Opening my first savings acccount

Vegeta · 4 November 2009 at 7:19PM

I have a question. I have opened a savings account with ING Direct.

Do ING Direct deduct the 20% basic rate of tax from the interest automatically?

Is this the norm for all savings accounts that are not tax free?

Thanks.

ses6jwg · 4 November 2009 at 7:27PM

Hi there, yes they will deduct tax automatically.

If you are a taxpayer perhaps a ISA would be a better bet for you, as no tax on those up to £3,600 or £5100 if your over 50.

rb10 · 4 November 2009 at 7:58PM

If you are not a taxpayer, then let them know and they can pay the interest without taking tax off.

To get this normally just requires either a phone call or for a form to be filled in.

Joe_Bloggs · 4 November 2009 at 8:43PM

Here is a direct gov link to the R85 form that rb10 mentioned.

Vegeta · 4 November 2009 at 11:01PM

Thanks for the info all

Vegeta · 11 November 2009 at 6:21AM

Will the official account opening date be from when they cash in the cheque I send them?

Vegeta · 12 November 2009 at 11:25PM

Vegeta wrote: »

Will the official account opening date be from when they cash in the cheque I send them?

I've heard Ing are stopping their 3.2% savings rate from the 14th so this is even more important for me to know.

Thanks.

Vegeta · 17 November 2009 at 7:06PM

Opening my first savings acccount

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