We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First ISA
mrgoggins
Posts: 15 Forumite
Have some cash to save, considering an ISA, if I take one now , for the full allowance, would I get a full years interest or just interest from march till April. Would then take another one for next year. Sorry if a stupid question , but never had savings before. thanks in advance.
0
Comments
-
You only get interest for the time the money is in an account so March till April0
-
But it would still be a good idea to use this year's allowance, so you shelter some money away from the taxman (interest) and can do it again right after 6 April.0
-
Snooping4Value wrote: »But it would still be a good idea to use this year's allowance, so you shelter some money away from the taxman (interest) and can do it again right after 6 April.
If you may want the money in the short term then there are plenty of options outside an ISA that pay substantially more interest than ISAs do so an ISA isn't the automatic best option. It is better to pay tax on 5% interest than get 1% tax free.Remember the saying: if it looks too good to be true it almost certainly is.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards