5% Savings Loophole

Radaday

so has anyone found a work around for the DD.
ill be closing my Tesco accounts as there is no point keeping them for sending DDs for multiple interest-earnings.

Rich2808

Radaday wrote: »

so has anyone found a work around for the DD.
ill be closing my Tesco accounts as there is no point keeping them for sending DDs for multiple interest-earnings.

The post office online saver account is no longer available

https://www.postoffice.co.uk/savings-accounts/online-saver

Scottish widows is another option - their internet saver and instant access 2 accounts allow direct debit payments but you have to complete a direct debit form, send it by post and enclose a bank statement from your current account. So its not as flexible as Tesco.

http://www.scottishwidows.co.uk/bank/savings/index.htm

Credit unions are another option - see if there is one in your area.

As for Tesco - you can still use your existing and set up new DDs until late April. So you might as well carry on using the facility until then.

MONEYTREE_2

Rich2808 wrote: »

The post office online saver account is no longer available

I opened a PO saver 3 days ago!
30th Oct I received this email:
================================
​
Thank you for opening an Online Saver Issue 26 Annual Interest account and for choosing to save with Post Office Money®.
​
If you have chosen to make your deposit by Direct Debit, please allow a minimum of 9 business days for us to set-up and process your request.

Yours sincerely,
​
William Hughes
Post Office Money, Service Delivery
===============
Seems I opened it just before they withdrew it!
PHEW.

KTF

MONEYTREE wrote: »

What? But I closed my Tesco and opened a PO saver 3 days ago!

What you on about, mate?

Perhaps if you clicked the link you would see the message on the post office page that it is no longer available.

Why would you close your Tesco one when you can continue to use it until April and they may well change their mind before then.

MONEYTREE_2

KTF wrote: »

Why would you close your Tesco one when you can continue to use it until April and they may well change their mind before then.

Cos I was peeved at them ending the facility. So I walked.
My PO one is now open, and I still have SW if I need another.

I also managed to "get in" on the YB deal before they pulled it and look forward to my £250.

Just call me lucky.

And I did give you a "thanks" KTF :-)

KTF

You will need the second one as you can only have one DD on the Post Office account and the YB deal requires 2x active DD.

caldejud

Hi all
Following various threads lately there has been a lot of chat re the LTA tax charge and my OH is likely to be a candidate to pay it or maybe I will at some point.
We use Retireeasy for our cashflow planning and we now want to factor in this charge. I have set up the first scenario and entered an estimated a single tax charge of 25% of the excess fund when he reaches age 75 and I think this is fine.
My question is: if my OH dies before age 75 and I inherit what remains of his SIPP I think I need to work out how much of his Sipp fund he has taken and then work out when I am likely to withdraw the amount above the LTA – I will likely take this as income so each time I take excess income I believe there will be a 25% LTA tax charge until I reach age 75 when an automatic LTA charge of 25% will then be deducted by the provider. Is this correct as I want to plan in this series of tax charges in my lifeplan.

Grateful for any help

Tx

KTF

Post a new thread rather than respond to an existing one and you will get a better response as what you ask is not relevant to this discussion.

caldejud

Sorry, sorry, sorry.....wrong thread - I've been reading through quite a few!!!

I'll stick it in the pensions section.

Tx

inittogether

I've applied for the clydesdale switch incentive. Switched from a spare empty account. I've set up (I hope) direct debits of £1 to two charities.