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The "Save 12k in 2016" Thread!
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Its easy to save 12k. Just turn everything off and eat bread & water.0
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controversy wrote: »Its easy to save 12k. Just turn everything off and eat bread & water.Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
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Spreadsheet and front page updatedBe who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
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It'll be more interest than that due to the tax changes in April, although I haven't done the sums yet
if it were a full year at the full 6% it'd be around £115 interest but it's 3 months at 4.8% (pa) plus 9 months at 6% (pa). And since it's a regular saver it's the earlier (smaller sums) months that are at lower interest :beer:
No, you would get the full amount on maturity. Tax is deducted on the final sum not based on accruing interest. So if an account matures in the new tax year then no tax gets taken off whatsoever.Homeowner:j0 -
controversy wrote: »Its easy to save 12k. Just turn everything off and eat bread & water.
However controversy's method requires an income over £12k, so not that easy.Eco Miser
Saving money for well over half a century0 -
Tea&Biscuits wrote: »When an account has minimum pay in of £1000, could I deposit £500, withdraw it and deposit it again the next day to qualify?Eco Miser
Saving money for well over half a century0 -
slowlyfading wrote: »That way, or whenever you think you've saved what you'll manage within a month, if that makes sense?
Just to check, is it okay for me to update my January savings in Feb?"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
No, you would get the full amount on maturity. Tax is deducted on the final sum not based on accruing interest. So if an account matures in the new tax year then no tax gets taken off whatsoever.
Depends on the Ts & Cs of your account but I doubt it. There's a difference between when the interest is earned and when it is paid. That's why I won't get the full [£115-tax] on my First Direct regular saver this year, because I was behind paying into it earlier in the year. Although I will have the full £3,600 on maturity, I will not get the full interest.
Also why you don't get 6% of £3,600 on the First Direct regular saver - if you did it would be £216 (less tax). Instead, the rule of thumb with one year regular savers is just over half the annual interest (£115 is just over half £216) - the interest is calculated monthly.
Edit: Having said that, it may be that tax isn't due until the interest is paid. So I may well be wrong! I'm sure someone mathsy will be along to explain...
Second edit: The Ts & Cs for FD regular saver say: "Interest is calculated daily and paid on the 12 month anniversary after account opening". I just phoned them and he wasn't entirely sure what the answer was...0 -
I will be declaring what I've saved this month at the end of the month. Not sure it'll be a great month for saving as I have some big purchases going on this month. But I have started to list a couple of things for sale on fb groups and that schhh... selling app. Yet to have any luck from the latter but have made £10 in the last 24 hours using fb. So that money will help things stretch that little bit further
Also been doing more surveys today to rank up the savings a bit.0 -
Depends on the Ts & Cs of your account but I doubt it. There's a difference between when the interest is earned and when it is paid. That's why I won't get the full [£115-tax] on my First Direct regular saver this year, because I was behind paying into it earlier in the year. Although I will have the full £3,600 on maturity, I will not get the full interest.Also why you don't get 6% of £3,600 on the First Direct regular saver - if you did it would be £216 (less tax). Instead, the rule of thumb with one year regular savers is just over half the annual interest (£115 is just over half £216) - the interest is calculated monthly.Eco Miser
Saving money for well over half a century0
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