News0 min ago
High interest accounts
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Does anyone know which bank I should go to for a high interest account?? I would like to put money aside for a new car but in a high interest account so I can get more from my money.
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Maybe it depends on how long it will take to save up for your car. Icesave internet acccount currently pays 5.7% but tax will be deducted at 20% on the interest, as it will be in any ordinary or high interest paying savings account. However, if you are a taxpayer it makes sense to pay your regular savings into a Cash ISA, which is simply a savings account in which you can save up to �3000 every tax year.without having to pay any interest on the interest you earn. If you Google "Best Cash ISAs" on the internet you will find numerous options. If you have already accumulated some savings in a current account, try to open one Cash ISA before April 5th, 2007 which is when the current year's tax allowance runs out. You can start another new ISA (with a different provider if you prefer) on April 6th, 2007 and save another �3000 in it.
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