Martin Lewis is urging people to check their savings account and consider making a chang
e. The founder of MoneySavingExpert is advising people to think about opening or a re-opening a Cash Individuals Savings Account, which can include savings accounts in banks and building societies.
Each tax year you can save up to £20,000 in one type of account, or split the amount across some or all other types of ISAs, with the tax year running from April 6 until April 5. . You can put money into one of each kind of ISA each tax year reports The Liverpool Echo. Martin took to his newsletter to tell his fans about the benefits, he wrote: "It's time for millions to open cash ISAs. The top pay 5.7%, and with rates rising, anyone with [more than] £8,000 in savings, check now if your money's nisa in a cash ISA."The interest earnt on savings is taxed as income." He continued: "Yet the personal savings allowance means all basic 20% rate taxpayers don't pay tax on the first £1,000 per year of interest earned .
For years that's meant fewer than one in 10 paid savings interest tax, so the fact top cash ISAs are tax-free didn't benefit them. Now top savings rate rises mean far more earn enough to be taxed - in my Friday Twitter poll of [over] 100,000 respondents, 42% had over £10,000 saved - roughly the key point when it's worth checking."
However, for those that do not have enough savings to pay tax, a Cash ISA may not be the normal choice as normal savings accounts can pay more. You must be at least 16 years old to have a cash ISA, and you must also be either resident in the UK or a Crown servant if you do not live in the UK.
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