I am a non tax payer where should I put my savings?

Anthorn

In a Credit Union distributed profits are paid gross and you will be responsible for declaring it to the tax man. Some banks such as RCI make it easy to register for R85 status by doing it online and not requiring a form. A new cash ISA?

colsten

Anthorn wrote: »

In a Credit Union distributed profits are paid gross and you will be responsible for declaring it to the tax man. Some banks such as RCI make it easy to register for R85 status by doing it online and not requiring a form. A new cash ISA?

Credit Unions have a relatively high propensity for going bust, and for taking ages over admitting to it. A group of MSE Forumites can attest to this just this year with the Enterprise Credit Union that took almost 6 months to admit they were insolvent. FSCS can only engage once a company declare themselves in default (no point questioning this, Anthorn, as you were not part of the group of people who had to fight for their money).

RCI does not have any FSCS protection at all. See different thread. Anthorn's lack of appreciation of the difference between FSCS and passport schemes doesn't make RCI any safer, or any more desirable.

Putting money into a cash ISA if £15K is your total amount of savings is possible but it will not, by any means, pay you the best amount of interest, and would in fact be a massive waste of money for a non-tax payer. There is a great tool for modeling current account options that pay a lot more interest than ISAs, and there is a massive amount of information about these accounts on the forum.

Interest can be further boosted by drip-feeding some of the money into Regular Savings accounts - again, huge amount of info on these on the forum. Getting the interest paid gross is a doddle, with any UK account providers, even if you have to fill in a paper form.

jimjames

lee111s wrote: »

You can now hold up to £15000 in an isa so why not put it all in one?

As a non taxpayer an ISA is even more pointless for the amounts mentioned when you can get 5% outside an ISA and 1.5% inside.

welshgirlmel

jimjames wrote: »

As a non taxpayer an ISA is even more pointless for the amounts mentioned when you can get 5% outside an ISA and 1.5% inside.

That's exactly what I thought Jimjames

I've just gone with a Santander123 account for one