There are three important checks
Martin Lewis has issued a warning to anyone with a cash ISA, saying millions are being underpaid. The MoneySavingExpert has issued his latest advice in a newsletter.
LancsLive reports for most people normal savings accounts '"beat" cash ISAs. This is because your Personal Savings Allowance means that you would need to have £34,500, or £17,500 if you're in the higher tax bracket, in a top easy-access savings account before you earned enough interest to start being taxed on it.
People on the basic 20% tax rate can earn up to £1,000 interest a year on any savings account tax-free, while those on the higher 40% rate can earn £500 a year, ChronicleLive reports.Martin then urged people to check their accounts as ISAs pay out "diddly squat", often under 1%.
On the MSE website, he explained: "For those with larger savings, as a cash ISA is just a savings account you can put £20,000 in per tax year where interest is never taxed - and doesn't count towards the Personal Savings Allowance - then for savings that would have tax taken off, they're a winner.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis issues major broadband warning as prices to increase by up to 15%THE Department for Work and Pensions (DWP) has revealed the EXACT date millions of Brits on Universal Credit will start receiving a rise in their payment amounts. Rises in Universal Credit payments…
Read more »
Martin Lewis' MSE makes important clarification about Royal Mail stamp deadlineConsumer expert Martin Lewis has made an important clarification regarding the deadline to use or swap old stamps
Read more »
Martin Lewis issues urgent broadband warning as prices set to increase this weekThe savings guru has shared ways to avoid rising costs.
Read more »
Martin Lewis issues urgent broadband warning amid price hikeMartin Lewis has said that people who need to renew their broadband should be acting sooner rather than later warning people of a price hike and telling them not to wait.
Read more »
Martin Lewis issues two 'must-know' travel warnings when booking overseas tripsAs reported by his MoneySavingExpert site, Martin spoke about some of these 'must-know' warnings which holiday bookers should always keep in mind
Read more »