Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Searle15
    • By Searle15 5th Feb 18, 5:17 PM
    • 2Posts
    • 0Thanks
    Searle15
    Where to put my money?
    • #1
    • 5th Feb 18, 5:17 PM
    Where to put my money? 5th Feb 18 at 5:17 PM
    Hello

    Iím fairly new to this forum and would appreciate any help with my query.

    I am a little confused as where to put my money. I have already put £18,000 into a savings account as I believe this is the maximum I can put in before I get taxed.
    I was wondering whether an isa would be the next best place?

    Any help would be great.
Page 1
    • ColdIron
    • By ColdIron 5th Feb 18, 5:34 PM
    • 3,839 Posts
    • 4,731 Thanks
    ColdIron
    • #2
    • 5th Feb 18, 5:34 PM
    • #2
    • 5th Feb 18, 5:34 PM
    You can put £1,000,000 or more into a savings account without being taxed. You only pay tax on interest earned and there are various allowances, the most obvious being the £1,000 Personal Savings Allowance if you are a basic rate taxpayer. This makes cash ISAs redundant for many people

    You might have a look at the Top Savings Accounts or the How to Start Saving links at the top of the page for some ideas
    • Eco Miser
    • By Eco Miser 5th Feb 18, 6:50 PM
    • 3,388 Posts
    • 3,158 Thanks
    Eco Miser
    • #3
    • 5th Feb 18, 6:50 PM
    • #3
    • 5th Feb 18, 6:50 PM
    Hello

    Iím fairly new to this forum and would appreciate any help with my query.

    I am a little confused as where to put my money. I have already put £18,000 into a savings account as I believe this is the maximum I can put in before I get taxed.
    Originally posted by Searle15
    Why do you believe that? Did someone tell you that, or did you read it somewhere? As ColdIron has said there's no limit to the amount you can hold without getting taxed (with a sufficiently low interest rate, and over £17000 allowances available in some cases).
    I was wondering whether an isa would be the next best place?
    Originally posted by Searle15
    That would certainly never be taxed (subject to legislation change) but for most people the object of the exercise is not to avoid or minimise paying tax, but to maximise their after-tax income.

    What do you want to do with your money, and when do you want it? The 'when' can make a considerable difference on how you store it meanwhile.
    Eco Miser
    Saving money for well over half a century
    • Searle15
    • By Searle15 5th Feb 18, 8:21 PM
    • 2 Posts
    • 0 Thanks
    Searle15
    • #4
    • 5th Feb 18, 8:21 PM
    • #4
    • 5th Feb 18, 8:21 PM
    Hello

    I thought I had heard it somewhere. I may have got confused with the amount of interest you can earn before it is taxed.
    Now that I have been informed otherwise I realise that an isa wouldnít make a difference! Iím just saving, not planning on using it, but donít want to lock it away just in case I need it!

    Many thanks for your help.
    • kidmugsy
    • By kidmugsy 5th Feb 18, 10:00 PM
    • 10,168 Posts
    • 6,905 Thanks
    kidmugsy
    • #5
    • 5th Feb 18, 10:00 PM
    • #5
    • 5th Feb 18, 10:00 PM
    I thought I had heard it somewhere.
    Originally posted by Searle15
    Didn't TESSAs used to have a limit of £18k for a couple i.e. 2 x £9k? Maybe that's the source of the misunderstanding but it's a long shot.
    Free the dunston one next time too.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,571Posts Today

9,196Users online

Martin's Twitter