student saving from a part time job

kingmonkey

According to this site: http://www.listentotaxman.com you should be paying about £32.86 a month in tax. (assuming your not married/widow/blind/over 65/no allowances/deductions.)

jem16

Hsbc do an online saver but I wouldn't recommend it as it gives you no interest in any month where you make a withdrawal.

It can be handy if your current account and internet savings account is with the same bank as you can make transfers online very easily. However it doesn't have to be done this way. Other online savers will transfer into a current account with another bank.

One example is Cahoot, although their interest rates aren't as good now but not too bad at 4.55%.

reehsetin

kingmonkey wrote:

According to this site: http://www.listentotaxman.com you should be paying about £32.86 a month in tax. (assuming your not married/widow/blind/over 65/no allowances/deductions.)

handy site, i checked it and unfortunatly its pretty right, last month did some overtime so £850 wage showed my net wage should have been £729 which it pretty much was

reehsetin

jem16 wrote:

Hsbc do an online saver but I wouldn't recommend it as it gives you no interest in any month where you make a withdrawal.

It can be handy if your current account and internet savings account is with the same bank as you can make transfers online very easily. However it doesn't have to be done this way. Other online savers will transfer into a current account with another bank.

One example is Cahoot, although their interest rates aren't as good now but not too bad at 4.55%.

well i only wanna make sure if i really need to i can have access to it just a worse case scenario so the hsbc thing might not be too bad and i supose it saves me from more bank accounts

reehsetin

still with them so hopefully its been repaid or will be - havent see any tax pluses coming in yet

$"£!$&^*"$!&*(

The account i've posted about is with Lloyds TSB and although you can withdraw your money i think you lose abit of interest, anyway check it out and see how it will or will not work for you.

You can get 8% on your savings when you put in between (at least) £25 a month and (no more) than £250 a month into the account. This account is based over two years and once the two year period is up it will be transferred to a standard savings account if you decide to do nothing with your money.

The link to the Monthly Saver account is - http://www.lloydstsb.com/savings/monthly_saver.asp

One thing though, you have to have a current account with Lloyds TSB, however, in my opinion the interest rate you get for two years of putting say £50 a month away is not bad.

I hope this helps you a little bit and please let us know how you get on.

Nath :j

reehsetin

gizmoleeds wrote:

... actually, I'm just thinking - what tax code were you on in het last week of the last tax year (March if you are monthly paid - Month 12 or Week 52 on your payslip)? You should check your P60 because if they hadn't switched you to the correct code at the end of the year you will have overpaid tax.

If that is the case you should inform your tax office.

If you have overpaid tax it will be refunded to you.

:S urm i really cant remember ill have a hunt for my p60 thanks

reehsetin

nathanp wrote:

The account i've posted about is with Lloyds TSB and although you can withdraw your money i think you lose abit of interest, anyway check it out and see how it will or will not work for you.

You can get 8% on your savings when you put in between (at least) £25 a month and (no more) than £250 a month into the account. This account is based over two years and once the two year period is up it will be transferred to a standard savings account if you decide to do nothing with your money.

The link to the Monthly Saver account is - http://www.lloydstsb.com/savings/monthly_saver.asp

One thing though, you have to have a current account with Lloyds TSB, however, in my opinion the interest rate you get for two years of putting say £50 a month away is not bad.

I hope this helps you a little bit and please let us know how you get on.

Nath :j

that looks great think im going to go with Lloyds either that or the online saver but it seems to be both you need to have an account with lloyds which could work out well
i can keep the minimum in my HSBC current account a bit more in my lloyds current and then my two savings ones the ISA and the saver
aye thats a lot of moving money around but dont see a way around it really :S

flossy_splodge

Strongly suggest you have a thorough read of Martins Article on savings. He covers all the options and the downsides etc. Necessary reading methinks before you make a decision. Good luck.:T

reehsetin

i chose the nationwide online saver account, saved me yet another bank acc and according to the paper its a good one
tried reading martins guide but went a bit over my head, getting confused with whats what - not sure what ive got compared to what hes said

next question my HSBC gives me £1000 over draft on my student acc
never ever used an overdraft before, im assuming that if i go into that they dont charge me?
would it be worth going into that and putting some of that into the savings account?