Ing 6% fixed for 6 months & 5.65% Web saver (merged)

gelato_cat

Yup

Suze

NottsCountyRule wrote:

A stupid question perhaps, but one I'll ask just to be certain, is the 0800 3766666 a freephone number?

heatherw_01

If I move my money across from my other ING accounts, this will not affect my tax free allowance will it?

Will I have to move money around less than the tax free allowance amount or can I move what I want?

I am registered for gross tax.

elektra

you can move as much as you want. just remember to register for gross for any new account you open. I print the R85 form from their site and post to freepost address.

heatherw_01

I have gross interest on each account, I am just worried that moving the money from one account to another will mean that I am over the gross interest yearly limit.

pbw

is it me, or have ING removed the 6% fixed rate account for 6 months offer? i don't seem to be able to find any info on it anymore

Bogof_Babe

heatherw_01 wrote:

I have gross interest on each account, I am just worried that moving the money from one account to another will mean that I am over the gross interest yearly limit.

I've been pondering on this one too. I think I am going to take a lump sum out and put it in my rubbishy current account and use it for the year's housekeeping.

Anything has to be better than having tax deducted from all my savings accounts and having the hassle of reclaiming my personal allowance's worth.

I've been working on a spreadsheet to find optimum break-even point when to draw out the excess. It's not easy but I'll give it a go!

I expect those of you who have so much in savings that you are well into the taxpayer bracket will think I'm being daft, but it looks like with the increased interest on the Websaver I could be over my annual tax-free allowance by about £100 a year, and it's not worth the hassle to chance it.

gelato_cat

You'd only be paying tax on the £100. I know it's £25 you'd rather keep, but how much would you be losing in interest by trying to keep yourself under the threshold?

Apologies if I've missed the point - I have been known to have the odd blonde moment.

Suze

Bogof_Babe wrote:

I expect those of you who have so much in savings that you are well into the taxpayer bracket will think I'm being daft, but it looks like with the increased interest on the Websaver I could be over my annual tax-free allowance by about £100 a year, and it's not worth the hassle to chance it.

Bogof_Babe

Yes, thanks Suzey, but I believe I would have to change my status from non-taxpayer to taxpayer, and then go through all the rigmarole of reclaiming the tax up to my personal tax-free allowance. This would mean that I paid tax on my savings all year (thus reducing my regular income) and got a lump back in the following tax year, and I really don't want all that hassle. I have no other income so it is a big deal for me to maximise the interest without incurring tax complications.

We collected a set of tax rebate request forms from the IR office with a view to reclaiming overpaid tax due to my husband leaving work part way through a tax year, and they are just too complicated to get a grip on. I'm not prepared to pay a professional to complete the forms for us, because that would cost more than the interest I will lose by my plan.

Catch 22 .

gelato_cat

Ohhhh, I see. I knew I'd missed something. I'd be inclined to do the same thing in that case.

Suze

Bogof_Babe wrote:

Yes, thanks Suzey, but I believe I would have to change my status from non-taxpayer to taxpayer, and then go through all the rigmarole of reclaiming the tax up to my personal tax-free allowance. This would mean that I paid tax on my savings all year (thus reducing my regular income) and got a lump back in the following tax year, and I really don't want all that hassle. I have no other income so it is a big deal for me to maximise the interest without incurring tax complications.

We collected a set of tax rebate request forms from the IR office with a view to reclaiming overpaid tax due to my husband leaving work part way through a tax year, and they are just too complicated to get a grip on. I'm not prepared to pay a professional to complete the forms for us, because that would cost more than the interest I will lose by my plan.

Catch 22 .

pbw

hello,

where has this account gone? has it been withdrawn? i don't seem to be able to find it anywhere on the website