Soldato
Is there a big difference? I was going to switch to a Nationwide ISA at 2.75% and thought that was competitive?
Best savings account?
- Thread starter Merlin5
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Soldato
I've been using Atom and Marcus for years and I've just recently opened Tandem too. I'm also paying £250 a month in the Lloyds regular saver at 4.5%.
Surely you would be MUCH better actually paying an IFA to manage your money? Messing about with 4.5% interest on a marginal balance with Lloyds is a total waste of time for you..
Soldato
These are accounts I had before my fortune. In fact I am in the process with a financial planner from Evelyn to sort out some future investments.
Even then I'd still like to have some readies in easy access accounts ready to go.
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Soldato
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just started the ball rolling on one today. will lock up for 5.years. it's depressing tho. still half the interest rate of inflation AND government will take a big chunk of it as wellI've opened a savings account with them a few months ago. What can I say, my money is there and interest gets added to it each month, what more do I want
4.75 so just under double.
Its not a problem as I wasnt planning to put anymore than I did in. And it's under the threshold. But I did have to check.
I worked out I'd get about 470 of interest next financial year
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Soldato
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Does anyone know, if you manage to get to the point where you pay tax on your interest does the government automatically collect or do you need to declare it?
Thanks
Thanks
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You have to inform the HMRC. Either via a self assessment if you do one already, or just directlly and they can change your tax code if you're PAYE or if they can't do that they will just send you a bill.
Just popped into a Barclays branch in London and I've finally moved my money. Couldn't do the Rainy Day Saver because it stipulates I'd need to put a certain amount of money in each month in order to be able to open a blue reward account and I'm sort of semi retired. I would have qualified for getting the monthly fee paid back though as I have multiple direct debits. But I opened a 1 year flexible cash ISA account fixed @ 4% and transferred more than £10k from both my Instant ISA with its measly 0.5% interest or something like that, and my Everyday Saver account. All done and this time next year will have made £462 interest. \°/
Soldato
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my atom account is opened. I have 7 days to load it up. unfortunately Barclays only allow £2000 transfer into a new account and then 10,000 each day.
I will manage to get it full in time without trekking to a branch but i must not forget any days.
once that is done I think I will close my 1,2,3 account and then open a blue account with Barclays and Halifax I think do an equivalent . that will leave me with maybe 10k cash which I will leave in my current account for a rainy day. (hopefully by next tax year I will have enough to fill an isa )
I look at my bank balances and it looks a lot but inflation is gutting it... and not to mention due to my complicated work status I have not been able to have a private pension for last 6 years and won't for next 3 either. (I am making voluntary national insurance contributions however so at least my state pension is covered)
I will manage to get it full in time without trekking to a branch but i must not forget any days.
once that is done I think I will close my 1,2,3 account and then open a blue account with Barclays and Halifax I think do an equivalent . that will leave me with maybe 10k cash which I will leave in my current account for a rainy day. (hopefully by next tax year I will have enough to fill an isa )
I look at my bank balances and it looks a lot but inflation is gutting it... and not to mention due to my complicated work status I have not been able to have a private pension for last 6 years and won't for next 3 either. (I am making voluntary national insurance contributions however so at least my state pension is covered)
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Barclays only let you transfer £2k of your own money? Lol...
Soldato
Maybe as an anti scamming measure if it's only the first transfer? Just guessing.
Soldato
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to a new account. on day 2 it's 10k per day.
any more than that you need a business account or go into a branch
like Uther said it's to minimise scams.
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More like make it a hassle for people to move their money. As an anti scam technique it is very poor.
Soldato
This (I had the same issue). It resets at midnight.
Soldato
Can you pay into an isa more than once? Like a direct debit every month?
You can only withdraw a limited amount of times so does deposit work the same way?
You can only withdraw a limited amount of times so does deposit work the same way?
Soldato
You can pay in as often as you like, but only the one ISA per tax year.
If you pay 50 and withdraw 50, then pay 50 - you have used 100 quid of your pay in allowance, not 50.
Iirc
Soldato
Yep, you get a 20k allowance every tax year, and only allowed to pay into one S & S ISA a year (and a cash ISA as well I think)
Soldato
Not always the case with cash ISA.
What is a flexible ISA?
You're now able to withdraw and replace ISA cash from some ISAs without affecting your allowance.
www.moneysavingexpert.com
Also, interesting "hack" at the bottom of that article, that doesn't sound quite right...
Surely if you've had savings in a normal savings account for most of the year, then the interest will be paid into that account regardless if you shifted the funds?
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