isa's and benefits

east_coast_diki

is it worth getting an ISA if i'm claiming bennefit, as i thought they were for only people that pay taxes. short and simple really..... thankyou

gkerr4

i guess it depends on whether you think you will always be on benefit, or whether you think you may return to work at some point and become a tax payer again.

if the former, then probably not much point, but do ensure you register to receive your interest 'gross' from the savings account.

if the latter, then yes, it is good practice to put it in a tax-efficient shelter.

east_coast_diki

i do have a lung disorder 60 last birthday but my intentions are to work againe running an online buisiness just going through the motions now, been using forums with great insight to import and dealing overseaas, but you have to be so carefull and do your home work, so many scammers out there, the only reason i asked about isa's is that i have about £2800.00 sitting in a savings account earning nothing really, but i was told that isa's are not any good for me because i'm not a tax payer ? other than that i will just sort another savings account with better returns, thanks for your input

innovate

You could look at Regular Savers if you can afford to lock your money up for a year.

You'll find the best currently available ones at the beginning of this thread: https://forums.moneysavingexpert.com/discussion/608697

Apart from a couple of Regular Savers, there are no savings accounts that pay any better interest than ISAs. Just alone for that reason it is a good idea to save into a cash ISA. If you are likely to become a tax payer again at some stage, then that's double reason. Best ISAs: https://forums.moneysavingexpert.com/discussion/401374

If you opt for a non-ISA for now, fill in an R85 form so you get your interest without tax deduction.

east_coast_diki

thanks for the info i tried sorting out isa with Coventry @2.6% when all through the online forms and at the end it says to print of thr form signe it and send it back ect, so i got a funny feling that i will not get an isa for this year ending, but i can re look after the week end and sort one for 2013-2014 its my fault i should of been abit moor on the ball, thanks to every one for there wisdom, Dickie

badger09

east_coast_diki wrote: »

thanks for the info i tried sorting out isa with Coventry @2.6% when all through the online forms and at the end it says to print of thr form signe it and send it back ect, so i got a funny feling that i will not get an isa for this year ending, but i can re look after the week end and sort one for 2013-2014 its my fault i should of been abit moor on the ball, thanks to every one for there wisdom, Dickie

You had left it a bit late for this year, but don't worry. You can still use the Coventry ISA for 2013/14 .