ISA or Savings Acc?

Jarvis25

We've recently inherited £10,000, but we're not sure what to do with it ... (well I've plenty of ideas ... shop till I drop! :T)

But we must save it ...

We're happy to tie the money up for a maximum of one year and don't want to take any risks (Ie: investments, stocks etc)

Would we be better in an ISA or a regular savings account?

Ty in advance

x

redmalc

Depends on your Tax position

YorkshireBoy

Jarvis25 wrote: »

Would we be better in an ISA or a regular savings account?

Neither!

Start by reading this...

http://www.moneysavingexpert.com/savings/which-saving-account

Archi_Bald

redmalc wrote: »

Depends on your Tax position

Not really, when there's just £10K, and possibly between 2 people. No cash ISA, for anyone, would presently pay more than current accounts and regular savings accounts do for this sort of money.

bigfreddiel

redmalc wrote: »

Depends on your Tax position

Not really, you can earn £1,000 tax free now or £500 if you're a higher rate tax payer

fj

PeacefulWaters

bigfreddiel wrote: »

Not really, you can earn £1,000 tax free now or £500 if you're a higher rate tax payer

fj

Only if that interest is paid on or after 6th April 2016.

atush

Basically, with the fact that cash isas dont pay much, and the new savings allowances coming in, I dont see a case for cash isas at ALL (at least until bank rates go up).

I think the only ISA is a share isa until the BOE rate goes up and savings rates with it.

bigfreddiel

PeacefulWaters wrote: »

Only if that interest is paid on or after 6th April 2016.

Actually for this tax year you can earn £5,000 in interest tax free.

But only if you earn about the tax allowance of £10,600

Cheers fj

PeacefulWaters

bigfreddiel wrote: »

Actually for this tax year you can earn £5,000 in interest tax free.

But only if you earn about the tax allowance of £10,600

Cheers fj

Was that "good point, I made an error" translated?