where to save if i don't pay tax?

qaz

hi

anyone know if martin did an article suggesting where to save if u don't pay tax?

have read anbout isa's but as i dont pay tax anyway could i do better?

ta
qaz

Lokolo

You don't pay tax now, but may you pay tax in the future?

Mandelbrot

For most savings accounts, there will be an opportunity to have interest paid Gross, rather than Net of tax. Some require a form to be completed, others simply need you to confirm your status.

So you should decide what savings account is right for you, based on the usual criteria of interest rate, standard of service, type of access required, etc and having decided that, ask about that bank's procedure for paying interest without tax being deducted.

qaz

Mandelbrot wrote: »

For most savings accounts, there will be an opportunity to have interest paid Gross, rather than Net of tax. Some require a form to be completed, others simply need you to confirm your status.

So you should decide what savings account is right for you, based on the usual criteria of interest rate, standard of service, type of access required, etc and having decided that, ask about that bank's procedure for paying interest without tax being deducted.

thanx, that sounds reasonable, as i haven't looked around yet are there generally any savings accts paying more that isa accts at about 3.7 pc. where would i look online for such things?

Linton

For the highest bank gross interest rates you need a fixed term deposit account. You will not be able to access the money for say 3 years (some accounts allow limited withdrawals but typically at the cost of 180 days interest) but you should get interest of over 4%.

qaz

so what might be the highest interest rate obtainable if i dont want to lock it away for more than 6 months

qaz

does anyone know where i can get the highest interest rate for about £6000 if i don't want to lock it away for more than 6 months, ive already looked at building societies

dzug1

The weekend papers (the better ones anyway) have a table of best buys for different sorts of account

For a branch account try Northern Rock or Virgin Money (same company actually)

opinions4u

qaz wrote: »

does anyone know where i can get the highest interest rate for about £6000 if i don't want to lock it away for more than 6 months, ive already looked at building societies

The links at the top of the thread will give you a fine starting point.

xylophone

http://moneyfacts.co.uk/compare/savings/accounts/search/

qaz

hi
tryed the link as suggested
can anyone explain this to me pls, from the regular savings accts page ,the part i dont get is underlined

ta

gThe maximum balance allowed increases monthly by £300, so if you only deposit £100 in month one, you could deposit £500 in month two (as the allowed max balance then will be £600). Technically, in the final month, you could deposit the full £3,600 minus the amounts you've already put in, though you'd miss a lot of the benefit this way as interest accrues daily on the balance at the time.