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Saving Account or ISA

aayush
Posts: 1,295 Forumite


HI
Please can you advise which would be best and which at present is giving a good rate of interest?
And which has no penalties on with drawls or deposits on a monthly basis if the need be to do this
The amount is 10k plus
TIA
Please can you advise which would be best and which at present is giving a good rate of interest?
And which has no penalties on with drawls or deposits on a monthly basis if the need be to do this
The amount is 10k plus
TIA
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Comments
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Hi,have a look HERE.0
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which best isa no withdrawal pentlys but can ad if wish0
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aayush said:which best isa no withdrawal pentlys but can ad if wish
Easy Access Cash ISAs | Rates Up To 5.05% (moneyfactscompare.co.uk)
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You will generally pay a penalty for withdrawing from a fixed rate cash ISA (before maturity) and they also tend to have funding windows of 2-4 weeks which means you can't pay into it on a regular basis (although there are one or two exceptions to this such as the Barclays 1 or 2 Year Flexible ISAs) so it sounds like an easy access ISA will suit your needs.aayush said:which best isa no withdrawal pentlys but can ad if wish
The highest-paying easy (and unrestricted) access cash ISA rate is currently 5% with either the Skipton BS or Moneybox - see here for the best rates : https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
Skipton's 'Bonus Cash ISA Saver' can be managed online and is flexible, so you can replace withdrawn funds before the end of the tax year without it counting towards your annual £20k ISA limit.
Moneybox's Cash ISA is app only and isn't flexible, so any withdrawn cash that is replaced will count towards your ISA limit.1 -
Note that you can get up to 5.15% in a normal (non-ISA) easy (unrestricted) access account at the moment, so you would need to consider your tax situation before deciding which is the best option.1
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Also if you are likely to pay tax on interest (now the tax-free limits are going down) an ISA means you don't need to declare the interest to HMRC as its tax-free, and also the rate is nominally "better" than a normal savings account if you have to pay tax on the interest you get.
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aayush said:which best isa no withdrawal pentlys but can ad if wish3
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if i put in 20 in an isa what will i get after 1 year0
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aayush said:if i put in 20 in an isa what will i get after 1 year1
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