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
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 :)
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.
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
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
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
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, 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.
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
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?
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.
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
I wish everyones videos would start like this, no intros, no hello's, no who i am announcemens. Just good content. Thanks 👍
Glad you like them!
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
I have an Help to Buy ISA for like 3 years now, is it worth it to still have it? or should I swap it to another ISA?
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
An ISA is now becoming essential, because of the coming changes in the next few years
What changes? Help me?
@@jerryn9690 Cap gains threashold lowering to £6k, then £3k.
It’s all in the video!
@@jerryn9690 As well as what coolstorybroooooo7643 said Dividends you can earn before tax going down each year
Hi Andy how much interest can I earn before I pay any tax at all . If I have zero income ?
Thanks for the great advice .
Any time!
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 :)
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.
If I can invest only 100 pound per month then where should I invest ?
Hi Andy, any idea on how to best utilise the £100 offer that Chase is offering to invest with nutmeg if you deposit and invest £1000?
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
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
1 year fixed above 4%.
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
Really all you need in savings is enough for emergencies or expected big spends.
You can only add up to £20k to an ISA each financial year
So if your a basic rate tax payer, you get £1,000 personal allowance and £12,300 capital gains allowance. What’s the difference between the two?
Psa is for savings, CGT allowance is for gains on investments and other purchases. Though as I say in the video, the latter is reducing significantly
@@BeCleverWithYourCash OK, that’s good to know. Thank you
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, 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.
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
I did it with virgin money 2 months ago on 2 years fixed at 4.03% montly interest pay, £70 in January, now they don't have it .
Yeah fixed rates have generally dropped
Are ISA'S subject to back bail ins during a financial crisis? If you have a cash ISA-Are they subject to bails in?
As with other savings accounts if they’re protected by FSCS then your money is safe
@@BeCleverWithYourCash shame the FSCS doesn't protect your cash savings from inflation
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
Yes you’ve got the Starting rate allowance on top
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?
both cash isa s
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.
You’ll only get the 25% once on each deposit. Got a video on them here czcams.com/video/BgTSCUzkP5k/video.html
nice video
Does saving interest count towards self employed income allowance of £1000?
Nope
Hi Andy , great show .....isa limit 20k ? can my wife open one as I open another?
Yes you both have your own £20k annual limit
And I have had a reply to a question with a strange number can you clarify the response to my last message on this thread was you ?
Scam!!!!!
Thanks thought it was just wanted to double check and also make you aware if you didn’t know 👍
Can I open an Isa in a business name
You talk too long , in short, Why is good to have ISA if you invest in stock? Thank you
Still no video on the Monzo 3% pot!
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
Last
The next logical step from HMRC would be to limit the Isa allowance to 100k 🤞
That would be one of the worst ideas I’ve ever heard. Can’t believe that idea was even mentioned.
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
This is the narrative only from people who aren’t worth enough to be able to save that much
First