I need to shape up my finances :(

life_nit

Hi, Just wondering if anyone can spot if im not making the most out of my account/s, and i should consider opening/closing any of these accounts.

I have the following:

esaver making 2.75% >15k

regular saver making 4% (capped at 250 a month), feeding from esaver for 13months

AA account 2.8% (just opened AA due to looking at best buy). (planning on moving money from esaver to AA account for daily usage.

Natwest Student account. (barely use)

I have never owned an ISA, but i just noticed i could get 3.2% with Santander? Is this right and should i open one?

I have no Credit cards. Should i get one linked with my Natwest Student account?

Thanks all.

blinko

always fill up your ISA allowance first if your a saver, then pu the cash in the next best web saver etc

also depending on how much you earn ?

you may be able to claim the tax back on the savings as you have 6k tax free

Sackagold

blinko wrote: »

always fill up your ISA allowance first if your a saver, then pu the cash in the next best web saver etc

Just curious. Is beginning an ISA first worthwhile if you don't have the funds to fill it completetly?

life_nit

I think you can add more anytime, as long as it's not more than x in a tax year.

And yeas it would be because it's a higher rate than any bank account

life_nit

Any more help please?

xrjtg

Search the forums for "Lloyds Vantage".

Michael_Corleone

Yeah, LLoyds Vantage should be worth a look ... If you've got 14K-21K to play with, it'll earn you 4%.

life_nit

need some better responses please people

I'm a non tax payer.

Do i benefit better from having an ISA, or can i get a higher rate elsewhere greater than 3.2%?

bodmil

I think the Vantage suggestion was the best you're going to get. 3.2% for the ISA is a good deal.

xrjtg

The only benefit of an ISA for a non-tax payer is that you begin to shield money from taxation in the future. Whether or not this is worthwhile depends on how long you expect to remain a non-tax payer, and when you expect to spend the money you've saved (for example, as a housing deposit).

Eco_Miser

@xrjtg: Generally you're right, but for some people, (me) having an ISA keeps me being a non-taxpayer. If the funds I currently have in ISAs were in taxable accounts at similar rates, the interest would push me over the tax-free limit. Don't think this will apply to OP though.