tuesday.

Stocks and shares ISAs

For those who want a stocks and shares ISA, accounts offered by private client stockbrokers offer the widest choice of shares, bonds, gilts, mutual funds such as unit and investment trusts along with overseas shares and exchange traded funds.

Hargreaves Lansdown, one of the biggest ISA providers confirms that you can open an account online or on the phone at 0117 900 9000 and the telephone lines will be manned until midnight today.

If you aren’t sure what you want to invest in Hargreaves Lansdown confirms that you can transfer in the money by debit card and leave it in cash in the ISA account until you have decided where to invest. Don’t leave it there too long though as the rate of interest paid is low.

F&C Asset Management can be contacted on 0800 136 420 and their deadline fir investing in a stocks and shares ISA is 5pm, April 5th 2011.
 

Use the Myfinances.co.uk comparison tables to find the best deal on an ISA

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