Soldato
I opened a cash ISA with Coventry Building Society the other day. It was a 4 Access a year 4.9% payable monthly or yearly, you choose when you sign up
Best savings account?
- Thread starter Merlin5
- Start date
I opened a cash ISA with Coventry Building Society the other day. It was a 4 Access a year 4.9% payable monthly or yearly, you choose when you sign up
Associate
- Joined
- 1 May 2010
- Posts
- 650
Make sure you read the t&cs as there is a limit/ interest rate penalty on withdrawals
Soldato
Unfortunately, the cost of your bills and your beer down the pub has likely gone up far more than 5% in the last few years
Most likely
From the key documents
We’ll pay the interest on the monthly or yearly anniversary of the day you opened the account.
Looking like it will be on the 12th for me
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Caporegime
My Stock and Shares ISA opened a year ago went from 10% up last week to 4.8% up this week....eek. Just lost half the gained in a year within a week!
Wait until you experience a massive drawdown
Sounds like a good time to dump more cash into it.
Soldato
Looks like the stock market’s having a sale.
Soldato
- Joined
- 18 May 2010
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- 12,759
Just opened a Virgin Money ISA, was surprised how easy it was didn't even need ID
I think some banks share your information so they will pull your ID from them. Saving the long sign up process.
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Soldato
- Joined
- 18 May 2010
- Posts
- 12,759
AHH I see, isn't technology wonderful
Underboss
Not really saving account but something like this. Isn't it a gamble ? Ie you could loose it all of a sudden? I don't understand it so I don't risk things like this but it sounds profitable
uk.finance.yahoo.com
£0 in an ISA? Here’s how I’d aim to turn it into a second income of £500 per month
Our writer shares how they would invest in high-yield income stocks in an attempt to turn an empty ISA into a reliable passive income stream. The post £0 in an ISA? Here’s how I’d aim to turn it into a second income of £500 per month appeared first on The Motley Fool UK.
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Investing in the stock market always carries risk but in the long term its usually a winner. Stick to an index tracker rather than individual stocks imo.Not really saving account but something like this. Isn't it a gamble ? Ie you could loose it all of a sudden? I don't understand it so I don't risk things like this but it sounds profitable
£0 in an ISA? Here’s how I’d aim to turn it into a second income of £500 per month
Our writer shares how they would invest in high-yield income stocks in an attempt to turn an empty ISA into a reliable passive income stream. The post £0 in an ISA? Here’s how I’d aim to turn it into a second income of £500 per month appeared first on The Motley Fool UK.
Cash ISA if you want zero risk.
Not really saving account but something like this. Isn't it a gamble ? Ie you could loose it all of a sudden? I don't understand it so I don't risk things like this but it sounds profitable
£0 in an ISA? Here’s how I’d aim to turn it into a second income of £500 per month
Our writer shares how they would invest in high-yield income stocks in an attempt to turn an empty ISA into a reliable passive income stream. The post £0 in an ISA? Here’s how I’d aim to turn it into a second income of £500 per month appeared first on The Motley Fool UK.
Like most investment stories.when it starts by saying save £600 a month that wipes out a huge number of people that could only dream on having that much spare income a month.
Maybe I'm misunderstanding but wouldn't the dividend income be taxable to? Or can you pull out an amount per year from an ISA tax free?
Any return in the ISA is tax free and the allowance stacks each year, you can build a significant tax free income source.
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Thanks, further questions:
1: How does one find out what their current annual interest is across all products?
2: Does it always run April to April regardless of when an account was opened? i.e. Say you open an account in December 2023, only the interest earnings on that account from December 2023 through to the following April 2024 are included in that years interest earnings?
1: How does one find out what their current annual interest is across all products?
2: Does it always run April to April regardless of when an account was opened? i.e. Say you open an account in December 2023, only the interest earnings on that account from December 2023 through to the following April 2024 are included in that years interest earnings?
1) Keep a track. Each provider will provide you with an interest statement usually a month or 2 after the tax year ends. Spreadsheet will help you.
2) Tax year is always the same and tax is due in the tax year you can access the interest. Your example is true for monthly interest payments, but for annual payment the full amount would be taxable in the 24/25 tax year.