5% Savings Loophole

xylophone

what is the easiest way to get a figure for the interest earned in the tax year?

The interest is paid gross and monthly - you could just check your bank statements for the tax year and add it up!

But the banks do supply a statement of interest for the tax year within a few weeks of its end.

Rosie1980

Between April and May most of the bank accounts I have had in the past supply a tax statement or certificate when they do the statement for the month. The banks that haven't done this automatically have provided the tax certificate on request.

marsman802

(apologies - I should have loaded this into the regular saver thread)

Ok I've just got my hands on £30k.

Is it beneficial to run the savings loophole in tandem with regular savers. I realise its a bit of work to setup but seems sensible.

Are we able to hold a joint account in both as well with joint regular savers and then also add HSBC into the mix that would give us:-
3x M&S regular savers (1 each and 1 joint)
3x First Direct regular savers
3x HSBC regular savers

Or do they restrict you to one each only making a max of 6?

Editha

Certainly FD only allow one regular saver per individual, and I'm fairly certain that is true for the other banks.

TSB, Nationwide and Lloyds also have monthly saver accounts.

adindas

Editha wrote: »

Certainly FD only allow one regular saver per individual, and I'm fairly certain that is true for the other banks.

TSB, Nationwide and Lloyds also have monthly saver accounts.

Someone mentions he managed to get two nationwide flexclusive RSA as a sole account holder before it gets caught a few months later ?

Anyone else manage to get it ??

But I am quite reluctant to try this. The thing with that RSA account is that, the interest is payed at the end. You might be saving for a year hoping to get 4-5% interest rate when in fact they just pay you a pittance and you will only know that at the end.

If they pay monthly interest like in current account, at least you could detect how much interest you get in the first month and therefore decide to continue or to pull out without loosing much in term of opportunity cost.

TaxPayer

marsman802 wrote: »

Is it beneficial to run the savings loophole in tandem with regular savers.

moneysavingexpert .com /savings /which-saving-account

This article about the priority of selecting saving products or "the best-paying savings" seems to answer that question well.

But I'm not allowed to post a link, as a new forum member, so all I can suggest is try searching for the title "How to Start Saving" and key words "The Savings Fountain".

Or follow the links
MoneySavingExpert.com » Saving » How to Start Saving


Sorry, I can't add anything to your other question about Joint Regular Savings accounts, I've never investigated that.

adindas

marsman802 wrote: »

(apologies - I should have loaded this into the regular saver thread)

Ok I've just got my hands on £30k.

Is it beneficial to run the savings loophole in tandem with regular savers. I realise its a bit of work to setup but seems sensible.

Yes if the interest is higher then the one you get in your high interest current accounts.

The technique is often called drip feeding where you are slowly moving your money from a lower interest in a current account into a higher interest Regular saver account and you repeat the iteration again after the regular saver mature.

marsman802

Guys - many thanks for the help.
The fountain thing makes sense

I'll pose the question around joint/sole accounts direct to the banks

YorkshireBoy

marsman802 wrote: »

I'll pose the question around joint/sole accounts direct to the banks

Why not just read the information on their respective websites? No need to even delve deep into the T&Cs for a lot (or even any?) of them.

You may even learn something else, apart from how many you can have, such as minimum funding, maximum funding, variable or fixed rate, latest deposit date per month, etc, etc.

dcollie87

Hi.

I'm looking into possibly buying my first house soon but still not sure when (could be in a month or even a years time). It says that applying for lots of bank accounts can affect your credit score. Does anyone know for how long it affects it? I would like to use this loophole but not if it ends up making it difficult for me to get a mortgage further down the line...

Thanks for your help