ISA 5 year tax savings calculator
How much tax will I save by taking out an ISA for 5 years?
The ISA 5 Year Tax Savings Calculator helps you to work out how much you are saving by putting your money into an Individual Savings Account (ISA). Everyone in the UK has an annual ISA allowance of 10,200 GBP, so it is worth using this allowance up before you consider alternative saving options. Enter the amount that you plan to save over a 5 year period, the interest rate offered by the ISA provider and also the rate of tax that you would normally pay if you put your money into a standard savings account.
The ISA 5 Year Tax Savings Calculator will then work out how much tax you would be saving over this period. Not sure how much you will be saving over the next 5 years? Maybe it's time to put together a savings plan. Take a look at your bank statements and see if you can spot any spending habits that you could do without, such as the weekly clothes shop. Then, once you have identified some potential savings, set up a direct debit to transfer the funds from your current account into your ISA when you have just been paid. This way you will avoid running out of money at the end of the month before you have been able to put some money away.