ISA or not?

dbrookf

I am retiring in a month or so and wondered whether it is better to wait till then to put my £15k into an ordinary savings account (as I won't pay tax on the savings) or is it always better to open an ISA even though the interest is not quite as good?

AlanP_2

Interest paying current accounts e.g. Santander 1-2-3, TSB and the like pay higher interest than a typical Cash ISA so worth looking at those, lots of discussion on here and article on main board.

Are you sure you won't be paying tax? What income will you have once you are retired?

dbrookf

AlanP wrote: »

Interest paying current accounts e.g. Santander 1-2-3, TSB and the like pay higher interest than a typical Cash ISA so worth looking at those, lots of discussion on here and article on main board.

Are you sure you won't be paying tax? What income will you have once you are retired?

Relying on partners income. Not taking pension yet, anything else to consider?

dbrookf

any other advice pls?

masonic

There is no need to wait. If you know your income for this tax year will be less than your personal allowance, then you can legitimately fill out an R85 now and get your interest paid tax free.