isa or not

malcbates

I have retired recently and am now a non tax payer with two cash isa's.
I currently earn 6.41% with ICICI, is it worth while keeping these isa's or might I be as well putting the money in this or any other high interest account?

Lokolo

Yeh do as you say, put it in a higher savings account! But 6.41% is still pretty good, being retired I am sure you have time to go around and find the best savings account.

Just make sure you fill in an R85 form!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Can I stress it even more?)

jem16

malcbates wrote: »

I have retired recently and am now a non tax payer with two cash isa's.
I currently earn 6.41% with ICICI, is it worth while keeping these isa's or might I be as well putting the money in this or any other high interest account?

Can you get a higher rate than 6.41%?

malcbates

Thank you Lokolo for the speed of your reply. I will be guided, re-invest and submit the R85.

malcbates

jem16 wrote: »

Can you get a higher rate than 6.41%?

Marginaly!

jennifernil

I would keep on with the ISAs. You may become a taxpayer someday, meantime 6.41% is good.

malcbates

jennifernil wrote: »

I would keep on with the ISAs. You may become a taxpayer someday, meantime 6.41% is good.

Unlikely due to age, to clarify, the 6.41% is ICICI's savings account! Thank you for the input, I'll try to keep clear of the TAXMAN.

Aegis

Are you claiming means-tested benefits of any description? From what I understand, ISA amounts don't need to be declared and therefore don't reduce your benefit income. As such, the more you have saved up in ISAs the more you can claim.

Someone who knows a little more about benefits will probably be able to give more information, but it's certainly not just the interest rate you should be looking at.

malcbates

Aegis wrote: »

Are you claiming means-tested benefits of any description? From what I understand, ISA amounts don't need to be declared and therefore don't reduce your benefit income. As such, the more you have saved up in ISAs the more you can claim.

Someone who knows a little more about benefits will probably be able to give more information, but it's certainly not just the interest rate you should be looking at.

Not able to claim any benefits! Drawing down on investment bonds the income from which is not classified as taxable. Only getting interest off the isa's and savings accounts which amount to less than the threshold!