Barclays savings or a cash Isa

spotcat33

Hi super savers ,im in dire need of some sound financial advice here as i feel like i dont know where to put my money. I currently have £5100 invested in a Barclays more for more savings account,i dont know if i will get taxed on it or no ? can anybody advise me on this as i am thinking of withdrawing the money and putting it in a cash isa, as i also have money spread around other financial institutions .Any advice greatly apreciated as i aint getting robbed by the taxman again! advice like who is giving the best interest rates e.t.c. thanks supersavers Spotcat33

Lokolo

If the savings account is not an ISA then the interest you are getting is taxed 20% (if you are a normal tax payer).

Inside an ISA, the interest earnt won't be taxed at all.

You can put £5,100 in an ISA from now until April 5th. From April 6th you can put a further £5,340 in a Cash ISA.

spotcat33

Thanks Lokolo ,your a superstar!. could you maybe advise me who is giving the best deals on ISA accounts just now so i can hide it away from the greedy taxmans coffers,i will be investing £5000 before the 5th april cheers Topcat33

Lokolo

http://forums.moneysavingexpert.com/showpost.php?p=4603369&postcount=1

The best ISAs available are there. The top 2 sections are the ones you want.