The Money Thread...

[Dowbocop]

Brother in law suggested my wife and I get a Lifetime ISA before we hit 40 in a couple of years. We've already got a mortgage so would be entirely for retirement planning to supplement our NHS pensions. I'm not averse to the idea of a stocks and shares product.

Any recommendations?

You just want a low cost index tracker. I use Vanguard Global All Cap and my kids have got the HSBC version.

https://monevator.com/low-cost-index-trackers/

I would suggest it's too late for you to make the most of a LISA, as I think there's an age limit which stops you adding funds to it. Not 100% on this but I seem to remember there was a reason I didn't open one because I was already a home owner.

Have a look at Stocks and Shares ISAs which will be the same fund but you'll have the advantage of being able to sell it all if there's an emergency.

The age limit is 40 to open it but then you still get the 25% bonus off the gummint on deposits until you're 60 - that's what I read anyway.

EDIT: I stand corrected, open by 40, deposit until 50, withdraw after 60.

[Curls]

Hello.

I have a Cash ISA with moneybox I opened last August. It's sat maxed out but the payout for interest is annual, so I'll get it this august.

I'd like to open a Plum or Chip one for 24-25 year as they have better interest.

Does anyone know if I'll be able to merge my 23-24 ISA(money box) with it later down the line, as i don't want to remove from there yet until the interest has been paid?

Not sure how it works....I may just end up with two separate ISAs but I'd rather have it all in one place with the best interest.

[Tomous]

Hello.

I have a Cash ISA with moneybox I opened last August. It's sat maxed out but the payout for interest is annual, so I'll get it this august.

I'd like to open a Plum or Chip one for 24-25 year as they have better interest.

Does anyone know if I'll be able to merge my 23-24 ISA(money box) with it later down the line, as i don't want to remove from there yet until the interest has been paid?

Not sure how it works....I may just end up with two separate ISAs but I'd rather have it all in one place with the best interest.

You can transfer money between ISAs at any time and it doesn't count towards your annual allowance. So yes you'd be able to transfer the money in your money box ISA into your Plum/Chip ISA.

Probably ges without saying but if you do decide to do this, don't withdraw the money yourself (as you'll lose the tax saving and it will count towards your allowance!), the provider of the ISA you want to transfer to will have a mechanism for arranging everything, so go through them.

[Curls]

Thanks Tom-ous.

[Tomous]

No problem Curls-san.

[rinks]

But check first - some ISAs don't allow transfers in, or only allow them for a limited period from the account opening. (Usually applies to fixed-rate accounts.)

[Oblomov Boblomov]

Just renewed my car insurance. £65 more expensive than last year even with doing the full MSE tactic of shopping around during the sweet spot.

Pretty sure this is the first year it's gone up instead of down.

[Tomous]

Just renewed my car insurance. £65 more expensive than last year even with doing the full MSE tactic of shopping around during the sweet spot.

Pretty sure this is the first year it's gone up instead of down.

I'd take a £65 increase as a win to be honest

[Knoyleo]

Yeah, £65 is pretty soft as an increase.

Our home insurance renewal came through at £130 extra on last year, and the best I've managed elsewhere by shopping around is still an £80 increase (even with the same underwriter )