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Interest question
tommay
Posts: 85 Forumite
Sorry if this has been asked before, these forums are quite daunting!
Is it better to have a current account with 6.5% interest (ie the A&L one) than a savings account with 6.41% (ICICI) or is there tax issues that make the savings account better?
Is it better to have a current account with 6.5% interest (ie the A&L one) than a savings account with 6.41% (ICICI) or is there tax issues that make the savings account better?
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Comments
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It would depend whether you have more than £2.5K as you only get 6.5% up to that amount with A&L. Secondly, you have to fund that account with a minimum of £500pm.
There are no tax differences between a savings account and current account. Assuming you're a tax payer you'll still have to pay the same.0 -
great thanks0
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Besides which it is difficult to get the 6.5% if you are using the interest-free overdraft for the first 12 months! So ICICI would give you 6.41% on A&L's money plus your own....It would depend whether you have more than £2.5K as you only get 6.5% up to that amount with A&L......under construction.... COVID is a [discontinued] scam0
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