just opened savings account....help!!!

elliex_2

with lloyds TSB the easy saver account but i dont know if i am losing or saving im so confused by the interest thing and being taxed can anyone help?

i dont know if i am better off keeping my money in my current account?

It all sounded goods on the phone now im so confused?

Please any advice would be good and thanks!!

Lokolo

I don't get what you're so confused about?

You get taxed on any interest you earn, be it in a savings account or current account, if you're a tax payer.

elliex_2

yeah didnt make myself clear sorry,

I was wandering if i would be just as well of leaving it in my current account as i dont have that much to save at the moment and i will be living of my savings when im travelling soon.

or is it a good thing to have a savings account?

new to this living for real thing lol

McKneff

Put any savings you have in an Easy Access Isa.
I have one with Abbey and have an ATM card for withdrawals.

With an ISA you dont pay any tax on your interest.

elliex_2

thanks for your help i have now closed the savings account its not right for me at the moment dont know why i opened it i guess he was just good at his job