17 ISA Mistakes You Need to Avoid

I have 17 common mistakes, tips, tricks, and hacks that can help you get the most out of your ISAs.
All resources mentioned in the video are listed below.

The brokers I use: 📈
Trading 212
If you do not get your free share after depositing £1. Use promo code DAMIEN, you will find it in the section with the three lines in the bottom right corner of the app.

InvestEngine
Get a Welcome Bonus of up to £50 when you invest at least £100 with InvestEngine

Vanguard
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All the links from the video:

APS

The wrong types of ISAs

How many ISAs

Flexible ISAs

I use trading 212 for both flexible cash and stocks and shares ISAs
Trading 212
If you do not get your free share after depositing £1. Use promo code DAMIEN, you will find it in the section with the three lines in the bottom right corner of the app.

Here is more information on them

What if you exceed the allowance?

Telephone:
0300 200 3300
Outside UK:
[phone]
I thought i could find an email but see this

Share lending.

W8Ben Forms

Tax inside of an ISA

LISA 4k allowance

ISA transfers

JISA

British ISA

Timestamps
00:00 - Big list
00:14 - APS
01:09 - Use them
02:57 - The wrong ISA
06:32 - Government mistake
07:43 - How many can you have?
09:01 - Flexible ISA
10:14 - Exceeding the allowance
11:01 - Share lending
11:24 - W8ben forms
11:54 - ISAs are not tax free
12:58 - LISA allowance
13:23 - Transfer
13:31 - Junior ISA
15:34 - British ISA

[wedgtable]

Exceeding the 20k allowance is a nice problem that I don't think I'll ever experience 🤣🤣

[DanRobards]

Down 6% is a hell of a lot better than a lot of the adults I know who attempt stock picking! Good on him!

[EmilyCrofts]

I've followed you quietly for ages, but you have educated me so much and your videos have been a huge part in my finance journey. So thank you so much! I'm trying to introduce the topic of money to my 9 year old- and absolutely love the idea of him having his own pie on my T212 account- I'm definitely going to do this with him. Huge thanks Damien- you are a wonderful human!

[mcgamer]

I pay some into my isa, £25 into my ISA and £50 into my LISA. Currently paying off some debts so I'll be increasing both to £100 after the new year if all goes well and then after I am done with the LISA I'll contribute atleast £200 a month into the ISA and increase it every year. I'm 24. I started these ISA's a couple months ago, trying to make sure my future is more secure

[nmtbhtp]

I had no idea that my t212 isa was flexible. This just made my week!

[alexchiles]

Damien mate, Your explanations are top tier! Cheers for everything !

[BitcoinStoic]

ISA>SIPP. The freedom of an ISA is a highly underrated advantage over a pension. I have a feeling pensions will almost certainly be violated by government before I hit my retirement age

[Andy-iipj]

These videos with the examples are brilliant even for investors with years of experience. Great work

[enijar]

I like the idea of teaching investment to your son, that's very smart

[guyr]

At 64, how I wish I could go back 20 years and educate myself financially. A pity we did not have you tube etc then to bring some simple illustrations of what to do to help build for a better future.
Luckily in my last ten working years I was able to compensate for some mistakes in the past.
While it is good to illustrate and show investment options there are many as you will know Damien, for who there is no money left at the end of the month for investments. By the time mortgage/rent, council tax, fuel and other bills are paid the pot is empty.

[WendyFTBC]

The LISA threshold of £450k was set in April 2017 and hasn't been changed since.

A £450k house in 2017 would now cost £582k in today's money, based on the house price index. Meaning a huge chunk of a FTBs purchasing power has been eroded.

[tryingtoswimcyclerun]

One caveat to being able to pay into multiple ISAs now is that not all providers necessary allow this so you need to carefully check the isa declaration as some still say you are restricted to only paying into the one isa. I queried this with the provider and they said they were aware of the rule change but that they were not signing up to it at this stage. Worth checking before you commit

[andrewmclintock]

Probably the best explainer video on ISA’s I’ve seen, cheers Damo

[ModernMoneyTalk]

Good to see that there is content telling people what mistakes to avoid, the ISA is great but they have definitely become more and more complicated. Thanks for the video!

[davidwalsh]

Great tip on APS did not know about that, cheers 🍻

[victoriab]

Another positive on the junior isa for kids is that when they turn 18 and get access, they don’t just see a pot of money, they see something that looks complicated and kind of scary to someone with little experience. It was this that made me initially not really touch my ISA until I’d learnt more about investing - so having a stocks and shares ISA both meant that I didn’t splurge the money my parents had saved, and encouraged me to learn about investing and finance generally.

[RowanJones-lpiu]

Cleared up a lot of my questions. Saved me so much time boshhhh

[lewisedwards]

Could you do a video on best pension funds for people in mid 30s? Or best funds for 20s 30s 40s?

[lukekrievs]

Great advice as usual Damien, thanks again mate

[truthseeker]

One point about Stocks and Shares ISA's. For those that pick their stocks or funds, some funds can end up frozen as in the case of investment into say Russia. Returns are also highly related to the quality of the stocks and shares which make it up. Cash ISA's (fixed) pay a return that is clear for a period you can control. However, as interest rates come down the return is likely to become less and less. Always enjoy your content