Will getting rid of my ISA impact student loan?

Duster26

Having read all the information about ISAs, it seems I don't need one and should put my money into a savings account which will pay more interest.
However, will this impact Student Finance's calculations when they calculate the maintenance loan that my daughter will get next year? I can't find any information on this anywhere, can anyone help?

jimjames

I don't think student loan is based on savings, just annual income. But also look at whether an ISA is actually worthwhile, with rates up to 3% you might actually find an ISA is paying as much as outside and protects against tax for the future.

Reed_Richards

 Assuming the issue is your household's taxable income then any interest on a regular savings account forms part of your taxable income.  This is true even if your Personal Savings Allowance means that you don't have to pay tax on it.  So yes, I think it will impact the Student Finance calculation.

Also, I would not assume that you can find a savings account that will pay more interest than an ISA.  This was possibly true a few years ago but I think ISAs have come back into fashion and the rates are better.