The Top Easy Access Savings Discussion Area

murphydavid

muffindell wrote: »

My children have a Post Office account (I actually seem to think it's run by N.P & L), it pays rubbish and it's only a postal account, which is a real pain. Does anyone have suggestions where the best place to transfer their money to (and there after any Christmas/Birthday money)? They obviously wont need access to it for years, but will add to it 'as and when'.

N.P & L - Probably N.S. & I (National Saving and Investments)
For best interest rates read Martins savings tips (savings tag above). To avoid paying tax at source register all accounts for persons (children) not paying tax as tax free with an R85 ask the provider for details of this.

stphnstevey

Mr._H wrote: »

What a ridiculous rule! Surely the main source of money for children is their parents?

Anyway, it's simple enough to avoid this: gift the money to grandparents first, then the grandparents gift the money to the children.

I suppose it's to deter parents using their kids tax free allowance as their own. Otherwise even with only a few kids, a parent could easily save £6,035 x 3 = £18,105 a year, in child savings accounts without paying a single penny in savings income tax and at preferential rates.

If you were investigated, the taxman could quite legitemately ask who's account the large sums of money from your account have gone too! Whether it be your child or their Grandparents.

Giving large sums of money as a 'gift' may well be taxable on the receiver as income (or as Inheritance!) if the taxman deems it such.

Additionally, gifts from grandparents of over £250/yr could be subject to inheritance tax.

I imagine we are talking small sums here though, which would be unlikely to catch the eye of a tax inspector.

However, I would also take advantage as you have stated. However, just be aware of the tax implications of doing this on a large scale.

luv_my_brass

Having read Martin's advice on Barclay's 6.0% regular savers account, I note that one can only save a maximum of £3000 over the 12 months, but one has to save a regular amount each month. My thoughts were to deposit as much as possible initially, then pay in the minimum each month. The interest is paid monthly, and I was wondering if the ceiling of £3000 included the accumilated interest? To take advantage of the high rate of interest, I am going to have to work out the figures quite precisely.

originalsindyuk

re above just been on the phone with barclays, can only open the 6% account savings with 250 first month payment darn, got a financial planning man calling me friday, looking at mo for a good normal saver then dripp feed from that into abbeys and barclays monthly saver

sarahc5388

originalsindyuk wrote: »

re above just been on the phone with barclays, can only open the 6% account savings with 250 first month payment darn, got a financial planning man calling me friday, looking at mo for a good normal saver then dripp feed from that into abbeys and barclays monthly saver

I have one of these since last june - i didn't have to put 250 in to open it! also just checked my plan and it's 3000 PLUS any interest, i think i also got an introductory interest rate which was above 6%

originalsindyuk

me too sarah opened the nest egg with over 5k now its dropped to 1%!
also opened a good one with ltsb 6.4% net matures now. 2 isas at ...wait for it ...1%

im debating whether to loose savings and pay of my whopping student loan, its all got sooo confusing and headachy still look for a normal good saving ac to drip feed from any ideas anyone?

sarahc5388

originalsindyuk wrote: »

re above just been on the phone with barclays, can only open the 6% account savings with 250 first month payment darn, got a financial planning man calling me friday, looking at mo for a good normal saver then dripp feed from that into abbeys and barclays monthly saver

I have just checked the web page for barclays monthly saver and it doesn't mention opening it with 250 - i think whoever you spoke to is talking c**p, it states at the bottom that to receive the full 124 interest over the year you have to pay the full 250 for 12 months, you can open with a min of 20, you can also change the amounts you pay in whenever you want and can even miss a month or 2 if you need to, hope this helps. If you have barclays online banking you can apply online

originalsindyuk

sarahc5388 wrote: »

I have one of these since last june - i didn't have to put 250 in to open it! also just checked my plan and it's 3000 PLUS any interest, i think i also got an introductory interest rate which was above 6%

i am new so be nice, what i meant was we cant open it with any lump sum, it will only accept the monthly amount, where as 2 of my other ac i could opene with upto 3k then deposit a monthly amount in or not depending on the account.
so ltsb let me open reg saver with 3k then put 250 a month in
barclays nest egg opened with 5k and didnt put any money in it

is that clearer, sorry

but will updat on the interview with barclays bright shiney new financial planning dept, only for those with over 5k to save.

sarahc5388

originalsindyuk wrote: »

me too sarah opened the nest egg with over 5k now its dropped to 1%!
also opened a good one with ltsb 6.4% net matures now. 2 isas at ...wait for it ...1%

im debating whether to loose savings and pay of my whopping student loan, its all got sooo confusing and headachy still look for a normal good saving ac to drip feed from any ideas anyone?

The barclays one is fixed! so you'll get the 6% for 12 months guaranteed, it's a shame that you can only put in max of 250 a month, imagine if you could put more! i'd be putting everything in there

originalsindyuk

now i know why i have no stars...and i m tired, yes 20 - 250 pm you can put in