The New Top Easy Access Savings Discussion Area

p1ston

https://forums.moneysavingexpert.com/discussion/comment/82133602#Comment_82133602

Just updated my old account and am a happy customer too.

p1ston

https://forums.moneysavingexpert.com/discussion/comment/82170327#Comment_82170327

Did I understand that you manage the interest to come under the non tax payable threshold? I would try to get whatever is the most interest you can get even if you do go over the limit. 80% is still staying in your pocket.

BreakingGlass

https://forums.moneysavingexpert.com/discussion/comment/82171296#Comment_82171296

I do maximise my interest. I push it to the right where possible in the knowledge that I will at some stage use the majority of the non-ISA savings to purchase a property, thus dropping well below the thresholds in that year and reducing the overall tax burden.

To put it another way, it’s silly to pay 20% tax on interest this year when there’s a chance that I may pay no tax on it next year (because my overall taxable savings and hence interest may have reduced). The risk of paying an extra 2% ‘savings basic rate’ tax is one I am happy to accept.

To be honest, with interest rates creeping up (and the cash ISA limit reducing) it is becoming more difficult to achieve this over successive years.