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Advice on tax free savings
r-shar
Posts: 23 Forumite
I have 10K to invest for long term low risk return. I am a higher rate tax payer so can't leave it in a standard savings account. I have taken out mini cash isa with NS&I and have seen they offer 3 or 5 year savings certificates. Would this be a good safe home for my cash?
Ta lots for any help.
Ta lots for any help.
0
Comments
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The NS&I savings certificates take some beating for HR tax payers even if the rate of inflation drops, with the added flexible advantage that you can cash in after 12 months and still achive a good rate of interest.
The certificates must be kept for at least 12 months to earn interest.
As an example RPI could fall to 2% (currently 4.3% I think) and a HR taxpayer would still earn the GROSS equivalent of 5.25% ( 100/60 * 3.15).'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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