I am, no complaints here
Best Cash ISA?
- Thread starter koolpc
- Start date
I am semi retired...almost 62. Not looking at a pension pot...just wanted a decent, safe ISA. My savings account gets taxed, obviously. I want somewhere where i can put £20k and get tax free savings.....
My bank only offers fixed term ISA's....
I dont mind that but at the end of the term i would have to move it and start again?
Where as with the Trading 212 i can keep adding the £20k every year into it? Is that correct?
My bank only offers fixed term ISA's....
I dont mind that but at the end of the term i would have to move it and start again?
Where as with the Trading 212 i can keep adding the £20k every year into it? Is that correct?
Negative, Ghost rider. The pattern is full.
Hopefully Rachel from accounts will raise the ISA allowance in the upcomming budget.
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Just go on MSE and pick what cash ISA suits you best.
Why would she do that? She wants growth i.e. spending. If anything it would be the opposite.
She won't, I was being sarcastic.
The autumn budget will be a nothing-burger... there are rumers they might think about taxing the super rich, but let's be honest, that's not going to happen... amazon, meta, google etc. have enough money to make sure of that.
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Soldato
- Joined
- 16 Aug 2009
- Posts
- 8,308
If the rumours are true she's planning on gutting ISA's but then again they've been kite flying and changing their minds so often its way up in the air at the moment. Either way probably better to wait and see.
I think the current media speculation is that they might limit cash ISAs, to kind of force people into buying ETF's within S&S ISAs, it's actually a sound theory in principal, as they would get better returns, but it's a gamble.
It takes away personal choice, which in my mind, is wrong, I don't think a person should be forced either way, a person should be able to make a choice.
And it would be the most un-labour thing ever, if a labour chancellor gives the working public an ultimatum:
'invest in stocks and shares, but only british ones, or we'll tax you extra'
That's a straight up italian mafia style shake down...
you think I'm funny?
do I look llike a clown?
'invest in stocks and shares, but only british ones, or we'll tax you extra'
That's a straight up italian mafia style shake down...
you think I'm funny?
do I look llike a clown?
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It won't make people invest. To many in this country investing is anathema, the preserve of rich people or blood sucking bankers. Hardly a surprise though, the height of financial education here is Martin Lewis telling people to switch energy supplier.
At the moment yes, but theres been a lot of talk about Reeves changing the £20k PA allowed in a cash isa at the budget, possibly to as low as £4k a year. That remains to be seen though.
I have. Just wanted feedback on here....ta
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You can only add 20k in a 12 month even with a non fix or a different provider. Watch out for the 85k limit too.
As for most people not doing stocks and shares, they do but as part of a managed pension fund. Rachel just wants the funds to invest in the UK.
I thought, if i opened one now with £20k, i could then add another £20k in April as that would be the start of a new tax year?
Yes. We did that a few years ago, in fact it was March then April the same year. I realise you were saying that Nationwide only gave April as an option.
Don't see how that would stop people can just move cash in to a s&s isa first then transfer it to a cash isa.
Soldato
- Joined
- 21 Sep 2020
- Posts
- 5,862
This is absolutely terrible advice! You should listen to the latest Martin Lewis pod, he'll explain it all in way more detail and easier than I can but the gist is. ISA first then regular saver then saver.
S&S ISA are way higher and so are cash ones. Also it's tax free.
R.S accounts are great but you still need to keep it in that account for the year - handy for things like holidays and just saving in general for such things but you're far better sticking it into an ISA as it's tax free.
You can't have CGT on anything in an ISA so even if you've manage to get £100k into it over 5 years, not one bit of that will be tax or count towards income.
He said personal savings allowance so the interest is also tax free. Once again Martin Lewis is very basic..