Associate
Looking for best savings for my son who is 2. Intent to put between £50-£100 each month. Is a savings or isa best? Money won't be touched for a long time.
Best savings account?
- Thread starter Merlin5
- Start date
Fidelity - no fees for Junior ISA. Then invest in Vanguard Global All Cap Fund.
Soldato
I'd go S & S ISA for long term (decades). Maybe even start a pension for him. 60 years time frame is a lot of growth...
Why Cooperative impress me, I am getting 4% on my savings account, no fees, instant access, no penalties, with upto 2M limit. However I am not sure if the account available to new customers as new savings accounts seem to be around 2% with them so poor, but I've had this account since I was 17/18 so guess it pays to be a long time customer and if anyone has a Cooperative Bank account might be worth checking the rates you can get.
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Believe its forecast to come down more year after.
I have some in S&S I've had for ages not in an isa as I didn't think about it.
Took out too much crypto last year but I'll be taking that out and moving into isa in 2023/2024 as who knows how low it might go
Call him Daddy and he may even pay you right nowDad? Is that you? I'll call again in 18 years
Everyone has a price. And I'm quite cheap!Call him Daddy and he may even pay you right now
I know I'd be on Only Fans if I was a girl!
Yeah my boss has a couple of girls who have gone to the best schools in the world etc. And they keep debating him about just taking their kit off and earning 10x (or at least 10x quicker) what their potential would be in a corporate roleEveryone has a price. And I'm quite cheap!
I know I'd be on Only Fans if I was a girl!
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Yeah my boss has a couple of girls who have gone to the best schools in the world etc. And they keep debating him about just taking their kit off and earning 10x (or at least 10x quicker) what their potential would be in a corporate role
Honestly, I'm envious.
I know the world is "if you're a white male you have it easy". And yes. It has benefits unfortunately.
But a girl with loose morals and modestly decent looks? Now that paves way to gold! Throw in ability to hold an xbox controller and dress in pink? You're made!
Surprised more don't do it. I sure would! Beats thinking about investing, meetings, promotions, appraisals, investments etc
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Soldato
When you earn so much in interest on your savings and have to pay tax, is it done automatically, Im talking well under £10000 interest here, do they just change your tax code once they have calculated it over the year?
Providing you are employed.
Providing you are employed.
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Soldato
I wouldn't think it was automatic, wouldn't you have to declare within a self assessment?
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Soldato
Not sure, I thought that was if its over £10000 and if your not employed.
I think I read something about them changing your tax code if you're employed.
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No I don't believe so. You need to declare it separately.
You declare on it self assessment along with any capital gains made beyond allowance which is changing next tax year. (You need to register for Self Assessment if your income from savings and investments is over £10,000. Check if you need to send a tax return if you’re not sure.)
| Basic rate | £1,000 |
| Higher rate | £500 |
| Additional rate | £0 |
If you have had a strong year, for example over 100k earnings in total, then you should be doing everything you can to reduce your tax bill, claiming any Covid working from home allowances, also pay into a private pension which you can push £40,000 per year into a private pension, you will get an immediate tax relief so a 10k contribution from government as well, but limit is 40k per year. Then put this on your self assessment and you will reduce your tax bill owing to HMRC or in some cases get a tax refund if your earnings were lower or if you've already paid correct amount of tax.
There is also other things you can do if earning large amounts, like charities etc, as with all things best to seek professional advice from a qualified financial advisor if were talking big money.
Was that a typo? £10k or £1k?
£10k is roughly capital gains; £1k is the interest from bank accounts/non-ISA savings etc.
Soldato
Its under 10k.
This is the bit I read, but perhaps its for something else.
"If you go over your allowance
You pay tax on any interest over your allowance at your usual rate of Income Tax.If you’re employed or get a pension, HMRC will change your tax code so you pay the tax automatically. To decide your tax code, HMRC will estimate how much interest you’ll get in the current year by looking at how much you got the previous year."
Soldato
10k. But my interest is between 1-2k.
You can also carry forward unused allowance from previous 3 years, which can be helpful for a while as income increases or if you have a particularly good year.
Also, you can't pay in 40k AND get tax relief at source and then claim the rest on your tax return. It's 40k including tax relief.
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