You could make a lot more
Money Saving Expert Martin Lewis has warned those with a savings account, suggesting they may want to consider "ditching" it. The finance guru told listeners on his BBC Sounds podcast that a savings account may not be the most lucrative option.
Martin said: “It’s time for millions to reopen cash ISAs. The top pay 5.7 per cent, and with rates rising, anyone with £8,000 in savings, check now if your money’s in a cash ISA. Cash ISAs usually pay slightly less than the equivalent normal savings. So it’s only for those people who would pay tax.“So it’s roughly over £8,000 for a lower rate taxpayer and £16,000 for a higher rate taxpayer, over those amounts are when you want to start looking at it.
“If you were paying 40 per cent tax, your equivalent rate is 2.7 per cent, way lower than you would get in a cash ISA.” He said: “Vanquis Bank pays 6.15 per cent as the top one-year fix in normal savings. NatWest is paying 5.7 per cent in its top cash ISA one-year fix.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Five hacks to save cash this school break & how to make cheesy nachos for cinemaHAVING to constantly come up with fresh ideas on how to keep the bored school kids entertained during the term break can be exhausting for both parents – and their wallets. But to make sure y…
Read more »
'Thousands' could be missing DWP cash after pensioner underpaid for 12 yearsOne woman discovered she should have been paid the higher state pension rate for years
Read more »
Today show's beloved host Jill Martin makes devastating revelation about needing chemoThe NBC star was diagnosed with breast cancer in June
Read more »
Nicola Sturgeon's Government spent public cash on nail polish, yoga and welliesScottish Government officials also racked up a £5000 bill at the five-star Gleneagles hotel, £272 on wellies and £24.99 for “heel stoppers” for an event involving Nicola Sturgeon
Read more »
Why does the Republic of Ireland have so much surplus cash?The Republic of Ireland is predicted to have a €65.2bn (£56.3bn) budget surplus by 2027.
Read more »