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isa fixed rate and tax free allowance
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jenny45
Posts: 59 Forumite


hi due to get a small tax free lump sum from early pension. Will use part of it to pay off some stuff but should have 10k to invest. Can I put it into an isa account or because I got a tax free allowance on the lump sum does this affect it?
Would I be best to put it into a fixed rate saving account for one year and then transfer to isa next year?
thanks
Would I be best to put it into a fixed rate saving account for one year and then transfer to isa next year?
thanks
0
Comments
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Your pension lump sum and an ISA subscription are not linked IN ANY WAY.
You can invest that lump sum any way you wish as soon as you receive it.
Depending on your income and tax rates a non-ISA fixed rate may get you a better return.0 -
jenny45 said:Can I put it into an isa account or because I got a tax free allowance on the lump sum does this affect it?Yes you can, it doesn't matter where the money comes fromDo you pay any tax on your savings now? If you don't an ISA may not benefit youWould I be best to put it into a fixed rate saving account for one year and then transfer to isa next year?What would be best for one person may not be best for anotherYou could put it into a one year fixed rate ISA1
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thanks everyone
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