Derbyshire regular saver interest rate cut

Speculator

And Banks and Building Societies do not accept bank statements that you download & print yourself.

MiserlyMartin

anticlaus105, How does one obtain an Inland Revenue statement? Do you need to be self assessed for this?

mary

I'm self employed. I do a self assessment form for the IR and when they've gone through my figures they send me a Statement of Account, showing how much tax I owe or don't. I think it's only for self employed people.

anticlaus105

mary wrote:

I'm self employed. I do a self assessment form for the IR and when they've gone through my figures they send me a Statement of Account, showing how much tax I owe or don't. I think it's only for self employed people.

Yep...thats correct so not everyone will have one of these.

eagle

Speculator wrote:

And Banks and Building Societies do not accept bank statements that you download & print yourself.

Getting really off topic now, but I supose this is one of the reasons why the government is doing their best to impose ID cards on us.

Ted_Bloke

mary wrote:

It's for this reason I have decided not to opt for the paper free version of my own bank statement.

On the other hand, all this paper going around… surely your eco-conscience:A does demand you take seriously their attempt to economise in the interests of the environment? Would you be prepared to make a little sacrifice and at least dispense them from sending you the offers of a 20% discount if you book five months ahead with their travel agency to go out-of-season to a place you never wanted to visit?

MiserlyMartin

I'm still none the wiser as to how I should send my passport or driving licence to Principality without paying a fee to an IFA to certify the docs. I wonder if my company pension advisor would do it for free. He makes enough commission from me? I wasn't going to close the Derbyshire until I've opened this one.

Ted_Bloke

ReportInvestor wrote:

Come on people. This is blatantly OTT IMHO. You are living in a Martin Lewis induced MSE dream world where you are "entitled" to 1% more than the base rate ad infinitum .

Ted_Bloke wrote:

Oh dear, I came to this site hoping to find best savings rates instead of the crap I have. I found the crap I have is the best savings rates. In a way that makes me glad, in a way it doesn't.

I could make a new thread like with a more attractive title like "how you can make 8.3%" (or 8.6% or 7.5%) or "Deemy and Mary - the truth at last" but I'm not sure I want it to attract too many views so I'll post it in the thread where the question first started.

Any saver seeing the above interest rates has got to be interested because most of us are getting 4.5 or 5% if we kept reasonably awake. But if that leads anyone to think they can get 7.5% :drool: on a few tens of thousands just sticking money somewhere other than where it is now, I'd said it seemed to me not.

The idea was to get this high % by various savings products that are offering high interest rates on small amounts. What can you really do? My conclusions are: compared to leaving the money in a 5%-yielding account you can make for instance an extra £150/Y by cycling £12K/Y or some people could get £215 more by a manoeuvre involving £36K/Y.

[Details:
I can get fairly easily by saving £9K/Y + cycling another 3K/Y through an account (this is H'fax & HSBC & AL) 8.3% on the average saving of £4.5K i.e. you can make £375 in interest i.e. £150 more than if you had left it in an account yielding 5%. Might as well. If, as an exercise I try to reach the Mary-Deemy figure of 7.5% by adding some ballast in the form of some Regular Savings 6% with Principality/Scarborough/Leek* BS's to the amount of £2.4K average = £4.8K/Y = £400/mth., i.e. can make my 7.5% on £6.9K by saving twice that.

With more trouble, you can get (except for a problem discussed below) 8.6% on £7.5K = £.645 = £215 more than you would by staying inside your 5% usual by adding to the above a Barclays and a Peterboro' BS savings scheme, saving £15K/Y + cycling another £24K/Y outside of that.]

'Cycling' means that to have the high-yielding AL, B'clays, HSBC, & P'boro' accounts you have to open another regular current acct. and make some money go through it. OK everybody needs a current account. However HSBC and Barclays accts. have been officially declared pants on this site, and monetarily it depends on your outgoings. (The only trouble-free one is AL, it's only £500/month (so only £250 more than you were going to do anyway and that gets 5% anyway) there were no particular strings as far as I could see except you must prevent your curr. acct. balance rising above £2.5K a the extra gets no interest.) Without going into my personal situation I would have had to put £1K into Barclays one day pay a few bills but forward a good part of that to a BS or other interest-yielding bank, hopefully Barclays would wear that. Probably most people could do it. But not everyone, not me.

I was thinking I'd just feed money through Barclays, £1K, in £750 out to another BS every month, in fact I got myself a Barclays account. However both HSBC and Barclays require you have to have your salary or pension paid in**. Many of us unfortunately find ourselves reduced to having only one salary or pension. Look at the conditions below** and there seems no way for one person to have both HSBC and Barclays, though it would make sense for a couple, both earning. Maybe I'll still open Peterboro' accounts. But not sure I'll really bother with hassle of yet another two account and diverting £9,000 /Y through an account just for the sake of an extra £45/Y. Depends on whether you consider this as finance and money or as sport or hobby?***

For those many who post here saying hey I've just got £50K or £100K I don't know what to do with, above is a solution only to a small extent because they can't make the salary payments with that. Assuming they can keep it for a year they can cycle from their capital £1000/mth thro H'fax, Peterboro' & AL which gives them 8.3% on £4,500. (On second thoghts they could use these tricks once, if their income was previously not enough to save.)


Those are the facts and figures AFAIK - judge whether or how much that redeemensions that attractive-sounding 7.5%. (BTW Deemy & Mary reacted quite shirtily to having their conclusions and even figures questioned. In that case I can too, and now say their figures were out of date at least, the percentages they quoted were no longer obtainable, and within days FTM other threads were started about the rate cuts by Cahoot etc. So you could obtain them if you had a time-machine; OTOH their point is valid in the sense that you can increase your earnings by picking up as many of these little extras as and when you can, provided their conditions, usually loss of interest if you touch them within the year, are OK 4u. In particular there are several offers of 6% around, not really giveaways because of those conditions.)

Oh and about Derbyshire which started all this off, I reduced my inputs to the minmum. But then after going all round the houses to reorganise my savings - it looks like compared with what's around, the 5% they offer now is not all that bad almost making me wonder what this, though entertaining, has all been about!

Robert_Sterling wrote:

It is as simple as this at present:-

Any account paying 5% or more is good in my opinion.
Any account paying less than about 4.5% is not too good.
Any account paying less than 4% is diabolical.
Any less than 3.5% do not even go there.

*(Beware e.g. of Leek's inflexibility and don't put in more than you can surely maintain for 12 months, because you are not allowed to vary the monthly payment without losing the top rate.)






**
HSBC
Available only to customers who have their monthly salary or retirement income paid to an HSBC Bank current account.

Barclays
Pay £1,000 or more into your current account every month throughout the 12 month term of the Regular Saver account. The monthly payments must include your salary and/or pension payments which must be mandated directly to your current account
13.1) In the event that any of the situations specified in 13.2 below occur (a 'breach') the Regular Saver account will receive interest, calculated for the whole 12 month term, at the same variable gross rate(s) applicable to the Barclays Easy Saver account ('Easy Saver account'
13.2 The situations referred to in 13.1) above are as follows:
- Payments of (or totalling) at least £1000, and including a mandated salary and/or pension, are not made to your current account in any month during the 12 month term of the Regular Saver account

_______________________________________________

***said the Cat: `we're all mad here. I'm mad. You're mad.'

`How do you know I'm mad?' said Alice.

`You must be,' said the Cat, `or you wouldn't have come here.'
________________________________________________

Dagobert

Ted_Bloke wrote:

there seems no way for one person to have both HSBC and Barclays

I do.

And I follow exactly the procedure outlined above.

Ted_Bloke

Dagobert wrote:

I do.

And I follow exactly the procedure outlined above.

Sorry, where above? And have you had it for a year (so sure they didn't decide you were against their t&c)?