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Maxed out bank accounts, ISA and regular savers - options?

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  • jimjames
    jimjames Posts: 17,710 Forumite
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    edited 9 June 2016 at 9:51PM
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    How do you get three tesco accounts?

    fj

    2 different people with sole each and 1 joint? I'm guessing based on numbers that there must be another salary/person involved
    Remember the saying: if it looks too good to be true it almost certainly is.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    jimjames wrote: »
    2 different people with sole each and 1 joint? I'm guessing based on numbers that there must be another salary/person involved
    I wouldn't think so, otherwise they'd have another 3 x BoS, one more Tesco, 2 more Club, etc, etc...and of course be doubling up on all the regular savers listed.


    OP has either fluked one or has miscounted or it's a typo!
  • jimjames
    jimjames Posts: 17,710 Forumite
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    I wouldn't think so, otherwise they'd have another 3 x BoS, one more Tesco, 2 more Club, etc, etc...and of course be doubling up on all the regular savers listed.


    OP has either fluked one or has miscounted or it's a typo!

    I'm still curious how they can manage to survive on £133 (ish) per month and save the rest.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    chaotic_j wrote: »
    Having saved for a few years I recently reached the point where I pretty much maxed out all high interest bank accounts and my ISA so I set up as many regular savers as I could.

    I'm just wondering what other options are available to me? As the rate on the ISA has recently dropped and the regular savers won't last forever.

    That's the damndest thing, aint it?
    You save for a few years, and the pot of money just keeps getting bigger and bigger.

    Being deeply self-analytical, I can see I secretly yearn to lose the money so I don't have to deal with it. Alas, I am so Stalinist on my own Sub-conscious, that I refuse to allow myself to commit financial suicide, and the pile just keeps growing.

    Have a look at your tax allowances.

    You are paying tax on interest over £1,000.

    You should arrange things so you get dividend to make use of the £5,000 allowance.

    You have £11,100 of capital gains allowance.

    Attract some tax rebate with pension contributions.

    Do remember, like digestion, money needs to flow. Just saving and not spending is constipation. I am forcing myself to get a builder and spend it on the house. Anything to stop George Osborne getting his 40% inheritance tax.
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
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    Just pile some dosh into a few investment trusts and/or etf's.

    You can take £5k in divis tax free if it's not in an ISA wrapper.

    Cheers fj
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
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    How do you get three tesco accounts?

    fj

    Just realised, an individual can have two accounts with Tesco, so a couple can have four accounts between them.

    I never thought of joint accounts, so maybe that could be mother two accounts, or would it be another two each!

    How you end up with three is a mystery to me, unless individuals were allowed three at some stage in the past before the limit was changed to two.

    fj
  • chaotic_j
    chaotic_j Posts: 453 Forumite
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    Hi,

    Sorry for the late reply seems to be quite a bit of information here and some questions..

    Ah yes, MrsWenger, I did consider the Nationwide Regular Saver.. I had an account with them but I hadn't paid into it for the prerequisite amount of time and it has now been switched..

    I'm not sure whether to do that account if it is still around in say 6-12 months time, it is 5% on £500 p/m but if I wait I might be able to bag another switching bonus..

    Hmm, Ballard, you are actually correct, I've put down how much I can save wrongly! That's what I get for rushing a post! So after tax I'll get £2,026 a month. I can save about £1,500 a month I reckon.

    At the moment I'm classed as self-employed, ironing out a contract with a small company and then I'll be employed. As far as I'm aware there is no company pension, enjoyyourshoes as they are too small. Will SIPP and AVC you speak of be out of the question in this situation?

    Hi fun4everyone thanks for letting me know bout the Bank of Scotland Regular Saver, I hadn't heard of that one. I'll give it a gander.

    Thanks gt94sss2 and YorkshireBoy for mentioning M&S Regular Saver and Leeds Building Society Regular Saver. The M&S looks good - chances of getting this when I've already got First Direct 1st Account and Regular Saver.. ?

    Have pretty much done all of the switching incentives.. nice little earner! I've put 3 x Tesco Current Accounts.. sorry this is wrong YorkshireBoy, bigfreddiel, jimjames I've only got two, I copied and pasted one of the other accounts I've got 3 of, but forgot to change the number to 2!

    We do have a couple of joint accounts but these are mainly for Halifax fivers and free cinema tickets! I don't include them in the original post.

    Hi Pincher and bifgreddiel, your advice is interesting. How would I arrange things to make use of the £5,000 dividend allowance? Would I need to buy stockmarket shares to do this?

    How does the £11,100 capital gains allowance come into play?

    To make pension contributions and receive tax relief, I suppose I'd have to get a private pension?

    Recently spent some money on the house! It's tough but I will spend some more.. currently trying to find a roofer.. contacted six, one has visited and no quotes as yet!

    I'm 31 years old by the way.

    Thanks for all the advice!
  • Kim_13
    Kim_13 Posts: 2,523 Forumite
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    If you open a Nationwide FlexDirect, it'll give you access to the 5% regular saver straight away. The minimum pay in of £1,000 only applies to the current account interest (5% on £2.5k for a year, if you haven't had a FlexDirect in the last year, otherwise they only pay the standard rate of 1%.)
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