ISA or regular saver?
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I notice a regular saver is a higher rate I'm I better opening a regular saver than an isa
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The term 'regular saver' normally refers to a savings account that is geared towards capped monthly contributions, typically of a few hundred pounds, over a period of usually a year. If that's what you mean, then yes, many such accounts pay better than cash ISAs and would therefore often be more suited if you're looking to drip-feed on a regular basis rather than starting with a lump sum.
On the other hand, I have seen some on here use the term more loosely, i.e. 'regular' meaning standard/normal/taxable, as opposed to an ISA.
Comparing one account with another simply on interest rates is obviously straightforward but other factors may apply - how much do you have and what options are you considering?0 -
I notice a regular saver is a higher rate I'm I better opening a regular saver than an isa
If you have neither then yes a regular saver account or current account will pay vastly higher interest than a cash ISA.Remember the saying: if it looks too good to be true it almost certainly is.0 -
The term 'regular saver' normally refers to a savings account that is geared towards capped monthly contributions, typically of a few hundred pounds, over a period of usually a year. If that's what you mean, then yes, many such accounts pay better than cash ISAs and would therefore often be more suited if you're looking to drip-feed on a regular basis rather than starting with a lump sum.
On the other hand, I have seen some on here use the term more loosely, i.e. 'regular' meaning standard/normal/taxable, as opposed to an ISA.
Comparing one account with another simply on interest rates is obviously straightforward but other factors may apply - how much do you have and what options are you considering?
I'm looking to feed an account every month, wondering about tax with regular saver.
I know someone that wants advice of where best to put over 5k?
Thanks0 -
in short, yes, tax on non-isa accounts applies0
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firely2327 wrote: »in short, yes, tax on non-isa accounts applies
Unless OP earns more than £1,000 in annual interest from non-ISA savings then there will be no tax to pay (or the limit is £500 for higher-rate taxpayers).
The introduction of the Personal Savings Allowance last year meant that cash ISAs thereby became even less competitive and relevant than before, for the vast majority, and so very few need to take tax into account when evaluating ISAs versus other types of account.0
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