What is the Highest Interest Rate / Cashback / Rewards You Can Get?

ih8stress

Thanks. Yes, as I understand it the money does the 'hokey cokey' once a month

10_66

It's been a while since I had a regular saver so I can’t remember when the optimum time during the month is for applying for one. I vaguely remember that depending on when you opened one meant you could squeeze an extra payment into it (or am I imagining that?).

eskbanker

10_66 wrote: »

It's been a while since I had a regular saver so I can’t remember when the optimum time during the month is for applying for one. I vaguely remember that depending on when you opened one meant you could squeeze an extra payment into it (or am I imagining that?).

I wouldn't have thought there'd be a 'one size fits all' answer to that as it'll depend on the Ts & Cs of each individual account - even for those where 13 payments may be viable the incremental interest benefit would be practically negligible anyway!

10_66

10_66 wrote: »

It's been a while since I had a regular saver so I can’t remember when the optimum time during the month is for applying for one. I vaguely remember that depending on when you opened one meant you could squeeze an extra payment into it (or am I imagining that?).

eskbanker wrote: »

I wouldn't have thought there'd be a 'one size fits all' answer to that as it'll depend on the Ts & Cs of each individual account - even for those where 13 payments may be viable the incremental interest benefit would be practically negligible anyway!

Ahh, I've found the link to the page I was after now.


http://forums.moneysavingexpert.com/showthread.html?p=6683574#post6683574

eskbanker

I still wouldn't take some of the views expressed there (nine years ago) as gospel!

In particular one poster says "Obviously, the earlier in the month you deposti, the more interest you are getting" but that depends on how 'month' is defined - I think there are more accounts now than in 2007 that use the concept of 'account month' (from date of opening) rather than calendar months, hence my (unchanged!) recommendation to review individual account Ts & Cs!

MissTasmanian

Surely Halifax pays £60 a year not £75?

£5 x 12?

TheTracker

MissTasmanian wrote: »

Surely Halifax pays £60 a year not £75?

£5 x 12?

£75 - 20% tax = £60

MissTasmanian

But the tax isn't refundable as it's a reward not interest so it can only ever be £60 a year.

Eco_Miser

The tax is refundable, if you shouldn't pay tax, but you've got to apply to HMRC for it.

MissTasmanian

I ma sure I remember reading here a few months back that the tax is not refundable because it's a gift and not interest.