raldaman

raldaman

I see that Coventry B.S. are paying 5.5% per annum on their 60+ saver account which, prima facie, seems very good....but you can only invest £2000 per month. I'm no good at working these things out so can someone tell me what the difference would be if, say, £24000 were invested at outset at 5.45% p.a ( which is what Icesave and ICICI Bank are paying) ?

Never was much good with figures!

raldaman

tom188

If you could pay into both of them at the beginning of the year you would get £12 more in the coventry than icesave/icici on that amount.

Thats before tax so £9.60 basic rate tax or £7.20 if higher rate tax payer.

The fact that you cant pay in more than £2000 a month negates this unless you start with the capital in icici/icesave and drip feed, and then youd probably lose this amount whilst the money was transferred.

So no point really.

Seems like this is infact a regular saver, and combining a selection of the current top payers would give you a better return.