How much can you save?

saver9713

Hi guys - quick question. How often do you change accounts to maximize interest rates? I haven't got any fixed rate accounts because I don't really have enough that I want my cash tied up. I last reviewed and changed accounts in April so currently have about £13k in M&S ISA and about £4k in Northern Rock savings account paying 2.08% and 2.5% respectively. Not amazing but best I could manage at the time.

Just had a look at Martin's latest email and I see I could be getting a 3% ISA with First Direct and 3.3% regular savings account with Citibank.

So I'm just wondering do you tend to move around frequently to ensure you're always on the best rate or do you review once a year, or what? Is there any downside to moving accounts so frequently apart from the general madness of it?

Interested to hear your ideas. :beer:

tara747

sss555s wrote: »

MONEYME I'm pretty sure bendix knows all about the real world even if he doesn't live in it

We are all on our own journeys and bendix didn't do anything wrong to deserve that comment.

Well done him is all i can say :T and he was just being a tad sarcastic about a misunderstood post further back. I got it anyway!

I can just see it now, bendix and Tara meandering along the Tapi river though most likely in opposite directions thinking sighhhh "this is the life"!!

LOL

And yes, I was on a lil' long weekend away in the south of Italy... it was lovely.

saver9713 - I do check all the time and move money if I have to. I currently have most of my savings in fixed interest accounts (savings and current – two of my current a/cs pay 8.5%, better than savings a/cs!) so they are earning decent amounts. As the fixed periods expire, I will move them one bt one to whatever is the best at the time. I also use up my ISA allowance each year and transfer when possible.

alohahawaii

Can you move you isa? once you've started putting money into it?

Also what do you guys do with the interest made on isa's?

I have last years in ING and it's earning interest, will i be earning interest on interest or am I best to put it into my new isa?

Lokolo

alohahawaii wrote: »

Can you move you isa? once you've started putting money into it?

Yes you can transfer ISAs at anytime.

alohahawaii wrote: »

Also what do you guys do with the interest made on isa's?

Becomes very good when you are a higher rate tax payer and you have a lot of savings in ISAs

alohahawaii wrote: »

I have last years in ING and it's earning interest, will i be earning interest on interest or am I best to put it into my new isa?

You would need to check that yourself....

CaroleM_3

Hi All, :hello:

September savings summary - £632.04, £87.04 over target, taking me to 68.9% of my year target
October Target - £560.00

Hope everyone had a good month,

saver9713

£200 of birthday money added to the pot today! Great news but it's scant consolation, I'd rather remain 25!!:eek:

Signature updated.

Masomnia

Student loan has arrived! So my savings are all on target again.

lukemed1

200 per month which is 16% of my take home pay

dzug1

bendix wrote: »

Non-resident withholding levy of 2%, that's all.

If you are UK resident/domiciled you are liable to UK income tax on that NZ interest. You may be allowed a credit of the NZ tax.

HMRC is currently running an amnesty for those who have not declared such income whether through ignorance or deceit.

dippykitty

Just a quick update for this month as I'm not expecting to add any more to my savings until next month now.

Added another £15 today so I'm closing in on £4k in the ISA (and £9k in total savings) and will hopefully meet that goal next month. I was aiming for £5k in the ISA (£10k in total savings) by the end of the year but I highly doubt I'll make that now.