5% Savings Loophole

Radaday

Lungboy wrote: »

As far as I know, tax is paid at the lower rate for joint accounts, but i could well be wrong.

e: maybe I'm misremembering and I was thinking that you should put all savings into the lower tax payers name?

Thanx for reply
but cant put it in wife's name only on joint account

steve k

masonic

Lungboy wrote: »

As far as I know, tax is paid at the lower rate for joint accounts, but i could well be wrong.

e: maybe I'm misremembering and I was thinking that you should put all savings into the lower tax payers name?

Half is assumed to belong to each holder and the corresponding interest is taxed at their marginal rate.

colmax

I just got half way thorough my Santander 123 application and decided to stop. The personal financial information they require is ridiculous.

They want much much more information than Halifax asked for, how often its deposited, how much you intend to deposit into their bank per month, how much you get gross individually, how much you get net, what your combined expenses are, is it cash, is it cheque, monthly, weekly, fortnightly?... the questions feel more like an interrogation with blinds and double blinds, and then veiled threats like "we may ask for documentary proof of these figures before opening your account." It's a current account for goodness sake, not a credit account! Why make us jump through hoops, also my wages are season dependant, so what do they want? Last months wages which were very good, last Decembers were rubbish? Do I put my best month, my worst, an average?

So they want your whole life, and then reserve the right to cut and run with your personal information if they don't like the sums.

True, they may offer a very high interest rate, and cash back but unless you have the full £20,000 to invest it really isn't a very good reward. Not compared to the value of the information they want.

So I decided to keep my valuable personal information to myself and stick with Halifax.

Eco_Miser

colmax wrote: »

So I decided to keep my valuable personal information to myself and stick with Halifax.

Other banks are available, with higher AERs than Santander (and Halifax).

gazwaldo8

Eco_Miser wrote: »

Other banks are available, with higher AERs than Santander (and Halifax).

Please tell which have the highest AERs and therefore the best place to put your cash into?

YorkshireBoy

gazwaldo8 wrote: »

Please tell which have the highest AERs and therefore the best place to put your cash into?

You indicated you'd read the article in post #166 (when you quoted part of it). The current accounts paying high interest are listed just above the text you quoted. Take another look?

gazwaldo8

YorkshireBoy wrote: »

You indicated you'd read the article in post #166 (when you quoted part of it). The current accounts paying high interest are listed just above the text you quoted. Take another look?

Yes - it was the quoteing of Halifax that threw me - I thought that was one of the 5% ac's when i first read the posting - but that is the £5 pm ac. My bad!

gazwaldo8

A quick thought - Would it not be simpler to stash the main lump (up to the £20k) in the santander 123, and just do a direct SO from there into each and every other ac and straight back into santander 123 without having to confuse things by it going from one ac to another to another in a round robin? (Obviously providing the sum of SO's do not go over whatever your 123 balance is each month)
This would instantly satisfy the minimum criteria for each ac and its a simple 1 2 1 switch as opposed to 1 2 3 4 5 6 ...... 1 etc etc??

Eco_Miser

Lots of there and back transfers use twice as many transactions as a round robin. I don't call that simpler.

EishMoney

Just wondering how many bank accounts people have - I have over 30 but a good chunk are savings?
Singleton here, well not with anyone I want to share money with anyway, so I have a 123 with 123 card and phone as the dd, then two tsb and the 500 circulates between them

Opened tesco savings for dd and will apply them to Halifax and Barclays to get the bonuses - the transfer will come from the tesco current accounts and a £800 shift between all 4 of them will look after the requirements - but will loose a day of interest maybe fro the tesco accounts.

And I currently have a first direct open for the switching and will probably keep it to close it in 6 months as the app sucks and the website is awful - and have an account that will switch for m&s to co op to clynsdale to get the switching bonuses with tesco dd where needed

My parents think I have too many account but you have to work the system! Will probably do a club lloyds in the future but need to save up for it