Skipton b/society 1.20%

YorkshireBoy

robotrobo wrote: »

ive had to reduce the 123 85k , so i do have the money to do the other things !, but do i need the d/d to fund them ?, if so im back to square one arnt i?,

DDs are only required on Halifax Reward, Club Lloyds*, and Santander (which you already have covered with your bills?). I'm not aware of any others?


* They're required on Lloyds Vantage too, but as a couple you'd need to have some serious cash savings before having to resort to a 1.5% AER account!

robotrobo

yorkshireboy wrote: »

i'd keep it, and add more accounts...if you have the funds?


Or alternatively, and if you haven't already got them, bos vantage will take £15k per person (so £30k for the two of you). At £5k per account that'd be up to 6 accounts though.

can i cross fund these accounts with the same £1k?

& how do you ask for 6 accounts . Sorry caps off now

YorkshireBoy

robotrobo wrote: »

can i cross fund these accounts with the same £1k?

Yes.

& how do you ask for 6 accounts . Sorry caps off now

Not sure what you mean? You are allowed 3 accounts each, so you just "ask" for them in the usual way...by applying for them!

robotrobo

* They're required on Lloyds Vantage too, but as a couple you'd need to have some serious cash savings before having to resort to a 1.5% AER account!.




Hi YORKY.

you will believe this when i tell you what i have done to-day!, i have stupidly made a appointment next Wed to get the LLoyds current , so that i qualify for the vantage!, then i have just re-read your post & your not so keen on it!. Whats your thought on it ? , i was going to open 2 c/accounts & then put in 2x5k in the vantage, would you still do something different?, i can cancel the appointment no trouble.

I think i am going to fund the tesco current with £3k for the tax free wife, one account only , i think.
1

Other than the tesco account , i still have to get the d/d up & working what ever we decide.
thanks.
mr bean

eskbanker

Mr Bean, looks like you've possibly missed the important distinction between Lloyds Vantage and BoS (Bank of Scotland) Vantage in Yorkie's earlier posts!

The Lloyds variant only pays interest at 1.5% whereas the BoS version still pays 3%, so the recommendation was/is to open the BoS ones not the Lloyds ones, or at least open the BoS ones first and fill them before even considering Lloyds Vantages.

Edit: still worth opening Lloyds Club (and associated monthly saver) accounts though, so don't cancel the appointment (if you wish to open in branch)

robotrobo

eskbanker wrote: »

Mr Bean, looks like you've possibly missed the important distinction between Lloyds Vantage and BoS (Bank of Scotland) Vantage in Yorkie's earlier posts!

The Lloyds variant only pays interest at 1.5% whereas the BoS version still pays 3%, so the recommendation was/is to open the BoS ones not the Lloyds ones, or at least open the BoS ones first and fill them before even considering Lloyds Vantages.

Edit: still worth opening Lloyds Club (and associated monthly saver) accounts though, so don't cancel the appointment (if you wish to open in branch)

Thanks for the reply eskbanker, i think i will postpone my lloyds appointment for now, i have the local phone no at hand.I will concentrate on the BoS accounts & the Tesco internet accounts for the d/debits.
To fund the BoS , would i still be in pocket if i used some of the 123 money?, & my pensions would slowly build the 123 back up again, or do i use the £30k thats in the 40 notice account isa at yorkshire bank earning 2% ?.
best regards
mr bean.

eskbanker

robotrobo wrote: »

To fund the BoS , would i still be in pocket if i used some of the 123 money?, & my pensions would slowly build the 123 back up again, or do i use the £30k thats in the 40 notice account isa at yorkshire bank earning 2% ?

The key thing as I see it is to get as much of the taxable money as possible into accounts in your wife's name, whether they're 123s, Vantages, or whatever. Even for you, 3% after tax (i.e. 2.4%) is better than the 2% in the ISA, assuming you agree with most on here that the benefit of tax-free status isn't enough reason to keep money in cash ISAs paying worse rates than the decent current accounts.

Having said that, there is also the question of how much money you want to keep in cash form, if you have a substantial six-figure sum it might be worth diversifying a bit with relatively low-risk investments, e.g. transfer cash ISA funds into S&S versions? Obviously this becomes less appealing at a more senior time of life but if you still have your health and plan on sticking around for a good few years yet it may be worth considering!

robotrobo

eskbanker wrote: »

The key thing as I see it is to get as much of the taxable money as possible into accounts in your wife's name, whether they're 123s, Vantages, or whatever. Even for you, 3% after tax (i.e. 2.4%) is better than the 2% in the ISA, assuming you agree with most on here that the benefit of tax-free status isn't enough reason to keep money in cash ISAs paying worse rates than the decent current accounts.

Having said that, there is also the question of how much money you want to keep in cash form, if you have a substantial six-figure sum it might be worth diversifying a bit with relatively low-risk investments, e.g. transfer cash ISA funds into S&S versions? Obviously this becomes less appealing at a more senior time of life but if you still have your health and plan on sticking around for a good few years yet it may be worth considering!

Yes thats what i work at , give as much money as i can to my wife , 40k in 123 santander, 15k in the index linked nsi, close bros , etc, obviously i pay tax on our joint & my own accounts.

The thing is , on the wifes tax , they say not to declare any isas , so thats about 70K before we even have to add up the other interest to keep her below the 10 k approx , before she starts paying tax , so she is well short of that.

I started in 1992 investing in investment trusts, jupiter , flemings , templebar, dunedin ,and quite a few more , as well as ordinary shares, the trouble i was in them for a good 20 years & early days , no computer , little knowledge on buying & selling & remember some of these trusts early days were not listed on the pc , i used to go to the library once a month & read the financial papers etc.
i was getting risk adverse & then i lost a bit on penny shares £6k & in 2008 i was down about 50% on my porfolio, & kicking myself for not cashing in & make money , then you can & i did occasionally jump out of the frying pan! .
I moved house in 2008 & pledged that if the markets come back to the pre 2008 portfolio value , then i would cash in , & i did , so ok i cannot say how much i am in profit now , which i am , i no longer worry about takeing pieces of paper to the grave , at least i can enjoy what bit we have & i can treat my children & grandkids when i want, i darent look at the markets now as i know i would be worth a fortune maybe, but like i say im not grumbling about it , at least i give it a good shot over 20 years.

I also had not got all my eggs in one basket , i had investments with pearl , norwich union , aviva , 2 or 3 b/society floats , & as you know , ok i did not lose my money , but well short of the projected values on maturity , i had BTshares at £16 each!!!!, i could write a book !, this is just a very small account of what i was doing.

so! do i use the wifes £30k isa money?

i can remember how i felt inside when out of the blue these companies collapsed with no returns whatsoever , gone for ever , i will sleep tonight aahahaahahahahaa!

colsten

Mr. Bean.

There is no point in making an appointment with Lloyds.

Lloyds Vantage is no longer available to new customers, and not even existing ones can upgrade. http://www.lloydsbank.com/current-accounts/vantage.asp

If you want a Club Lloyds, you can apply online. http://www.lloydsbank.com/current-accounts/club-lloyds.asp

colsten

Mr Bean, without reading the details since I last posted this:

colsten wrote: »

Tesco is 2 x £3,000 per person, and I don't see the BOS Vantage (3 x £5K per person, up to 3%) on your list. HSBC and M&S do the same 6% RS as FD, albeit £250 max a month. Clubs Lloyds (5K per person, up to 4%) and the Club Lloyds Monthly Saver is missing, as is the Nationwide Regular Saver (£1,000/mth, up to 2.5%). And then there is the Newcastle BS RS..........the choices are literally endless.

I think the status is:

• You have opened 1 Tesco current account - you and your wife could have 4 by now
  
  
• You have opened no BOS Vantages - you could have 6 by now between the two of you
  
  
• You have opened no Club Lloyds current accounts and monthly savers - you could both have 1 each now
  
  
• You have opened no HSBC and no M&S accounts to get at their Regular savers - you could both have 2 RS now
  
  
• You have opened no Nationwide Regular Savers - you could each have one of these now

The BOS, Tesco and Lloyds current accounts alone would take £52K in total, before you start on the additional regular savers.