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Moving Savings, maximising returns.
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Purpleheart
Posts: 38 Forumite

I'm thinking of moving my £40k currently in a Trading 212 cash Isa elsewhere now interest rates have dropped.
I am retired with a £13k a year pension, state pension a long way off.
Am I right in thinking that I can earn up to £4k in savings interest before it is taxed so I don't necessarily need an ISA?
I am retired with a £13k a year pension, state pension a long way off.
Am I right in thinking that I can earn up to £4k in savings interest before it is taxed so I don't necessarily need an ISA?
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Comments
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Purpleheart said:I'm thinking of moving my £40k currently in a Trading 212 cash Isa elsewhere now interest rates have dropped.
I am retired with a £13k a year pension, state pension a long way off.
Am I right in thinking that I can earn up to £4k in savings interest before it is taxed so I don't necessarily need an ISA?
https://www.moneysavingexpert.com/savings/tax-free-savings/
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wmb194 said:Purpleheart said:I'm thinking of moving my £40k currently in a Trading 212 cash Isa elsewhere now interest rates have dropped.
I am retired with a £13k a year pension, state pension a long way off.
Am I right in thinking that I can earn up to £4k in savings interest before it is taxed so I don't necessarily need an ISA?
https://www.moneysavingexpert.com/savings/tax-free-savings/
£17570-£13,000 = £4570 - which is below the 5k starter savings
Plus 1k personal savings allowance for those who earn more than the £12,570 personal tax allowance but less than the £50,270/year limitStatement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.1 -
kimwp said:wmb194 said:Purpleheart said:I'm thinking of moving my £40k currently in a Trading 212 cash Isa elsewhere now interest rates have dropped.
I am retired with a £13k a year pension, state pension a long way off.
Am I right in thinking that I can earn up to £4k in savings interest before it is taxed so I don't necessarily need an ISA?
https://www.moneysavingexpert.com/savings/tax-free-savings/
£17570-£13,000 = £4570 - which is below the 5k starter savings
Plus 1k personal savings allowance for those who earn more than the £12,570 personal tax allowance but less than the £50,270/year limit1 -
It's worth waiting a couple of weeks, until the majority of providers have adjusted their rates. You might find T212 are still competitive by the end of the month. I'm sticking with them for now.1
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If you take £40k out of an ISA it will take you two years to get it all back in.
How will you feel if the £5k band is abolished? I know plan on existing law not what might happen. But do you really need to take that money out of an ISA?2 -
I have decided to transfer my money to a fixed rate lSA with a local building society.
Thank you for all your replies and advice.
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Purpleheart said:I'm thinking of moving my £40k currently in a Trading 212 cash Isa elsewhere now interest rates have dropped.Wise to keep the ISA wrapper.Just curious, where were youi thinking of moving to for a better rate?
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