NR over 50s 5.46%

[Deleted User]

This one looks good. 5.46% for over 50s

http://www.northernrock.co.uk/savings/silver-savings-online/

we have filled icesave up to the `safe` limits and I have been looking for another simple online account

a&akay

I always keep my savings in poor accounts ticking over, by transferring a nominal amount of say £1 by SO every month from my current account so as not to fall foul of any unknown inactivity clause (through not reading the interminable small print). I transfer any excess amounts above the minimum allowed to other accounts every few months. My NR online tracker at at a poor rate with a few pounds in it was thus instantly tranformed into the Silver Saver, with nil tax on its original P85. I transferred my savings within the usual 2/3 banking days. No need to provide any proof under money laundering rules as my credentials were already established. This topic Thread will inevitably warn me if and when the rate becomes uncompetitive or of new deals, thanks to MSEers. The balance, bar the minimum required, will then be moved to the next best provider converted from a ticking over account with them, or a new one with someone else if more beneficial. I keep track of all mine and their percentages in Excel.

molly_mandy_2

I have recently moved my money from ING to NR Silver Savings 5.46%.

V. easy set up to do online & everything so far has gone well. Money seems to move quickly from my bank account & appears quickly in Silver Savings.

You do have to have Java on your computer in order to use this online account - but even this was well explained & easy to download.

No probs so far & good for all us oldies!!

lolly5648

I transferred my money from the old NR Silver Savings to the online one and have been sent my customer id. I tried to get on to the site and it asked me for a password - afaik I have never been asked to set one up. How do I get this password?

dunstonh

Remember, over 65s with earnings close to £20,100 (including state pension, works/private pension, dividends and interest on savings) need to be careful when checking rate of return. If you go above £20,100 you start getting your age allowance reduced and that can increase your tax bill up to £524.80.

So, effectively, the real rate of return could be much much lower with tax taken into account. 5.46% gross is 4.368% net, only just above inflation at 3.9% so if age allowance was being reduced, that could take it down below the inflation rate of 3.9%.

Age allowance only applies to age 65 or over. So over 50s upto that point can ignore it.

lolly5648

If only I could earn close to £20,000 when I get to 65. Sadly I will be nowhere near that amount, nor will most of my friends.