Where to put large deposit while I look for a house?

ColdIron

I wish tooltips on emojis worked

ColdIron

dosh37 said:

Ok so I got the name wrong.

But the substance of what you say is true, income tax on some non earned income is going up 10% in 2027

Uriziel

When looking for a high interest savings account check the reviews online first. Some providers are dodgy. I'm with Chase and get 4.5% as a new customer bonus.

Albermarle

dosh37 said:

Don't forget that if you don't find a suitable property before 2027 then you will incur an increase in savings tax (20%->22% or 40%->42%) thanks to Harman and the Labour Govt.

I don't understand how this move is supposed to encourage saving or help people trying to get on the housing ladder. Just another way for Labour to tax ordinary working people rather than the super rich.

The ability to earn interest tax free in the UK, is a very generous system compared to internationally.
Being able to shelter £20K from tax in an ISA, or even £12K is something unheard of in many other countries.
Plus the personal allowance , and low earners can earn thousands of Pounds in interest outside an ISA without paying tax.
It might be interesting to check out the tax regime on savings interest in Ireland, and you will see almost no tax concessions at all. 

eskbanker

Uriziel said:

When looking for a high interest savings account check the reviews online first. Some providers are dodgy. I'm with Chase and get 4.5% as a new customer bonus.

In what way (and who)?

Yorkie1

Uriziel said:

When looking for a high interest savings account check the reviews online first. Some providers are dodgy. I'm with Chase and get 4.5% as a new customer bonus.

If they are covered by the FSCS protection, they are properly regulated.