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    Lynxi18's Avatar
    Lynxi18 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jul 5, 2012, 04:15 AM
    I would like to bank my 15000 how much will I lose in tax
    Also how much will I have in 4 years if I go with a bank with average interest rate
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Jul 5, 2012, 04:17 AM
    Where are you located ?
    Lynxi18's Avatar
    Lynxi18 Posts: 4, Reputation: 1
    New Member
    		  
    #3

    Jul 5, 2012, 04:20 AM
    Quote Originally Posted by Curlyben View Post
    Where are you located ?
    England
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    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's Avatar
    Lynxi18 Posts: 4, Reputation: 1
    New Member
    		  
    #5

    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's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #6

    Jul 5, 2012, 04:32 AM
    Go have a chat with your current bank as they will advise you.
    Lynxi18's Avatar
    Lynxi18 Posts: 4, Reputation: 1
    New Member
    		  
    #7

    Jul 5, 2012, 04:35 AM
    Thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #8

    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.
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