33k in a 3.3% easy access account is great and will give you approx 1k interest, any more and you will pay 20% to the taxman. GET AN ISA and then save in a normal account. excellent video again andy, thanks
The yearly tax free allowance for capital gains tax should be thought of differently to the dividend tax free allowance since it only applies when you sell. Most people investing do so over the long term with a buy and hold strategy, meaning at the point of sale it is very likely they will surpass the cap even if they gained much less than the allowance per year. Therefore imo an ISA should always be used even if only a small amount will be invested each year - unless you intend to only sell up to the allowance each year, which may be different/not exist in 30 years time. I'm not sure you recognise this, at least it did not come across that way
It would be nice to do a video when an cash ISA is at maturity. What happens next? Can you renew it for the same interest or you need to transfer it to another provider which has a better interest? Or withdraw the money and open another isa with another bank?I’m confused
Great Video Andy, between my RBS saver and Atom got enough locked away to give me just under £1k interest for next 5years, moving my shares from IG general account to AJ Bell s&s Isa, maxing out 22/23 and plan to max out 23/24, still got some PB holdings also plan to boost that up, Tax free the way to go.
Thanks Andy. defo food for thought. I have quite a few maturing this year and they were under 2% so may think about sharing the burden with the wife by opening fixed bonds. Still trying to determine the correct balance of easy access/emergency fund vs investing more than I currently do. scratchy head week this week :)
Do I need a cash isa, no. But I’m getting 3% from virgin money easy access. The other easy access accounts are currently paying 3.1%. Too much hassle for switching for that low of a rise and I don’t have Barclays account in order to benefit from the blue rewards 5.12%. Savings seem to be in a weird limbo. I felt there wasn’t that much in terms of rises from the last interest rate announcement
To prevent being hit by tax in lump some is the ns and i guaranteed income bonds where I would get monthly interest be a good investment? And also can this interest rate on this increase
Hi Andy, great video! Thanks! I have a question and hope you can help. I have a Virgin Money cash ISA from last tax year (2022-2023), it is a fixed rate, and will mature in January 2024. I have a new cash ISA this tax year (2023-2024), Santander fixed rate, which only accepts transfer request within 14 days from when I opened the account. My question is, when the Virgin Money's one matures in January 2024 (which will then become a quite a basic/low interest rate ISA, which I don't want), what can I do with it? Obviously it won't be eligible for transfering into the Santander's one. I cannot open another active cash ISA in this tax year I suppose. Asked both Virgin Money and Santander. One said I cannot open another cash ISA in this tax year, one said I can because the fund (i.e. Virgin Money fixed) was from last tax year. I'm getting confused.
I sold my house 5 months ago and the solicitors gave me a large sum of money to hold until my new house is ready in March. I have put the money into various accounts and earn’t more interest than I expected. Would the interest on the house money be counted as CGT rather than PSA ?
Hi Andy. What amount of money do you mean when saying a decent amount of cash sitting in a bank account? Is it at least £10k, £30k, £50k or £100k to put it in ISA? Many thanks
Hi say if you have 120k in savings would it be a good shout to split it between chip and tanbem for better rate but then I will have to pay tax over the 1k intrest is there anything better thanks
Hi, If you only earn approx £9000 does that mean you can have tax free savings up to the basic tax allowance and then a further £1000 ( ie £3,700 plus £1000) before paying tax on any savings ( in normal accounts not ISA thank you
Thsnk you, Andrew for this great video. If I create Lifetime ISA and put £4,000 in March 2023 I.e before April 2023, it means that by 10th April I will get £1,000 interest making it £5,000. If I leave the money till April 2024, will I get another interest of £1,000 making my money £6,000 and can I withdraw all my money by April 2024 to buy my first home in the UK ? Thank you.
Currently have a stocks & shares ISA with AJ Bell investing in the HSBC Islamic fund. Do you think it's worth consistently investing in this per month? Say £200 per month?
It’s not important enough for it’s own video as it can be beaten elsewhere and, as I say in my monthly savings videos, there are daily updates at becleverwithyourcash.com/savings. I’ll talk about it here in the March savings round up
That would basically be theft. It would be taxing money that the government previously guaranteed as being untaxed. However, if Labour win the election, it would not be surprised if they did something like that.
I can see them limiting ISAs to 1 million in line with the pension allowance but £100k, although that seems like a lot now, would be very prohibitive over a lifetime.
@@davidmadden2670 if they’re not happy with how much people are saving in them, they can lower the annual allowance. Total caps just make things confusing and difficult. And it penalises long term savers/investors