Best savings account?

MikeTheNative said:
I've just opened that lloyds 6.25% saver as well. Then have got all my saved money in a 4% isa but you can't make more than 3 withdrawals a year (you don't get penalised but after the 3rd withdrawal rate drops to 1.5%)
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Its a great one as you can withdraw anytime penalty free.
You can put in 400ppm.

Sbpuld work out about 150 interest in a years time.
 
413x said:
My first ever regular saver just matured.

Somehow. I earned more. Interest than the "if you pay in the max every month" example

Was 5.25pc for 12 months at 400ppm
So so ended up with 4800 + 140 in interest.
Popped 4k into premium bonds and 1000 into my isa.

Quickly singed up again as current rate is 6.25 and didn't want to miss that as looks like savings rates have topped out.

Looking forward to my bond delivering its interest in December and my other first direct regular saver maturing in January.
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It depends on when you opened the account, if you do it near the end of the month you get more benefit.

I opened my nationwide regular saver on the 30th, put £200 in then £200 the next day as it was a new month. So I am basically £200 up for the year.
 
413x said:
I keep forgetting to look into this.

More Important I need to look at pension stuff ASAP.
I've entered 40pc tax this tax year. And don't full understand tax relief at this level.

I could put in enough to a pension to be under the 40pc bracket.

Its something I've never had to think about before. But seems like a no brainer.
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Explore this further?
Surely salary sacrifice pension via workplace? Private is a possibility but would need to claim the 20% back.
 
Disco_P said:
It depends on when you opened the account, if you do it near the end of the month you get more benefit.

I opened my nationwide regular saver on the 30th, put £200 in then £200 the next day as it was a new month. So I am basically £200 up for the year.
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Ah yeah of course. It was 16th it was opened.

FD doesn't work like that. You can only. Put in next months the same day each month.

Start in the 25th?nexr payment is 25th too
 
413x said:
So I do SA anyway.
Don't you need to do SA even if it is through employer?
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If the employer does it, it's before tax so doesn't need a self assessment done.

I dunno how felxible typical workplace pensions would be to allow you to make a one off payment in a situation like this, would probably be best to call them and talk to them or your HR department or who ever looks after it within the company.
 
I opened a Lloyds monthly saver at 4.5% last December max £250 per month. Completed it but still no idea when they payout the interest and move it over to some instant access saver.
 
413x said:
So I do SA anyway.
Don't you need to do SA even if it is through employer?
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No as the pension is taken gross. There shouldn't be anything to claim back.

The only time you need to claim back is you've made a contribution from net pay.
 
Jokester said:
If the employer does it, it's before tax so doesn't need a self assessment done.

I dunno how felxible typical workplace pensions would be to allow you to make a one off payment in a situation like this, would probably be best to call them and talk to them or your HR department or who ever looks after it within the company.
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That's what I thought. Might be less faff to do it myself. It would be one payment a year that I can adjust to minimise the 40pc hit
 
dlockers said:
No as the pension is taken gross. There shouldn't be anything to claim back.

The only time you need to claim back is you've made a contribution from net pay.
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I need to relook at the old thread. If I can do this would be easier I suppose.
But if I do it myself I can start up a vanguard and have a bit more control over where I invest?

Work place is with aviva
 
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413x said:
I need to relook at the old thread. If I can do this would be easier I suppose.
But if I do it myself I can start up a vanguard and have a bit more control over where I invest?

Work place is with aviva
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You may find your workplace pension is "fixed" as your employer will contribute to it too. They'll decide who its with, how its managed etc. Not sure you can get them to pay into your own private pension.

You can drop your contribution down to minimum with your employer and start your own though, no probs.
 
dlockers said:
You may find your workplace pension is "fixed" as your employer will contribute to it too. They'll decide who its with, how its managed etc. Not sure you can get them to pay into your own private pension.

You can drop your contribution down to minimum with your employer and start your own though, no probs.
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That's what it is at the minute. Minimum to get their match.

Its why I think it might be easier for me to plop whatever I'm over at tax year end (ie bonus, do I need the money) and claim back.

The vanguard options seems good with low costs too.
 
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413x said:
That's what it is at the minute. Minimum to get their match.

Its why I think it might be easier for me to plop whatever I'm over at tax year end (ie bonus, do I need the money) and claim back.

The vanguard options seems good with low costs too.
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Yep it's pretty easy. I normally wait for my P60 as I only have one employment, add any additional bits (interest etc) to get to my total gross, then make a debit card payment to get me just below the limit. Then claim back the refund.

HMRC normally issue a cheque within like 2 weeks too.
 
413x said:
That's what it is at the minute. Minimum to get their match.

Its why I think it might be easier for me to plop whatever I'm over at tax year end (ie bonus, do I need the money) and claim back.

The vanguard options seems good with low costs too.
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You cannot reclaim NI contributions using this method though.

It is financially better to drip feed via salary sacrifice over the year than lump sum at the end of the year.
 
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@413x that is a solution to claim back and simplify it. Not all pension providers via work are flexible. Mine was a faff when wanted to up my contribution and wanted to port it out each year to external provider such as Vanguard. They said I could not do that. Work pensions are so vague and the pots are just based on risk and no global trackers.
 
ci_newman said:
You cannot reclaim NI contributions using this method though.

It is financially better to drip feed via salary sacrifice over the year than lump sum at the end of the year.
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ddoubleep said:
@413x that is a solution to claim back and simplify it. Not all pension providers via work are flexible. Mine was a faff when wanted to up my contribution and wanted to port it out each year to external provider such as Vanguard. They said I could not do that. Work pensions are so vague and the pots are just based on risk and no global trackers.
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I doubt mine are flexible.

Its tricky to estimate as I don't really know how performance of a vanguard ETF compares to my company pension Options.

I don't know how much bonus I get each year.

This is is the first tax year I've been over 50k. But I could end up 10k over or more.

(my base salary jumped from low 40s to 55 with a bonus on top).
Add in this year I got some extra too

I could increase my contributions, but tbh. I'd rather do the lump sum. Not sure what the NI +/- works out to.

That's basically it right? How does the NI saving or loss compare to the performance of vanguard vs aviva options?


As I'm not on mega wage I doubt it matters too much?
 
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dlockers said:
Yep it's pretty easy. I normally wait for my P60 as I only have one employment, add any additional bits (interest etc) to get to my total gross, then make a debit card payment to get me just below the limit. Then claim back the refund.

HMRC normally issue a cheque within like 2 weeks too.
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I think this is what I'll end up doing. If I do go self employed I'll end up needing this anyway.
 
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