Legal and General ISA
It is a good idea to try and get the most out of your ISA allowance each year, whether you are after a Stocks & Shares ISA, Cash ISA or you are looking for both. As such you may be wondering what a Legal and General ISA could have to offer; Legal and General currently have a Stocks & Shares Product but do not offer a Cash ISA. In addition to seeing what ISAs Legal and General have however you may also want to shop around other providers to try and find the top best buy choice for the type of product you want. You can use the comparison table below to compare ISAs from different providers which might help you decide:
Legal & General Stocks and Shares ISA:
Depending on how you want to invest Legal and General offer a selection of; Index-Tracker Funds, Actively Managed funds, Multi Asset funds and Specialist Investment Funds.
Legal & General Junior Stocks and Shares ISA:
Offers a tax efficient way to save for a young person, it can be set up by an eligible child who is aged 16 or 17 or by an adult with parental responsibility for the child. When the child turns 18 it rolls over to an adult Stocks & Shares ISA and they can either operate it as well was withdraw some or all of the money.
There are two distinct types of ISA: Cash and Stocks & Shares, which differ considerably from each other. ISA rules mean that each tax year you are allowed to open a maximum of one of each type of ISA, so you can open either or both types of account each year. If you do decide to open both a Cash ISA and a Stocks and Share ISA then as your maximum ISA allowance stays the same you have to split it between the two accounts, this can be done at a ratio of your choice however e.g. 70% in a Cash Isa and the remaining 30% in a Stocks and Shares ISA.
- Cash ISAs – Are a kind of savings account, so interest accumulates on the money deposited in the account, unlike a traditional savings account however up to your maximum allowance interest is paid tax-free. There are different kinds of Cash ISAs available from various providers such as Fixed Rate and Instant Access plans.
- Stocks & Shares ISAs – Are a type of investment account that provides a ‘tax efficient wrapper’ to invest in other products like; gilts, bonds and shares. You still have to pay tax on dividends but you do not have to pay capital gains tax or income tax on profits made from share price increases within the account up to your maximum allowance.
Transferring an ISA
It is possible to transfer an ISA to another provider, which means it can be wise to occasionally shop around to see if a best buy could offer you a better deal. However when doing so consider any interest penalty you might incur from your current provider, as doing so could mean you could be worse of overall than if you stayed with your current arrangement.