Haven't got any yet and can't work out how to find out when I will on the egg website
You get it annually on the date you opened the account.
How much interest did you make on your ISA this year?
- Thread starter PaulStat
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You get it annually on the date you opened the account.
which is why I haven't got any yet.
Egg recently sent an email about the new tax year and it says at the bottom that interest is paid on the anniversary of the account.
You don't get 5.49% because it's taxed, other banks offer 6.5% isas.
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its taxed before the interst gets paid ?, cos i havent got any tax from the bank that has been on my statements etc yet?
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Yup and you can only have one ISA.
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think it was roughly £250 IIRC, can't check it now though
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nope....you can have as many as you like.
but you can only invest in 1 per tax year.
cannot split your allowance across different isa's.
No - you can have as many ISAs as you like - however you can only pay the yearly maximum into an ISA in any tax year.
Example:
2007 - 2008 Tax Year - Abbey - £3000 paid in
2008 - 2009 Tax Year - Barclays - £3600 paid in
This is quite legal to do as from a tax point of view it is no different to just paying into the same ISA each year.
Example:
2007 - 2008 Tax Year - Abbey - £3000 paid in
2008 - 2009 Tax Year - Barclays - £3600 paid in
This is quite legal to do as from a tax point of view it is no different to just paying into the same ISA each year.
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it was a willy waving thread from the off, and the OPs amount of interest is fairly small potatoes in terms of high interest savings account.
would have been more, but I bought a flat this year which wiped out most of the savings I had before hand and also prevented me from saving significant amounts until recently
Question.
I currently have around £14,000 in savings which is completely tax free as I am 16 and in full time education. I'm with nationwide and I get around 6% interest overall. I presume as I am already tax free an ISA would not be a large benefit to me? My savings balence increases by £100 a month, plus a bit extra at my birthday and at christmas, if that is relevant.
Cheers
I currently have around £14,000 in savings which is completely tax free as I am 16 and in full time education. I'm with nationwide and I get around 6% interest overall. I presume as I am already tax free an ISA would not be a large benefit to me? My savings balence increases by £100 a month, plus a bit extra at my birthday and at christmas, if that is relevant.
Cheers
You should put as much in an isa as possible so when you start work you still keep getting a decent amount of interest. Remember if your going to university you will be getting thousands in student loan money and grants.
Well once you start earning enough to pay tax, the savings in your account will also be taxed.
What I'd advise is to put the maximum amount from you're savings account into an ISA each year (£3500 this year I think), so you'll still have some tax-free savings once you start earning enough to pay tax.