ISA or Fixed rate saving?

rutters

I have £10K to invest which I don't think I'll need to use in the immediate future. Just wondering where's the best place to put it? I haven't used any ISA allowance this year (not sure of how much I can put in the different types) but I also noticed these Fixed Rate Savings Bonds have good rates!

Anywhere else I could consider?

Any advice greatly received.

whu

ISA's - max of £7200 per tax year - you can put all of it in stocks and shares ISa's or split it 50/50 as you can only put a max of £3600 into a cash ISA (any gains on ISA's are tax free)
are you a tax payer?if so you will pay 20% on interest if you are a lower tax payer and 40% if higher - so work out how much you would pay in tax on the fixed rates and compare it to the ISA rates - obviously if you are a non tax payer you will not pay tax on the interest on your savings
hope this helps

avantra

Best fixed rate 1 year ISA @ 6.25%: http://xrl.in/3r8
(£3.6k)

1 year bond at 7% : http://xrl.in/3ra

rutters

Thanks for the advice:beer:

I am a tax payer but I earn less than £30k so I reckon I'm at 20%?

s'at right?

whu

I think top rate is 36K

free4440273

how about:
3,600 in tax free cash isa and
the remainder in a fixed-rate bond

rutters

definitely gonna fill a mini ISA just need to know what other ISAs I can invest in and how much? how many types are there?

Baldur

rutters wrote: »

definitely gonna fill a mini ISA just need to know what other ISAs I can invest in and how much? how many types are there?

Suggest that you read the main site's Full ISA Guide.

As whu has already posted above, there are two types, Cash ISAs and Stocks & Shares ISAs.

You can EITHER:

Subscribe your full ISA allowance of £7,200 per tax year into a Stocks & Shares ISA

OR

Subscribe a maximum of £3,600 into a Cash ISA, with the balance of your £7,200 allowance going in to a Stocks & Shares ISA.