Is an ISA good for a non-taxpayer?

Mikeyorks

meanmachine wrote:

Sorry, but aren't these regular saver accounts tied to a current account? And isn't it a clause that you have to pay your salary into the current account each month?

Is there a regular saver that doesn't have this current account strong attached?

The OP quote referenced 7% - which means the Halifax Reg Saver. The T&Cs for this indicate it needs to be financed from a current account.

But the Halifax system hasn't read the T&Cs - and several threads on here have indicated that you can fund the Regular Saver direct from a (Halifax) savings account. Which is how mine is currently being funded.

So the essential answer is - the Reg Saver under discussion is not tied to a current account

Mikeyorks

twr18 wrote:

If I can only fill one ISA between now and 2009 then there is no point in me opening one now. I might as well make the most of a regular saver and open an ISA when I can fill more than one.

I think - for your circumstances - that's spot on.

richgirl

ISA's are good for both tax payers and none tax payers, as you never know, one day you may become a tax payer Its a case of use your ISA allowance or lose it for ever.

twr18

richgirl wrote:

ISA's are good for both tax payers and none tax payers, as you never know, one day you may become a tax payer Its a case of use your ISA allowance or lose it for ever.

Although as we've just discussed - its not right for me, and for anyone else in my situation.

Barter

If you're a non-taxpayer, can't you sign the IR form & get your regular saver interest gross?

twr18

Yes - its an R85.