Multiple Bank A/C Saving Scheme

caveman38

Thanks for the replies. In Trackers plan I see he transfers the interest out every 4 weeks from accounts. Why can he not leave his deposits in an collect the interest annually.
Another question is can you ask the banks to pay these monies gross if you only have a pension and are within the tax relief allowances.

Aretnap

caveman38 wrote: »

Thanks for the replies. In Trackers plan I see he transfers the interest out every 4 weeks from accounts. Why can he not leave his deposits in an collect the interest annually.

He can if he wants to, but if the interest takes him over the maximum sum that the account pays interest on, he won't earn any additional interest on it.

For example if you put £2000 into a TSB Classic Plus account then after a few months you'll have more like £2050 in it. You won't earn any more interest on a balance of £2050 than you would on £2000, so you're as well to transfer the £50 out sooner rather than later, and put it somewhere that it will earn some interest.

Eco_Miser

caveman38 wrote: »

Another question is can you ask the banks to pay these monies gross if you only have a pension and are within the tax relief allowances.

Yes,on HMRC form R85, or some banks you just tick a box while online.
From next April you won't need to, as no tax will be deducted.

caveman38

On Trackers plan on post 9. He shows most of his transaction as 4W and a few 1M. Can someone explain why, please.

colsten

It's to make sure that the transfers happen on a working day.

caveman38

colsten wrote: »

It's to make sure that the transfers happen on a working day.

I assume that these are done manually then?

AlanP_2

caveman38 wrote: »

I assume that these are done manually then?

From Tracker's post above:

Do it all with SO's not manually.
* Set them all to move 4 weekly rather than monthly, to avoid weekends.
* Set them to happen on a Wednesday, to avoid Public Holidays (next Wednesday PH is Boxing Day 2018)

caveman38

AlanP wrote: »

From Tracker's post above:

Do it all with SO's not manually.
* Set them all to move 4 weekly rather than monthly, to avoid weekends.
* Set them to happen on a Wednesday, to avoid Public Holidays (next Wednesday PH is Boxing Day 2018)

If only I could read. Thanks


Is it OK to put a plan of my own on here for scrutiny / advice or stick to the 5% thread?

colsten

caveman38 wrote: »

Is it OK to put a plan of my own on here for scrutiny / advice or stick to the 5% thread?

Stop overthinking it. Just do it.

ceredigion

caveman38 wrote: »

Is it OK to put a plan of my own on here for scrutiny / advice or stick to the 5% thread?

Had two:coffee:and still waiting