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View Full Version : I would like to bank my 15000 how much will I lose in tax


Lynxi18
Jul 5, 2012, 04:15 AM
Also how much will I have in 4 years if I go with a bank with average interest rate

Curlyben
Jul 5, 2012, 04:17 AM
Where are you located ?

Lynxi18
Jul 5, 2012, 04:20 AM
Where are you located ?

England

Curlyben
Jul 5, 2012, 04:23 AM
Well in that case, really depends on where this sum comes from and how it's going to be deposited.
You won't lose anything on deposit, although it would make sense to use at least 2 accounts to hedge any potential issues.
As for interest after 4 years, well base rate is currently 0.5%, so you won't get much back in interest.

Lynxi18
Jul 5, 2012, 04:30 AM
I'm a new saver who hasn't got a clue about money or banking I have saved some money but really don't know the best way to save it if I put it in a bank will I lose any to tax any help would be appreciated I really don't know what to do

Curlyben
Jul 5, 2012, 04:32 AM
Go have a chat with your current bank as they will advise you.

Lynxi18
Jul 5, 2012, 04:35 AM
Thanks

ScottGem
Jul 5, 2012, 04:55 AM
You won't lose any of your savings to tax. But some part of your interest may be subject to taxation.