The Top Easy Access Savings Discussion Area

Mr._H_2

AndyM86 wrote: »

As most of the high interest current accounts are only available for 12 months before the interest rates drop,

Most? I'm not sure about that. TSB Plus, Club Lloyds and Santander 123 are not introductory offers. Of course, the rates are not guaranteed and could be changed at any time, but the TSB and Lloyds accounts have only just been launched. I'll be interested to see what Santander's plan is with the 123 account. Personally I suspect that their long-term plan is to steadily increase the monthly fee on the account but I have no evidence to support this.

jimjames

AndyM86 wrote: »

As most of the high interest current accounts are only available for 12 months before the interest rates drop, then transferring into an ISA in March 2015 may give a better return. Obviously, if the interest rate is still better outside of an ISA, then that would be the more sensible option.

The only one with an introductory rate is Nationwide. The others are not but could change at some point.

If you are taking out the account now you will still have 12 months of the Nationwide anyway so no reason to cash it in early to get a lower rate in the ISA.

polymaff

Mr._H wrote: »

I'll be interested to see what Santander's plan is with the 123 account. Personally I suspect that their long-term plan is to steadily increase the monthly fee on the account but I have no evidence to support this.

Agreed. I've been keeping my fingers crossed that a name like 123 locks them into paying up to 3%

gadgetmind

Middle_Sister wrote: »

How do I make sure this doesnt encroach on my next year's ISA allowance as the 12 payments take me into May next year.

I don't think you can!

Archi_Bald

Middle_Sister wrote: »

I today opened The Newcastle Big Home Saver ISA paying in £1,250 over 12 months = £15K.

How do I make sure this doesnt encroach on my next year's ISA allowance as the 12 payments take me into May next year.

Simples - you stop paying into it after April 5 2015.

If you were to continue paying into it, you would automatically start using your 2015-16 allowance. You would also not have fully used your 2014-15 allowance. Though it looks as if you cannot achieve that now anyway since you are limited to £1,250 a month, with no option to top up to £15K before April 6 2015.

Robisere

I don't like throwing a spanner in the works, but I just came off the "Which?" site and they give ICICI a very poor Customer Performance.
Sorry!

Steve_xx

Robisere wrote: »

I don't like throwing a spanner in the works, but I just came off the "Which?" site and they give ICICI a very poor Customer Performance.
Sorry!

They're ok, but how much contact are you likely to have with them?

alanwsg

polymaff wrote: »

Agreed. I've been keeping my fingers crossed that a name like 123 locks them into paying up to 3%

I don't think they'll change the 3% interest, as you say it's "locked" into the brand name.
But they could easily change the max balance they pay it on, e.g. reduce it from 20K to 10K.

polymaff

Robisere wrote: »

I don't like throwing a spanner in the works, but I just came off the "Which?" site and they give ICICI a very poor Customer Performance.

I've got several accounts with ICICI. I've found that they compute and pay the interest correctly, their website is pretty good and they answer the phone and are fairly easy to communicate with.

I do wonder how Which? compile their reviews. The low ratings given for "Regular communication" and "Clarity of statement" may well be a reflection more upon those who subscribe to Which? than upon ICICI.

(Edit) e.g. why does Tesco Bank get more "Which? customer satisfaction" stars than Lloyds Bank and yet end up with a lower rating? How useful is a sample of only 35 self-selecting Which-ers?

10_66

Middle_Sister wrote: »

I have a Santander 123 account and am a non tax payer. I am looking at places to put my Lloyds Vantage money after 2nd July. If we open a joint San 123 how does it work with tax as my husband is a higher rate taxpayer?

Unless things have changed, you can register your R85 so that half of the interest will be tax free, tax will be paid on the other half.