Bonds, isa's and Reg saving

ralphy1967

Naive and still learning. I have recently sold my house and made a bit of money out of it,  so looking so put some of it away.  I have an isa with Hampshire Bank which is maturing in September and I've found a better rate isa elsewhere UBL UK 2.5%.  Am I able to put into UBL 20k cash and also transfer my matured isa from Hampshire bank into UBL? Is this allowed?  If so will the overall 40k be in with the fixed rate?

I also have 30k and looking to put that into a fixed bond.  Best one I have found is 3.15% and will receive a return of £945 after 12month. If the interest was over £1000 would I be taxed for it? 

Thanks for reading and any advice would be great 

Cheers 

Ralph 

masonic

Yes you can transfer an old ISA and contribute £20k into it for this years allowance. Fixed term ISAs normally have time limits within which to do this.

Assuming your total income falls within the basic rate band, then you can receive £1k in interest from normal savings accounts tax free. Only the balance of interest above this would be taxed.

Daliah

You can get more than 3.15% on 1 year fixes https://moneyfacts.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false

Dazed_and_C0nfused

ralphy1967 said:

Naive and still learning. I have recently sold my house and made a bit of money out of it,  so looking so put some of it away.  I have an isa with Hampshire Bank which is maturing in September and I've found a better rate isa elsewhere UBL UK 2.5%.  Am I able to put into UBL 20k cash and also transfer my matured isa from Hampshire bank into UBL? Is this allowed?  If so will the overall 40k be in with the fixed rate?

I also have 30k and looking to put that into a fixed bond.  Best one I have found is 3.15% and will receive a return of £945 after 12month. If the interest was over £1000 would I be taxed for it? 

Thanks for reading and any advice would be great 

Cheers 

Ralph 

Unless it's in an ISA or some NS&I accounts it will be taxed although basic rate taxpayers can have up to £6,000 interest taxed at 0%.

Normally once your taxable earnings/pension exceed £17,570 then you just have the savings nil rate available where upto £1,000 is taxed at 0%.