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Retired Person Using Cash Isa?
The_Shopping_God
Posts: 2 Newbie
Hi! My mother is 70years old and has around £20k in a good interest Cash ISA. She also uses a good Regular Savings Account. I wondered if anyone could suggest a better idea for what to do with the money invested in the Cash ISA? She moves it to the best rate each year. If she finds a savings account that pays better interest than the ISA will that impact her tax/benefits? She currently only receives basic pension and is due a reassessment for pension credits at the end of the year. A difficult one for me as I don't want her to jepodise any future benefits by taking money out of the ISA cover. Many thanks!
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Comments
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ISA interest does not count against benefits nor against Age Related Income Tax Allowance, so generally speaking, ISAs are a GOOD THING.0
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