Just a reminder to everyone.

[Taxpayer]

Don't forget to get your £5,340 into a cash Isa by the 5th April.
You will be able to put another £5,640 in on the 6th April.

[Old_Geezer]

Some schemes close earlier than the deadline. The sooner you sort it the better.

it's a good idea, but don't beat yourself up if you miss it. At today's rates, and the percentage taken by the taxman, you won't be saving millions. Given inflation you may be better off spend spend spend. Still better in your pocket than the public kitty eh ?

[woofgang]

I've done better on a shares isa myself.

[VHG]

>>>>At today's rates, and the percentage taken by the taxman,

Well you can get about 3% which is not bad.

And what "percentage taken by the taxman", that is the whole point of ISA's you dont pay tax on the interest.

Or did you mean something else.

[Old_Geezer]

Precisely. The percentage they would take if you didn't put it into an ISA, that they leave alone if you do. i.e. the actual net "gain" from taking out an ISA as opposed to putting your wealth elsewhere.

[mrs_overall]

The interest rates are so bad that I put my money into premium bonds these days

[yogasun]

Mrs. O Do you find them a good investment? I bought a thousand pounds worth and won something (modest) in the first draw - since then nothing. I have heard this from others that you often win on the first or second draw and then nothing. However I expect you need to invest the maximum for it to be any good. Bit of a gamble.

[mrs_overall]

yoga, I have £30K's worth of premium bonds and have had them for 18 months. It may be down to luck but I have had a win every single month. My lowest win was £25.

[Old_Geezer]

Again precisely. They are not an investment, they are a gamble with the interest you could have earned. That said one might find them a decent bet, but still depending on luck. Never had a win on those bought for me when I was a child. Not even sure I can find them now anyway.

[yogasun]

Thanks Mrs. O. That's interesting. I might well reconsider!!

[Taxpayer]

Hi Old_Geezer

You can get 4.5% with the Halifax 5 year ISA.
Look on MoneySupermarket.Com.
All my ISA'S are 5 year one's and I have some maturing each year which I then invest for another 5 years.

[Taxpayer]

mrs_overall

Your rich.

[Old_Geezer]

So, £5,340 at 4.5% = £240.30
Let's say 40% tax, so £96.12.
Not to be sneezed at, but is just the equivalent of half a pint each Saturday night. Cheers.

[Taxpayer]

Old_Geezer

I thought most people would have £80,000 plus in ISA's by now.

[Old_Geezer]

Unsure most have £80k+ to keep permanently in savings.

[Greedyfly]

Jeez I don't have £80 in savings let alone 80k

[cathfromsaron]

but check the interest rates first! you may better off in another style of savings product, even if you do pay tax!