Which to fill first.

mmrb

Which account gives best return;
3% but having to pay tax at standard rate
2% NISA

talexuser

3% gross at standard rate tax is x0.8 = 2.4% net.

jimjames

Have you already filled the 5% accounts?

mmrb

Cheers talexuser, I`ll remember that calc.
Just finished with Nationwide (1yr), filled 5 x TSB (4 single, one joint), any others ??

colsten

Yes, lots, all of them have threads on the forum.

planteria

are there lots more at 5%?

just a thought, but in theory using, and hanging on to, an ISA allowance may well become much more beneficial in the future. i am using my allowance for S&S, so you can't compare to cash, but either way, having a chunk of money wrapped in an ISA is a good idea.

Archi_Bald

planteria wrote: »

are there lots more at 5%?

Not 5%, but lots at 3 and 4%, which will all pay more than a cash ISA for the OP.

planteria wrote: »

having a chunk of money wrapped in an ISA is a good idea.

this needs qualifying.

If the total savings are less than £15K, which for the vast majority of people it is, having any money in a cash ISA is seriously not a good idea.

If the total savings are more than £15K, there is still no point in putting any new money into a cash ISA before end of March next year. The 2014-15 ISA allowance won't run away.

If the total savings are less than £50K, and there is a plan to spend them (e.g. on house deposit, car, holiday, wedding etc), putting any of it into a cash ISA is not a good idea.

For someone who is a non tax payer, and is certain they will never need to pay income tax, a cash ISA is pretty much pointless at current rates. An S&S ISA might make sense if a larger investment can be made.

In other cases, I agree, having money in ISA wrappers is a good idea.

planteria

i accept your qualification Archi:D

for 'Investors' the ISA allowance is very useful. whereas, yes, for 'Savers' it is often better to chase the best rate rather than opt to use an ISA wrapper.

but fwiw, i reckon there are a lot of Savers that probably ought to be Investors.

puk999

mmrb wrote: »

filled 5 x TSB (4 single, one joint), any others ??

You can have a joint account each to make 6 X TSB.

jimjames

planteria wrote: »

but fwiw, i reckon there are a lot of Savers that probably ought to be Investors.

Totally agree. It's a real shame that there is such misunderstanding of risks that puts people off.

mmrb

Thanks for all the info, have done the extra TSB joint now, like Archi, cannot see any other 5% ones.