The one account

Bernie

Rick62 wrote:

OneAccount is expensive. Why not look at a good Offset, such as Intelligent Finance, better rates and, in my view, a better account structure.

I concur - we had enough cash in deposit, savings and ISAs to buy the house we wanted but it would have cleaned us out cash-wise and required us to cash-in our painstakingly accumulated ISAs. Hence we decided offsetting was for us. It has had many advantages for us:

• 1. Preserved the tax-free status of our ISAs
• 2. Retained immediate access to our deposited funds
• 3. Enabled us to transfer from the offset deposit account to the offset ISAs each year.
• 4. Made us oblivious to interest rate changes.

We looked at the One account and decided it was not so easy or clear to see what was where and why. So we went to Intelligent Finance.

IF simply provide separate accounts for each item - we have current, deposit, 2x ISA and 1x TOISA accounts. It is inherently easier to understand where you are...

:beer:

cosmicDolphin

Bernie wrote:

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We looked at the One account and decided it was not so easy or clear to see what was where and why. So we went to Intelligent Finance.

IF simply provide separate accounts for each item - we have current, deposit, 2x ISA and 1x TOISA accounts. It is inherently easier to understand where you are...

:beer:

What - Easier than having one big minus figure that shows how much you owe Vs what you own ? It couldnt be any easier to understand.