The Top Easy Access Savings Discussion Area

Palmer89

I've applied for ING as well, 3%, monthly, all online, had to order a chequebook to do it thought, so hopefully that'll be through in a few days.

Cheers for the help.

murphydavid

Palmer89 wrote: »

Sorry, by monthly I meant interest paid monthly, since I will be taking money in and out and in a years time or so (less even) i'll be taking it all out so interest paid yearly doesn't really suit me.

I won't be adding any money to the account, just taking £450 or so out ever month, with initial deposits of £1300ish 3 times over the next year (I'm a student).

So need interest to be paid monthly, instant access, online, A&L is yearly paid interest I believe?

EDIT - Have just got my IF pack through (obviously I can still change if I want to, don't have to send anything off yet) but they need ID of some kind, which I don't actually have, I can't really send them my driving license...

Egg account is yearly interest as well is it not?

Don't forget to register it tax free (R85)

And don't be put off by yearly paid interest. It does not actually mean yearly paid. It means compound interest (the same as monthly) calculated daily. All yearly paid means is, you are told how much it is once a year instead of once a month and you can't withdraw it until you are told by them what it is. But you don't need to be told that frequently, because you can roughly work it out - For £1300 at 3% add £3.25 a month yourself to the capital you have (1300x3/1200) and barring a few pence that's how much you have. ie after 1 month £1303.25 and after two months £1306.50 etc. (slightly less actually) (O.K. so after 3 months you won't be able to draw out the £9.75(approx) unless you close the account but that's not your intention anyway) Any time you want the last of your money and the interest that has accrued daily to that point you just close the account.

The_Only_Homer_Simpson_UK

We have have £32k in savings :-) in a low interest account (B&B rate for life 1.25%:eek:)
Thinking as follows:
Open A&L online saver Issue 5 account in wifes name ....get her Wages paid into here ( which is just over £1k per month) and transfer say £3k from B&B in as well.( thus keeps topped above £2500 to earn best rate 3.15%
Wait for it ....
Then open Lloyds Vantage account set up a monthly transfer from A&L say 7 days after her wages go in , of the min of £500 that Lloyds want paid in per month and also add in say £7k from the B&B this will then earn 4% on the £7k
As I see it then both accounts meet the criteria of paying in the min amount per month, both are kept just above the max you need to hold to get best rates
then
What then do you suggest for the rest of the B&B monies ? ( circa 22k)
we may want reasonably fast access to it so don't want to tie it up in fixed year accounts

........We have cash Isa's done for this year before thats suggested

Appreciate anyones thoughts and if they think the above is workable as I cannot see that i have missed anything ....or have i?

thanks

murphydavid

The_Only_Homer_Simpson_UK wrote: »

We have have £32k in savings :-) in a low interest account (B&B rate for life 1.25%:eek:)
Thinking as follows:
Open A&L online saver Issue 5 account in wifes name ....get her Wages paid into here ( which is just over £1k per month) and transfer say £3k from B&B in as well.( thus keeps topped above £2500 to earn best rate 3.15%
Wait for it ....
Then open Lloyds Vantage account set up a monthly transfer from A&L say 7 days after her wages go in , of the min of £500 that Lloyds want paid in per month and also add in say £7k from the B&B this will then earn 4% on the £7k
As I see it then both accounts meet the criteria of paying in the min amount per month, both are kept just above the max you need to hold to get best rates
then
What then do you suggest for the rest of the B&B monies ? ( circa 22k)
we may want reasonably fast access to it so don't want to tie it up in fixed year accounts

........We have cash Isa's done for this year before thats suggested

Appreciate anyones thoughts and if they think the above is workable as I cannot see that i have missed anything ....or have i?

thanks

Bit hard to follow but the vantage account is the current account. So to keep it between 5000 and 7000 surely you would pay the wages in there and set up a direct debit to pay out of that account to stop it going over 7000.
If you want instant access then why would you not put all your savings (apart from the 7000) in the A & L, can't see what is magical about the 2500 number?
On top of that - the 7000 - If it was in the A&L you would get 3.15 instead of 4% which amounts to about £50.00 a year, so for £50.00 you are going to the effort of setting up a new current account and then doing a balancing act?? Fair enough but there are other ways to spend your time. I say a year because by then it will have all changes again anyway.

Steve_xx

The_Only_Homer_Simpson_UK wrote: »

We have have £32k in savings :-) in a low interest account (B&B rate for life 1.25%:eek:)
Thinking as follows:
Open A&L online saver Issue 5 account in wifes name ....get her Wages paid into here ( which is just over £1k per month) and transfer say £3k from B&B in as well.( thus keeps topped above £2500 to earn best rate 3.15%
Wait for it ....
Then open Lloyds Vantage account set up a monthly transfer from A&L say 7 days after her wages go in , of the min of £500 that Lloyds want paid in per month and also add in say £7k from the B&B this will then earn 4% on the £7k
As I see it then both accounts meet the criteria of paying in the min amount per month, both are kept just above the max you need to hold to get best rates
then
What then do you suggest for the rest of the B&B monies ? ( circa 22k)
we may want reasonably fast access to it so don't want to tie it up in fixed year accounts

........We have cash Isa's done for this year before thats suggested

Appreciate anyones thoughts and if they think the above is workable as I cannot see that i have missed anything ....or have i?

thanks

The A&L Online Saver Issue 5 pays 3.15% on balances of £1 or more. I think you ay be confusing this account with A&L's Premier Current Account which pays 6% for 1 year from opening for balances upto £2500.

The LloydsTSB account you mentioned requires £1000 per month

ahai1

Today I got a letter from Alliance and Leicester actually it was 2 exactly the same. They have my customer ID and something called account(s) but no sort code and account number. How do I get them?

Mr._H_2

ahai1 wrote: »

Today I got a letter from Alliance and Leicester actually it was 2 exactly the same. They have my customer ID and something called account(s) but no sort code and account number. How do I get them?

Why are you posting these questions in this thread? Why don't you...



...phone Alliance & Leicester?

wilsojer

I'm currently contracting (normally am a permanent employee, but right roles not around at the moment) and the way that my accountants have set it up is that, once I am paid (directly into my Business account), I transfer a certain amount into my personal account and leave a certain amount in there for Corporation tax purposes at the end of the year. The problem is that it is a non-interest earning account and I am building up a balance in there which could be earning me interest.

I want to set up a savings account, transfer the Corp Tax balance into there and earn some interest on it. I will not need regular access to it (once a year) and will be paying in approx £2,000 per month into it. There is currently a balance of approx £16,000 in there.

I liked the sound of the Alliance & Leicester Online Saver Issue 5 account (3.15% interest), but also read on here that A&L pay 6% interest on their Current Account for balances up to £2,500 for one year. You need to pay at least £500 per month into the account. Does it make sense for me to open up BOTH A&L accounts - put £2,500 into the current account with the remainder into the savings account. Going forward, each month, I could pay £500 into the current account (and then transfer it into the savings account) and £1,500 into the savings account.

Does that make sense or is there a better way I could be doing this ? Any help/advice greatly appreciated !

stphnstevey

wilsojer wrote: »

I'm currently contracting (normally am a permanent employee, but right roles not around at the moment) and the way that my accountants have set it up is that, once I am paid (directly into my Business account), I transfer a certain amount into my personal account and leave a certain amount in there for Corporation tax purposes at the end of the year. The problem is that it is a non-interest earning account and I am building up a balance in there which could be earning me interest.

I want to set up a savings account, transfer the Corp Tax balance into there and earn some interest on it. I will not need regular access to it (once a year) and will be paying in approx £2,000 per month into it. There is currently a balance of approx £16,000 in there.

I liked the sound of the Alliance & Leicester Online Saver Issue 5 account (3.15% interest), but also read on here that A&L pay 6% interest on their Current Account for balances up to £2,500 for one year. You need to pay at least £500 per month into the account. Does it make sense for me to open up BOTH A&L accounts - put £2,500 into the current account with the remainder into the savings account. Going forward, each month, I could pay £500 into the current account (and then transfer it into the savings account) and £1,500 into the savings account.

Does that make sense or is there a better way I could be doing this ? Any help/advice greatly appreciated !

If your paying Corp Tax then your a likely to be a Ltd. The money in your business account belongs to the business and not you. Therefore you can't just transfer it to a personal account (otherwise the HMRC will deem it income and charge you a hefty tax on it accordingly).

I emphasise with you though as I am in exactly the same position though!

I found the 2.25% at Anglo Irish Bank to be the best Business Savings account. If you find better (in a business account!) then let me know.

G_M

Mr._H wrote: »

Why are you posting these questions in this thread? Why don't you...



...phone Alliance & Leicester?

I think he's just got into the habit of asking Qs like this on the forum....