Saving Account or ISA

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
«1

Comments

  • Hi,
    have a look HERE.
  • aayush
    aayush Posts: 1,295 Forumite
    Part of the Furniture 500 Posts Name Dropper
    which best isa no withdrawal pentlys but can ad  if wish
  • Albermarle
    Albermarle Posts: 27,456 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    aayush said:
    which best isa no withdrawal pentlys but can ad  if wish
    For this you need an easy access cash ISA.
    Easy Access Cash ISAs | Rates Up To 5.05% (moneyfactscompare.co.uk)
  • refluxer
    refluxer Posts: 3,167 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 13 October 2023 at 1:06PM
    aayush said:
    which best isa no withdrawal pentlys but can ad  if wish
    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.

    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    Skipton's 'Bonus Cash ISA Saver' can be managed online and is flexible, so you can replace withdrawn funds before the end of the tax year without it counting towards your annual £20k ISA limit.

    Moneybox's Cash ISA is app only and isn't flexible, so any withdrawn cash that is replaced will count towards your ISA limit.
  • refluxer
    refluxer Posts: 3,167 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.
  • LHW99
    LHW99 Posts: 5,148 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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.
  • aayush said:
    which best isa no withdrawal pentlys but can ad  if wish
    Have you actually considered looking at the links to the best ISAs and doing some research ?
  • aayush
    aayush Posts: 1,295 Forumite
    Part of the Furniture 500 Posts Name Dropper
    if i put in 20 in an isa what will i get after 1 year 
  • eskbanker
    eskbanker Posts: 36,928 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    aayush said:
    if i put in 20 in an isa what will i get after 1 year 
    A recommendation to check the terms of the account you signed up for?
  • Albermarle
    Albermarle Posts: 27,456 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    aayush said:
    if i put in 20 in an isa what will i get after 1 year 
    Depends which one you choose from the links sent to you.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.3K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.2K Spending & Discounts
  • 243.3K Work, Benefits & Business
  • 597.9K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.