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Help with savings and ISA
Sioux77
Posts: 1 Newbie
I have £9k to save and i want to put this in a fixed rate cash isa. If I put it in now for 2018/2019 fixed for 3 years, when it comes to the end of each tax year, can i then top it up with more savings?
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Comments
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I have £9k to save and i want to put this in a fixed rate cash isa. If I put it in now for 2018/2019 fixed for 3 years, when it comes to the end of each tax year, can i then top it up with more savings?
No, you put next year's ISA allowance into a new product of your choice. It's quite normal to have several fixed-term cash ISAs on the go, maturing at different times.0 -
Also worth considering if a cash ISA is the right home for this - according to the 'best buy' data published on this site, the best 3-year ISA (Bank of Cyprus at the time of posting) pays 1.91% whereas the best equivalent taxable savings account (Secure Trust Bank) pays 2.41%.
You'd only have tax deducted from the latter if you exceed the Personal Savings Allowance by earning annual interest of over £1,000 (basic rate taxpayer) or £500 (higher rate), so chances are the ISA is a less profitable way of approaching this....0 -
The norm is that those fixed rate savings products (ISA or not) which tie-up your money for a given length of time do not allow top-ups. If the investment runs until a certain date (rather than for a certain length of time) then you might be allowed to top-up for a limited period of a few weeks.Reed0
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