50k PB's won £50 time to pull out?

eskbanker

InvesterJones said:

FlaatusGoat said:

refluxer said:

£50/month (with a couple of £75 wins) is about what you would expect to win from £50k's-worth with average luck so if you're not happy with a 1.3% return, then yes - you're likely to do better in one of best easy access accounts at the moment,  but it definitely makes sense to take into account your tax situation first.

So if I'm at the BR threshold, better just knuckle down on PB's as any interest that puts me over 50k will be taxed galore?

Any interest that puts you over 50K won't be taxed immediately - only when it itself starts to earn interest (because it's outside of PB now) will you need to consider personal savings allowance and so on.

And of course anyone considering where best to put their savings should consider total net return rather than being driven by a kneejerk aversion to paying tax as a point of principle!

InvesterJones

eskbanker said:

InvesterJones said:

FlaatusGoat said:

refluxer said:

£50/month (with a couple of £75 wins) is about what you would expect to win from £50k's-worth with average luck so if you're not happy with a 1.3% return, then yes - you're likely to do better in one of best easy access accounts at the moment,  but it definitely makes sense to take into account your tax situation first.

So if I'm at the BR threshold, better just knuckle down on PB's as any interest that puts me over 50k will be taxed galore?

Any interest that puts you over 50K won't be taxed immediately - only when it itself starts to earn interest (because it's outside of PB now) will you need to consider personal savings allowance and so on.

And of course anyone considering where best to put their savings should consider total net return rather than being driven by a kneejerk aversion to paying tax as a point of principle!

Absolutely! Quite possible to end up in a situation where you and the taxman both get more money - everyone wins

Albermarle

southone said:

After winning nothing I today pull half my holding out will put in saving account., I was winning more last year before the so called prize rate rise

You will inevitably do better some years than others. You should not make knee jerk financial decisions on the basis of not winning any prizes one month.