Is it possible to get 7%+ tax free anywhere just now?

sh856531

Thanks Mike - I am a tax payer so I'll stick with the ISAs

:-)

bronzemonkey

Can those of us with money in the Barclays Tax Haven ISA take advantage of the Natwest rates? I'm sure the T&Cs said that you could not open another ISA within 12 months of opening the Barclays ISA...

Baldur

bronzemonkey wrote: »

Can those of us with money in the Barclays Tax Haven ISA take advantage of the Natwest rates? I'm sure the T&Cs said that you could not open another ISA within 12 months of opening the Barclays ISA...

A transfer is not 'opening' a new ISA, it's simply transferring your Cash ISA funds to a different provider - see Barclays Ts & Cs, section 6 re: transfer:

6. Transfer of ISA to another ISA Manager
You may request us to transfer your ISA to another ISA manager by sending us your instructions in accordance with condition 9.4. The transfer will take place within such time as you have stipulated to us, subject to any reasonable period up to 30 days to enable the practical implementation of your instructions.

stagey_2

Mikeyorks wrote: »

As earlier replies - yes they're taxable. Hence why I said you needed 7.8% to effectively get the same return, as on your current ISA, on a taxable account.

But that assumes you're a taxpayer - which you haven't said?

You can do better - and tax free ('ish) - if you use your Capital Gains allowance. But that means investing - as opposed to saving - and it's a mite risky at the moment (although saving has also had it's moments!). I put £7200 into my wife's ISA in the form of funds just a few weeks ago when I judged the financial markets were at least close to bottoming out! Several of the funds are 35%+ down ....... so I won't give you any advice in that direction!

If you pay at least 20% tax - stick with an ISA. If you don't pay tax and are unlikely to in the minimum next 12 months ...... consider one of the term deposits at 7%+

HSBC are offering a savings account at 8% from 1/12 if you hold a new current account with them - won't take lump sum tho' - so I'm thinking of putting £250 p mth into that instead of the tracker mortgage at 5.24% (and reducing me thinks!)