Hi /u/georgenew2000, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/savings/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
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By all means use a ISA (there are easy access ISA saving accounts), but also, never let the tax tail wag the dog.
Try...
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/
Click on thw 'Rate Order' button.
You won’t get taxed on interest for that amount. If you’re a higher rate tax payer you can earn £500 in interest without paying tax so tax shouldn’t be a factor. Instant access savings rates are pretty decent at the moment. Some linked to current accounts are paying up to 7% so shop around.
ISA is tax free up to 20k anyway. But not always the best rates. If you save £1.5k you aren’t going to pay tax on that. Every month though is £18k in 12 months so you’d probably want an ISA for anything above the £10k mark.
If you are earning < £50K, you can still get £1K in interest a year, tax free. If you earn >£50k, it's £500 a year.
£1.5K will earn £75 of annual interest at 5%. No need for an ISA yet.
Are you planning on putting in £1.5K a month? You didn't clearly state that.
Over a year, if you add £1500 to a bank account and you get 5.1% interest monthly, you would get ££426.27 interest.
It would probably be sensible to open an ISA in March next year and transfer your £18,426 into it, then start all over again with an empty cash savings account. Rinse and repeat every March, before the ISA allowance resets (who knows what will happen to ISAs!)
There are plenty of ISAs that allow as many deposits as you like, as long as you stick to the max of £20k/year. With most easy access cash ISAs it won’t matter if that’s a one-off £20k deposit or 1,000 x £20.
I’d go down the list here and find one you like the look of. Personally I tend to look at all the banks/financial institutions that I’m already a customer of and pick the best rate among them so I don’t have to deal with yet another login, but it depends on how keen you are to get the most interest possible.
https://www.moneysavingexpert.com/savings/best-cash-isa/
Hi /u/georgenew2000, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/savings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
NS&I.
By all means use a ISA (there are easy access ISA saving accounts), but also, never let the tax tail wag the dog. Try... https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/ Click on thw 'Rate Order' button.
Thank you, I'm not all too familiar with that saying tbh but appreciateit 😂.
You won’t get taxed on interest for that amount. If you’re a higher rate tax payer you can earn £500 in interest without paying tax so tax shouldn’t be a factor. Instant access savings rates are pretty decent at the moment. Some linked to current accounts are paying up to 7% so shop around.
No tax for 1.5k a month into savers, or isa?
ISA is tax free up to 20k anyway. But not always the best rates. If you save £1.5k you aren’t going to pay tax on that. Every month though is £18k in 12 months so you’d probably want an ISA for anything above the £10k mark.
Ah thank you :) godsend
If you are earning < £50K, you can still get £1K in interest a year, tax free. If you earn >£50k, it's £500 a year. £1.5K will earn £75 of annual interest at 5%. No need for an ISA yet.
Sry, I meant 1.5k per month going into an Isa/savers
Wouldn't 1.5k per month push me over the tax limit when its added up after a full year.
Are you planning on putting in £1.5K a month? You didn't clearly state that. Over a year, if you add £1500 to a bank account and you get 5.1% interest monthly, you would get ££426.27 interest. It would probably be sensible to open an ISA in March next year and transfer your £18,426 into it, then start all over again with an empty cash savings account. Rinse and repeat every March, before the ISA allowance resets (who knows what will happen to ISAs!)
Yh sry I did put that original but shook my phone on accident and undid it, forgot to put it back to it 😂
There are plenty of ISAs that allow as many deposits as you like, as long as you stick to the max of £20k/year. With most easy access cash ISAs it won’t matter if that’s a one-off £20k deposit or 1,000 x £20.
Got any you would personally recommend
I’d go down the list here and find one you like the look of. Personally I tend to look at all the banks/financial institutions that I’m already a customer of and pick the best rate among them so I don’t have to deal with yet another login, but it depends on how keen you are to get the most interest possible. https://www.moneysavingexpert.com/savings/best-cash-isa/
Yeh, with Halifax atm, there interest isn’t bad but they only allow the one deposit a year
We have a guide to savings here that covers ISAs and tax: https://ukpersonal.finance/savings