Re: Savings

It is, am single and get an extra £4 because of superannuation(SERPS)

http://www.nidirect.gov.uk/state-pen...ch-can-you-get

Re: Savings

I got a State Pension forecast a year or so ago and they've predicted mine will be around £130 (taxable) a week, including a slightly reduced second State Pension. I'd opted out at some stage for a personal pension.

Re: Savings

Its only taxable if your combined income is over 10k a year.

Re: Savings

This is a little more personal information than I'd rather give, but you are NOT taxed on your state pension. At least, I'm not, and I receive £147+ a week because of the amount of stamps I've paid over my working life.

However, I do work part-time (15 hours a week) and I do have to pay a small amount of tax on that, but no national insurance because I'm over 60.

However, if I didn't work, I wouldn't be able to survive on the state pension as I have to run my car. You can't win folks, whatever you do.

Re: Savings

You are not taxed on your state pension only because it is less than your personal allowance. ANY income over your allowance is taxed.

I've not reached pension age yet, but my occupational pension and savings incomes far exceed my personal allowance, so I pay tax. When my state pension and other occupational pensions come along, I will pay pax on the full amount of them.

Anyway this thread was about savings - not pensions.

Re: Savings

Only on the income above £10,000, which is the 2013-14 personal allowance, not all of it.

It has always been stipulated that tax is payable on State Pension, because it is probably assumed that the recipient has other income, taking them over the allowance.

At the moment (cos I have no salary coming in) I earn less than the allowance. I really need to resign from the NHS, then my tax codes can be simplified.

Re: Savings

I've just been informed by the Nationwide that my Cash ISA's reverting to 1.0% as of Feb 1st for £1000 upwards but 0.25% for under that amount - some incentive that is to save!

What I find annoying is that there is another Cash ISA I could go on but they do not advise you - you have to ask in the branch.

I tried asking online as I do all my banking online but they just come back to you & tell you they're not allowed to advise you and you need to go to your branch!

If you go into a branch and ask they'll give you the info you need, even if you ask "Is that best for me?" so why can't they do it online?

I opened a new Nationwide Current account in November that's giving me interest on my money all the time I'm in credit, up to £2500 and all I had to do was reroute my wages into Nationwide to take me over the threshold of £1000 per month going in.

I checked just now and I've earned £10.78 in interest since November!

It only lasts a year though so I'm whacking as much of my money into my Current Account now and stopped paying into my ISA completely.

I've estimated I'll get about £55+ interest for the year as long as I keep the "float" up to the highest amount I can.

My ISA paid about half of that interest rate - for a year.

The annoying thing though is that all the High Street Banks are the same - low ISA Interest rates all round and I need to have Instant Access as our finances are finely tuned as you never know when you'll need extra money these days - my car's Road Tax expires next month then it's the MOT & Service!

Luckily our Property Tax is all paid up now - 10 months per year paying so 2 "free" months now - it all helps!!

To be honest we can save at the moment, unlike thousands of others in our age group, and that must be hard for people when they hear politicians and "experts" telling us we all should be saving! stevmk2

Re: Savings

I'm with Nationwide and didn't even bother topping up my ISA in April. The interest on all accounts is negligible. I should have a Gteed Equity Bond mature this year (only a few thousand) and will probably put it into Premium Bonds. Yes, I love the 2 free months without council tax, and I too have the car expenses next month. Always dread it.

Re: Savings

I think I've mentioned the drop in interest on my Nationwide Online ISA and I've been trying to find another Cash ISA that I can shift my savings to but I'm really annoyed that the best rates at the Nationwide are for incoming customers.

I can't switch to an ISA giving me 1.75% despite being a Nationwide customer for years and all the banks do this too.

I simply can't risk having my savings being lodged in an account where access is limited because our income is low.

I tried once before and had a Coventry Building Society account but we were then in difficulties 7 months later when we needed to get another car urgently and our only option then was to actually close my wife's ISA to get at the money.

Besides, the rates offered in our High Street are all much the same so I'm probably going to have to accept the best I can get with the Nationwide for Instant Access.

I do have one Plus in my favour though; I opening a FlextDirect Account now and that's paying out a good interest on my current account balance which does compensate me for the piss-poor ISA Interest!

I've made nearly £11 in interest in two months on that by keeping the balance high.

You don't get interest paid on balances of over £2500 but I'd never get to that anyway!

This runs out later in the year - November I think - but I'm hoping I'll be able to shift my money around a bit more then until the ISA I'm going for does the same thing again in February 2015 and the interest rate plummets once more.

It's annoying having to do all this but I'm lucky because we can at least save, unlike millions probably that have no chance to save.

I still remember when my ISA interest paid my Road Tax every year - happy days! stevmk2