5% Savings Loophole

saver861

moneyfoolish wrote: »

I have every sympathy as my wife is exactly the same. She moans so much every time I ask her to open an account that I've given up! I managed to get her to sign for a Santander account and also a joint one so we have 3 as I've also got one. I didn't bother for the TSB Classic (I have 2) or the Tesco (I've got one) because it wasn't worth the aggravation. It's quite annoying as she's a non-taxpayer!

Boys - its easy. Just do all the work yourself, and get her to sign the dotted line when needed.

I do it all online, and she just signs it. It is a bit of a problem when we have to talk to the bank about something and I when I ask her to speak to them about x then I get that 'stare'. Make any man shiver in his boots does that 'stare'.

Still, lets face it, you have to be a nerd to be doing all this switching and card tarting etc. And, lets face it again, not many would want to be married to a nerd!!

soldave

Question about these savings accounts. I've currently got £5760 in a Post Office Cash ISA since last year. In the past 6 months I've also set up the following current accounts:
Club Lloyds x 1 (£5,000)
Nationwide x 2 (£2,500 x 2)
TSB x 2 (£2,000 x 2)
Tesco Bank x 2 (£3,000 x 2)

And I may consider setting up a number of Bank of Scotland accounts too. But April will be here soon and I'm wondering whether I'm going to be best closing these accounts and putting it all into an ISA, or keeping it in the current accounts. Not sure which is best in regards to tax.

Should note none of these accounts are in the wife's name but she is not working or paying tax currently, with no plans to do so.

Can anyone offer any thoughts?

B_G_B

letiss7 wrote: »

My wife & I would like to open some of these accounts but I notice that each of them asks for information about income. My wife is not currently working and there are no immediate plans for her to go back to work. What is the experience of others with no income opening these accounts ?

Never had problem - also see post 3 here. https://forums.moneysavingexpert.com/discussion/comment/67360288#Comment_67360288

YorkshireBoy

soldave wrote: »

Can anyone offer any thoughts?

You've got around £26K in total, assuming no further savings elsewhere? That's less than the annual ISA allowance for both of you. I'd stick with the current accounts until such time as you're 'forced' back into ISAs by any demise in high interest current account offerings.

BTW, how have you managed to get 2 FlexDirect accounts in your sole name still paying 5% AER?

And finally, you should look into high interest current accounts for your wife, or at least make some of yours joint, in order to get a higher return on your savings.

soldave

YorkshireBoy wrote: »

You've got around £26K in total, assuming no further savings elsewhere? That's less than the annual ISA allowance for both of you. I'd stick with the current accounts until such time as you're 'forced' back into ISAs by any demise in high interest current account offerings.

BTW, how have you managed to get 2 FlexDirect accounts in your sole name still paying 5% AER?

And finally, you should look into high interest current accounts for your wife, or at least make some of yours joint, in order to get a higher return on your savings.

No - no further savings elsewhere.

Apologies - the 2nd FlexDirect account is coming through as a joint account.

Good call on accounts in her name and/or joint accounts. Will definitely look into that. Probably just be joint for now as she's just come into the UK from outside the EU and has no work, so probably would get rejected for accounts for now.

letiss7

Thanks B_G_B

mozzy10

Quote from original article.....

Note: If you opened a TSB Classic Plus account before 13 October 2014, it used to allow you to have up to four accounts (two of which had to be joint). If you did that, it means you could actually earn 4% on up to £34,000.

I opened my account before 13th october. Does this mean I can open a second account in my sole name?

Eco_Miser

mozzy10 wrote: »

I opened my account before 13th october. Does this mean I can open a second account in my sole name?

You certainly could ... you may still be able to if you're quick. Do it online while not logged in. (That's the way it's always worked.)

rleish

Hi,

I'm in need of some advice, please. In August (2014) after reading the original article, I opened a Nationwide FlexDirect Account and a TSB Classic Plus account and they are both 'full' to the limit for the in credit interest.

I've been with Nationwide for 15years+ so it was easy to open with them. TSB was a bit more of a hassle - I tried doing it online and they wanted me to go into the bank but after showing ID etc it was fine there too.

A couple of days after that I went to Santander but when it came time to credit check me I got declined. I started a free trial with Experian and discovered that I had a great credit score but the red flag was a significant number of recent searches. I'm not sure how, but TSB have carried out 2 searches on the 15/08/14 and 1 on the 16/08/14 but I only opened one account with them. Is there any way I can get 2 of these 'struck off' so that I can open more current accounts?

I have more savings that are just languishing in an e-savings account at an abysmal rate of interest. For clarity, I'm single so joint accounts aren't really an option and I am non-taxpayer because I have returned to full-time education.

Thanks

Archi_Bald

I don't think you can have the search removed, and I am not convinced it would make a difference. It is unlikely that the searches for 2 new current accounts, even if these resulted in 3 searches, are the only reason for Santander declining your application. I have often applied for half a dozen current accounts plus a couple of credit cards, all in the same month, and never got declined.

May be they didn't like your occupation, presumably you specified student?

There are other 3% accounts at Tesco and BoS.