ISA Maximum saving question

quickthinker | 23:09 Tue 25th Jul 2006 | Business & Finance

6 Answers

On � 7000 Max saving as 4% APR what is the maximum you could save over a year by using an ISA

Ex Dividend / Final Dividend and Dividend payment dates

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dzug

???
The maximum you can save is �7000.

The interest doesn't count as saving - it's in addition to the �7K.

Im a BusyBee

Do you mean how much more interest will you get on 7k gross as opposed to net???

Loosehead

7K is only the max for a maxi Isa for a cash mini it's 3k but anyway 4% of 7k if deposited for a year is �280

Im a BusyBee

so as i understand it the tax saving on the interest for a basic rate tax payer would be �56.

quickthinker

Question Author

Im a busy bee,

Thats what I thought,
you only gain � 50 or so over the year by using an ISA

There must be more benefit than that !

dzug

With a stocks and shares ISA you also have the advantage of no capital gains tax. On a single year's ISA this may not amount to much but can be helpful if you've had one every year and want/need to cash the lot in at one.

You don't need to tell the taxman - less paperwork.

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