The Top Easy Access Savings Discussion Area

Steameh

Baldur wrote: »

You are limited to paying in the annual Cash ISA allowance per tax year to any Cash ISA account, currently £3,600 for those under 50 and £5,100 for those of or over 50 then £5,100 for all ages from 6th April.

Any funds withdrawn from an ISA cannot be replaced; so withdrawing £2,000 would reduce the remaining amount that could be deposited to £1,600 or £3,100.

Well this year I'm not going to reach my allowance anyway and next tax year it'll be £5,100. At £340 a month it'll only be £4080 so that shouldn't be an issue

KTF

Your ISA rolls over each year so whatever you have in it this year will be added to next years allowance and you get tax free interest on the total balance.

For what you are planning to do a normal savings account would be better imo.

Steameh

KTF wrote: »

Your ISA rolls over each year so whatever you have in it this year will be added to next years allowance and you get tax free interest on the total balance.

For what you are planning to do a normal savings account would be better imo.

Any recommendations?

KTF

Have a look at the article here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

stphnstevey

Baldur wrote: »

My Vantage and Reward accounts have a brief acquaintance with £1,000 per month (as long as it takes to FP from another account to Halifax, transfer it between my 3 Reward accounts and FP it back out - maybe a couple of minutes). My 3 Vantage accounts send £1,000 to each other on the same day each month, so the £7,000 balance remains the same in each, effectively.

The rewards/interest are whisked off to a savings account as soon as they are paid.

I was thinking of using £1000 of my Lloyds Vantage account, FP it over to Halifax, run it through my Halifax Reward Accounts (just opened my second one) and then FP it back to Lloyds.

As these both send and recieve by FP, can this all be done within a few minutes (or at least the same day)?
Do you have to wait for the payment to clear at all?
Does it have to be done on a bank working day?

partlydave

stphnstevey wrote: »

I was thinking of using £1000 of my Lloyds Vantage account, FP it over to Halifax, run it through my Halifax Reward Accounts (just opened my second one) and then FP it back to Lloyds.

As these both send and recieve by FP, can this all be done within a few minutes (or at least the same day)?
Do you have to wait for the payment to clear at all?
Does it have to be done on a bank working day?

I do that, and the longest Ive waited was about 30 minutes

Baldur

It can all be done in a few minutes, as long as it takes to log on, transfer & log off, etc., - providing, of course, that no problems arise in the Faster Payments system.

I do it on a working day, just in case.

Dirty_Dick

But I see on the appklication page that it says "I do not have a current account with Lloyds TSB." see this application page.

So, my question is can you really open three accounts ?

thanx

DD

KTF

I have 4 so the answer is yes.

stphnstevey

KTF wrote: »

I have 4 so the answer is yes.

Just out of interest (no pun intended ), do you receive the 4% interest on all of them? (ie they don't penalise you for having more than one)