Thank you - moving money about earned me over £400 last year :-)

UKSBD

A big thank you to those who post about switching and moving money around.


Previously I couldn't really be bothered to do it.


Last April I moved to a Lloyds Club account, opened a new TSB account, opened a Club Lloyds saver account, TSB Classic Plus saver account, another Llyds easy saver account.


Just looking at my interest now and on virtually the same amount of money as previous I earned around £400 extra interest last year just by moving it around a bit. :-)


Thank you

ColdIron

Time to look at Nationwide's FlexDirect and Flexclusive Regular Saver perhaps?

UKSBD

ColdIron wrote: »

Time to look at Nationwide's FlexDirect and Flexclusive Regular Saver perhaps?

Trouble is I spent nearly all my floating savings on a new car


Mind you, my ISA is doing so bad I might move money from that to a Nationwide FlexDirect account then open a regular saver account.

Fatbritabroad

UKSBD wrote: »

Trouble is I spent nearly all my floating savings on a new car


Mind you, my ISA is doing so bad I might move money from that to a Nationwide FlexDirect account then open a regular saver account.

If it's a cash isa that's exactly what you should do

castle96

the heydays (sic?) have gone unfortunately, but the are still loads left for you. Do them.
I still remember the Q's from Yorkshire/Clydesdale people when they asked why I wanted 9 accounts (X £150 freebee). Would have opened more but....hey ho
Go for it

colsten

UKSBD wrote: »

Mind you, my ISA is doing so bad I might move money from that to a Nationwide FlexDirect account then open a regular saver account.

If you want to maintain the ISA status for your money, look at a flexible ISA. http://www.moneysavingexpert.com/savings/flexible-ISAs

UKSBD

colsten wrote: »

If you want to maintain the ISA status for your money, look at a flexible ISA. http://www.moneysavingexpert.com/savings/flexible-ISAs

Now that you can put so much in to them each year I'm not so concerned about taking a bit out.


Is there much real advantage in them nowadays?


Even if you do exceed your £1000 allowance, the rates on virtually anything but an ISA seem to outweigh the tax benefits.


Does anyone provide an Isa that comes anywhere near the high interest regular savers? switch and renew every year and I can't see the point in an ISA unless it's a lump sum that you can't find accounts for.


I guess the beauty of the flexible ISA's is that you have a lump sum in it, transfer to regular savers for 11 months and then make sure it is transferred back in to the ISA before end of the year?


Can you set up regular transfers or standing orders from ISA accounts or do you have to do it manually?

YorkshireBoy

UKSBD wrote: »

I guess the beauty of the flexible ISA's is that you have a lump sum in it, transfer to regular savers for 11 months and then make sure it is transferred back in to the ISA before end of the year?

Many regular savers penalise early withdrawal. Some don't though. Choose wisely! But with the plethora of current accounts paying 5/3/2% you might not need to use regular savers.

Can you set up regular transfers or standing orders from ISA accounts or do you have to do it manually?

SOs are generally not permitted from savings accounts, although some (not necessarily ISAs though) will permit future dated FPs. By their very nature, they're savings accounts, not day-to-day activity accounts.

Pincher

The simple pleasures.

Sadly, the moment you go over the £1,000 tax free allowance, the interest from 1.5% and 1.0% accounts get taxed at 20%. £2,900 from 1% NS&I Income Bond will be paying 20% for 2016/17!

All that work with getting 5% on small amounts, and then the interest from a lot more money earn peanuts, followed by HMRC pillage.