I am a non tax payer where should I put my savings?

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welshgirlmel
welshgirlmel Posts: 557 Forumite
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Says it all really. I have a fixed ISA coming to an end, and not sure where to put the money. I have £8000 there and £7000 in another account not earning anything.

I don't have a lot of income coming in for a new current account as I notice you have to pay in a minimum of £500 a month although I maybe able to manage that by jigging around money.

Advice needed for short term savings and long term savings.
I am a non tax payer
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  • lee111s
    lee111s Posts: 2,988 Forumite
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    You can now hold up to £15000 in an isa so why not put it all in one?
  • xylophone
    xylophone Posts: 44,496 Forumite
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    She might do better to use high interest current accounts if she can get them.

    http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

    It is perfectly possible to move money in and out to satisfy minimum deposit requirements.

    She might start with a TSB Plus and a Santander 123?

    http://www.tsb.co.uk/#

    http://www.santander.co.uk/uk/current-accounts/123-current-account
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    welshgirlmel wrote: »
    I don't have a lot of income coming in for a new current account as I notice you have to pay in a minimum of £500 a month although I maybe able to manage that by jigging around money.

    That doesn't have to be new money - just pay the minimum in from another account and transfer it out again, then back in again next month and so on.
  • zygurat789
    zygurat789 Posts: 4,263 Forumite
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    lee111s wrote: »
    You can now hold up to £15000 in an isa so why not put it all in one?

    There is no limit to the amount uou can hold in an ISA. the limit £15,240 2015/16 is on the amount you may put into an ISA in one year.
    Previously this used to be a gross amount and withdrawls from the account did not reduce the amount you had paid in, now it is more flexible.
    The only thing that is constant is change.
  • molerat
    molerat Posts: 31,926 Forumite
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    edited 31 July 2015 at 11:55AM
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    welshgirlmel wrote: »
    Says it all really. I have a fixed ISA coming to an end, and not sure where to put the money. I have £8000 there and £7000 in another account not earning anything.

    I don't have a lot of income coming in for a new current account as I notice you have to pay in a minimum of £500 a month although I maybe able to manage that by jigging around money.

    Advice needed for short term savings and long term savings.
    I am a non tax payer
    Between us we have 13 current accounts with the money that used to be in ISAs, the required payments happily bouncing around between them every month and earning double the interest. If "new" money was required to fund them we would need a monthly income of £10K !
  • jennifernil
    jennifernil Posts: 5,580 Forumite
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    I am not a taxpayer either, we no longer use ISAs, we have most of our cash savings in these current accounts, other than what we have put into NS&I over 65 accounts.

    For this purpose, I have 7 sole current accounts, we have 3 joint ones, and OH has 3 sole ones

    We also use monthly savers to get rates up to 6%.

    Like others we just move the money around the accounts to satisfy requirements.
  • atush
    atush Posts: 18,730 Forumite
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    I would put cash you need int he next 5 years or so in a currnet acct paying good interest.

    I would keep any cash you dont need for 8-10 years or more in a S&S isa
  • welshgirlmel
    welshgirlmel Posts: 557 Forumite
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    Thanks for all your replies. I am thinking of the TSB or Santander current account now
  • welshgirlmel
    welshgirlmel Posts: 557 Forumite
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    I know this sounds a totally silly question but if you pay in £500 a month, with the TSB or Santander, you can take it out to another current account and pay back in the next month can't you?
  • colsten
    colsten Posts: 17,597 Forumite
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    welshgirlmel wrote: »
    I know this sounds a totally silly question but if you pay in £500 a month, with the TSB or Santander, you can take it out to another current account and pay back in the next month can't you?

    You can take money out the minute it has been paid in. These are current accounts, after all.
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