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taking out from regular saving or isa

wheelz · 2017-10-14 13:28:39

I have a 5% flexclusive regular savings account (nationwide) and 2 isas (one old one new). I need to pay a sum of over £10,000 and don't know whether using up all my regular savings account money (3,500) so far or continue with that in order to get the interest in April and use my isa savings. Next year I am expecting to…

Comments

Eco_Miser Posts: 5,022 Forumite

19 October 2017 at 10:45AM

wheelz wrote: »

I still have no idea how much tax is actually paid on interest that is over the allowed interest (on a tax return).

For most people, it is one fifth (20%) of the excess interest. For some it is 40%, for others (with incomes under £16300) it is nothing as either the Personal Allowance or Starting Rate for Savings covers it.

Eco Miser
Saving money for well over half a century
0