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ISA or Savings Rate?
katskorner
Posts: 2,973 Forumite
Hi.
Would I be better off if I took £4000 of savings from a savings account paying 6.05%, or £3000 from an ISA paying 5.6% and £1000 from an account paying 6.05%?
Would I be better off if I took £4000 of savings from a savings account paying 6.05%, or £3000 from an ISA paying 5.6% and £1000 from an account paying 6.05%?
3 kids(DS1 6 Nov, DS2 8 Feb, DS3 24 Dec) a hubby and two cats - I love to save every penny I can!
:beer:
:beer:
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Comments
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Always avoid, if at all possible, removing cash from an ISA. Once removed from the tax-free shelter it can never be replaced.
The long-term benefits of the ISA should be kept.0 -
Depends if you're a tax-payer or are likely to be one at any time. If you pay basic-rate tax, the 6.05% savings account returns 4.84% (if higher-rate, only 3.63%) - the ISA gets you 5.6% whatever your status.0
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Ok thanks. I thought I would be better taking it from the higher rate account. I will not pay tax this year but I might next.3 kids(DS1 6 Nov, DS2 8 Feb, DS3 24 Dec) a hubby and two cats - I love to save every penny I can!
:beer:0
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