The Savings Fountain Discussion Area

ED

Regular, monthly savings a/c of Norwich & Peterborough BS pays 5.05% gross when the a/c holds £10,000+ (possible after 20 months regularly depositing the max £500 allowed). Meanwhile, interest is only 4.15% for balance up to £999 – as bad as Britannia BS :-( N&P pay 4.40% for £1,000+ balance (achieveable after just 32 days!), & 4.65% for £5,000+.

Any MSE got a Norwich & Peterborough monthly a/c? Do you drip feed it via internal transfer from N&P's online savings a/c (4.30% gross)? I've had such an a/c for 3 years, and wanted to open a monthly a/c with N&P, but they messed up re the proof of iD+address documentation I recently supplied. Consequently, I'm less keen to entrust house-sale proceeds to their online savings a/c. Eager to know experiences of MSEs who are Norwich & Peterborough customers.

System

??? :-/ sorry to sound a bit dim but i have been saving in isas for the last few years and whilst the halifax 6.05% sounds great is it really any better after tax? :-/ ???

Galstonian

No its not better. But ISAs have limits and the idea is to find a way to maximise the benefits from each of the top products in turn.

ED

Internal transfer – as opposed to Standing Order from an external bank a/c – seems a prudent way to make monthly payments into regular savings a/c's with some banks and building societies.

£'s flowing from my Savings Fountain now successfully trickling direct into monthly a/c's with :

– Halifax plc : over-the-counter £'s -> Cardcash a/c -> online to Web Saver a/c -> internal SOs to Regular Saver a/c + Monthly Saver a/c

– Coventry BS : NetSave a/c -> online transfer to CallSave MoneyManager a/c -> internal transfer to Monthly Saver a/c

I've avoided 4 days nil interest on £'s – from my external bank, it would have taken 3 banking days by Standing Order. £'s leaving on Thurs. 1st April wouldn't have reached monthly a/c's till Monday. I just need to remember to supply £'s appropriately not later than 1 banking day before the automatic transfers, each month.

Hoping to add Norwich & Peterborough BS to my Fountain.

Wondering if it's worthwhile with Yorkshire BS – their eSaver a/c (4.35% gross) requires min bal of £1,000, but monthly a/c only allowed to receive max £100 per month. Online states £'s take "5 banking days" to transfer to a cheque a/c, so I'm not tempted to stash much cash in eSaver.

What other regular, monthly a/c's can be fed via internal transfer with the same bank or building soc?

For instance, anything suitable for :

– Derbyshire BS
– Leeds & Holbeck BS
– West Bromwich BS
– Chelsea BS

+ others MSEs may have discovered :-)

System

Hi, just wondering..

If I'm not a taxpayer now but will be in the future, and I happen to have some spare cash to save, is it worthwhile sticking it in an ISA so that when I do become a taxpayer it will be tax-free interest on the money I have already saved?

Hope this isn't too stupid a question and someone can help:)
Rosie

System

Halifax Regular Saver 6.05%

I am a non tax payer.

Do Halifax pay their interest gross ?

If not can the tax deducted be claimed back from
the Revenue ?

DH

Kazza242

Hi, just wondering..

If I'm not a taxpayer now but will be in the future, and I happen to have some spare cash to save, is it worthwhile sticking it in an ISA so that when I do become a taxpayer it will be tax-free interest on the money I have already saved?
Rosie

Yes, it is definitely worth opening a mini cash ISA, even if you aren't a taxpayer at present, as you will be in future.

Inland revenue rules do allow you to invest £3,000 per tax year in a mini cash ISA.  If you don't use your allowance then you lose it as you cannot carry it over to the next tax year.

Check out the best buys: cash mini isa best buys

When looking for a mini cash isa it is better to opt for one which comes with a CAT standard.  This will help you to find an isa that has fair Conditions, Access and Terms, but read the terms and conditions before signing up.

Derek - Yes, Halifax do allow interest to be paid gross.  It is better to register for gross interest at the outset rather than waiting until the account matures to claim back tax.  

To register fill out the Inland Revenue form R85, available from tax offices, banks or building societies.  You can also download the form from the Inland Revenue web site: Inland Revenue R85 form for 2004

System

I was wondering if you had any tips about ethical savings accoungs - how should I go about finding the best deal?

ana_3

I am hopeless with money and very new to the idea of saving it! By sheer luck I have managed to get my debt which was at £25,000 last year down to zero and so now am in a position to save at least £500 pounds a month. But where do I start? What is the best option for me? The aim is to have a decent deposit for a house/flat in 2 years time. Can someone advise? ???

Leia_Stephens

I have posted a message for you, ana, in the "Have £500 to save - What is best option?" thread that you started .

Leia