Club lloyds

savingNoob

Am I being thick (please don't answer that) but wouldn't my £5000 ISA (currently at 2.25%) be better sat in a club lloyds account (for example) as they are offering 4% on balances up to £5000

Any ideas / suggestions would be helpful

anamenottaken

savingNoob wrote: »

Am I being thick (please don't answer that) but wouldn't my £5000 ISA (currently at 2.25%) be better sat in a club lloyds account (for example) as they are offering 4% on balances up to £5000

Any ideas / suggestions would be helpful

If you don't have other funds to put in the Club Lloyds (so you earn there as well as in the ISA) and you aren't paying tax at 45%, then your nett income from the £5K would be better in the Club Lloyds.

However, it also depends on your view of needing to protect that £5K from being subject to tax in the future.

vouch0r

yes, i work it out as earning 3.2% after tax

TONY1

you can put it in llodys club to get better interest and put it back in a isa account just before April next year as the amount you can put in a isa goes up to £15000 in July this year.

jimjames

savingNoob wrote: »

Am I being thick (please don't answer that) but wouldn't my £5000 ISA (currently at 2.25%) be better sat in a club lloyds account (for example) as they are offering 4% on balances up to £5000

Any ideas / suggestions would be helpful

Why Club Lloyds?

Use TSB and you'd get 5% on £4000 and can then use Nationwide for another £2500.

No point using an ISA at all for that amount.

Eco_Miser

TONY1 wrote: »

you can put it in llodys club to get better interest and put it back in a isa account just before April next year as the amount you can put in a isa goes up to £15000 in July this year.

Although until you have £15000 or ISA rates go up/current account rates come down, you will be better off leaving it all in TSB/Lloyds.

savingNoob

Thank you very much guys thats a great help