Muppet Money

colsten

If you don't care about the odd £100 here or there, why not put it into a JISA or other investment for your child? Or give it to charity. That would still be better than feeding a bank, which is effectively what you are doing.

mgdavid

ggb1979 wrote: »

......for a high rate tax payer who already has a million other things to do ........

if it's the work environment that's stealing your free time you need to address that first. It's easy to be an HRT payer and still only work a normal 35-40 hour week, I did and if I can anybody can.

You seem to be in a good financial position - don't spoil it by burn-out or ruining your health. IMO work-life balance comes before finances.

AndyT678

ggb1979 wrote: »

In ideal world we would all do all the best things but when resource is tight you have to look to greatest impact for minimal effort.

It's maybe an hour's work to sort it all out - open the account, move the money and change your SO but for that you get an extra £100 AFTER tax. That's say £130 pre tax or equivalent to a salary of >£250k.

Bet that beats the pay from your job!

Herbalus

I can understand if some people think it's too much hassle to do - my significant other wouldn't do it and she's seen how much interest we get in every month for the 'work'.

Most of these systems can be automated, and then you have to log in once every month to skim off the interest. I did it this morning in bed while coffee was trying to wake me up.

This year I've earned over £1200 from interest on all these current accounts, and my savings balance isn't as big as you might expect to achieve those sorts of returns.

Mistermeaner

I feel suitably chastised and cant disagree with anything you have said but not motivated enough to do anything about it.

I save hundreds if not thousands a year in other ways

noggin1980

ggb1979 wrote: »

40% tax making 3% = 1.6% vs 1.25% in isa as is, hassle in changing all dd's and standing orders (in and out )

God forbid Labour get in, not just for me personally but for wealth and particularly future wealth of the UK.

The bank switching service does all that for you, moving banks is 5 mins effort these days.

The 1,2,3 account also pays you cashback on your waterbill, council tax, gas and electric, broadband/tv/phone package, mobile bill and mortgage (only if its with santander) the account costs £2 a month but I bet most people are £50 a year up after paying the £2 a month just from the cashback. For us its £150 a year up but we have a santander mortgage and big gas/electric bills.

jimjames

ggb1979 wrote: »

the effect is marginal and can be achieved by far more simple things like changing insurer or energy supplier.

The savings are not mutually exclusive and I'm sure many here do all the different ways to save money - the whole premise of the site originally.

So do current accounts as well as saving on fuel, utilities, insurance.

Add them up and each £100 could be well over £1000 per year. That's nearly £2000 you'd have to earn gross to pay it from your taxed income.

Suddenly it's not peanuts.