The Top Easy Access Savings Discussion Area

gavster24

Intelligent Finance (if.com) are offering an instant-access online-only savings account paying 6.4% AER from £1. This isn't mentioned in the section about spreading savings between institutions but it pays more than Icesave and Firstsave who are mentioned.

Karinaki_2

ICICI have a 7.20% fixed-rate 1-year savings account.

opinions4u

gavster24 wrote: »

Intelligent Finance (if.com) are offering an instant-access online-only savings account paying 6.4% AER from £1. This isn't mentioned in the section about spreading savings between institutions but it pays more than Icesave and Firstsave who are mentioned.

This is a good one and I like the Bank of Scotland IASA Reward which pays 6.5% FIXED on £1 and allows 4 withdrawals and then seems to match BofE if you break the withdrawal restrictions. Move fast though, because they're pulling it next week.

Moggles_2

From 30/07/08, interest paid on KE's easy access account increased from monthly 6.31% gross/6.5% AER to monthly 6.36% gross/6.55% AER.
Every little helps :j

drummone

Anyone opened an if.com isaver? Have you got have a credit score done? I don't want to borrow money! I want to save it!

opinions4u

drummone wrote: »

Anyone opened an if.com isaver? Have you got have a credit score done? I don't want to borrow money! I want to save it!

Don't think they credit score you - I think they use a credit agency to verify you exist, but this doesn't leave a footprint on your credit file.

grownuptoo

Can I ask a question -new to this so apologies if its already been covered.
My OH and I have over £55,000 in various accounts but I think I'm about to get promotion and will then become a high tax payer.
1. Does that mean that all our interest (other than ISAs) will be taxed at high rate?
2. Would it be better to open new accounts in hubby's name only (he's retired so will never now be high tax payer)?

JimmyTheWig

grownuptoo wrote: »

My OH and I have over £55,000 in various accounts but I think I'm about to get promotion and will then become a high tax payer.
1. Does that mean that all our interest (other than ISAs) will be taxed at high rate?
2. Would it be better to open new accounts in hubby's name only (he's retired so will never now be high tax payer)?

1. I believe that the banks will tax your interest at standard rate. You will then have to declare this interest on your tax return and pay the difference then.
The interest you have to declare (I believe) is all interest on accounts in your sole name, half the interest on accounts in joint names and none of the interest on accounts in your husband's name.

2. So yes, it would be better to hold savings in the name of the lower tax-payer (as long as you trust him!!).

Note the limit for protection is £35k per person per institution. If you're currently holding £55k joinly then you'll be within that limit. If you switch to holding this amount solely in your husband's name then you need to ensure that this is held in different institutions.

Obviously, as you've noted, you can keep the ISAs in either name and they won't get taxed.

Mr._H_2

grownuptoo wrote: »

1. Does that mean that all our interest (other than ISAs) will be taxed at high rate?

Only the accounts in your name. I also believe that you have to inform the inland revenue, it doesn't happen automatically.

grownuptoo wrote: »

2. Would it be better to open new accounts in hubby's name only (he's retired so will never now be high tax payer)?

Yes.

Jake'sGran

large_satsuma wrote: »

Not having tried online banking, I'm unsure how it works.

My current account is with Cooperative, and I'd like to use their Armchair Banking (phone) to easily transfer amounts into and out of a Kaupthing Edge saver account.

Should this be no problem?

You may already have been told but the online bank for the Co-op is Smile Banking and they are great, except that their savings rates are not good. I bank on line for high rates with Kaupthing Edge but my regular current account has been with Smile for many years. Last week I noticed that a transfer from KE to Smile only took two days. Smile bank have told me that they have signed up to the fast transfer agreement meaning it should only take one day for transfers. All banks were supposed to be doing this but I think some are dragging their feet.