ISAs vs High Interest Savings Account
Options
Comments
-
Bigwheels1111 said:friolento said:Bigwheels1111 said:Now £200,000 of savings at 4.54%, 4.53% and 4.53% 3 accounts 80k, 80k 40k to stay within FSCS protection of 85k including interest.Would give interest of,£3,632£3,624£1,812Total £9,680 interest.That would mean you need to pay a little tax.Use your own pension amount, plus savings amount and do the sums.ISA would pay quite a bit less. plus you can only put 20k a year into ISA.
By the 7th of April, OP could get £40k into ISAs. £20k now, and £20K after April 5.0 -
Definitely put some in to ISAs. It will probably benefit you in future years.0
-
eskbanker said:Bigwheels1111 said:friolento said:Bigwheels1111 said:Now £200,000 of savings at 4.54%, 4.53% and 4.53% 3 accounts 80k, 80k 40k to stay within FSCS protection of 85k including interest.Would give interest of,£3,632£3,624£1,812Total £9,680 interest.That would mean you need to pay a little tax.Use your own pension amount, plus savings amount and do the sums.ISA would pay quite a bit less. plus you can only put 20k a year into ISA.
By the 7th of April, OP could get £40k into ISAs. £20k now, and £20K after April 5.
I could have used £50.
But that would not show an amount liable for tax or not now would it.
So 50k, 100k or so would.
I know as need to work them out for my own finances and tax liability.
ie self assessment return this year as breaching 10k limit for interest.0 -
Bigwheels1111 said:eskbanker said:Bigwheels1111 said:I know that, but 5 year term was mentioned.SusanGlasgow said:I have around £100,000 to invest...1
-
Thank you all so much for your information. It has helped me greatly. Apologies for my remark regarding the £6K. I had misunderstood. Everything is so much clearer now. Thanks again for all your help.0
-
The underrated bonus with Isas is that you don't have to worry at all about record keeping.2
-
Also one other benefit of fixed rate ISAs versus fixed rate non ISAs is that you can still get your money out if you need it. You have to pay a penalty but you can at least access it.2
-
Also, you do have to consider that the interest rate on an ISA, which is untaxed, would have to be equivalent to a slightly higher one (if you have to pay tax on what you receive outside an ISA) to earn the same money amount
0
Categories
- All Categories
- 343.6K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.7K Work, Benefits & Business
- 608.7K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards