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Regular Savings Accounts: The Best Currently Available List!
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Thanks all for your comments.
Bridlington1 ... I bow to you extensive knowledge on all things related to Regular Savers.... I only have 4 Ha! Ha!
Nick_C ... good idea about just delaying the SO date. Yes! I'll keep a daily eye on announcements from Coventry and make my decision according to what they offer.1 -
Nick_C said:One reason why I would think three times about opening another Regular Saver is that I want to keep my interest below £1000 a year, to avoid the hassle of dealing with HMRC.
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I think if you hit 10K taxable you have to fill the self assessment form which I believe its what been referred to0
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AndrewSteele888 said:I think if you hit 10K taxable you have to fill the self assessment form which I believe its what been referred to1
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Rudyson said:Bobblehat said:But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?2
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subjecttocontract said:Nick_C said:One reason why I would think three times about opening another Regular Saver is that I want to keep my interest below £1000 a year, to avoid the hassle of dealing with HMRC.
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SFindlay said:Rudyson said:Bobblehat said:But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?
In December 2022, I opened a second First Home Saver by mistake. Both are the same issue, the original one that pays 5.6%. They are both still open, though I am only using one of them, in order not to fall foul of their rules.
So their systems are not enforcing the T&Cs.
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Nick_C said:subjecttocontract said:Nick_C said:One reason why I would think three times about opening another Regular Saver is that I want to keep my interest below £1000 a year, to avoid the hassle of dealing with HMRC.
Oh, and I've never had to telephone HMRC.
Don't let the tax tail wag the dog and miss out on what might be an attractive interest rate.3 -
friolento said:SFindlay said:Rudyson said:Bobblehat said:But what if you already have their existing RS? Which says you can only hold one RS at any time? Penalty of the equivalent of 30 days interest if you ditch it for the new one! Could make a few Coventry members a bit miffed with a new Loyalty product?
In December 2022, I opened a second First Home Saver by mistake. Both are the same issue, the original one that pays 5.6%. They are both still open, though I am only using one of them, in order not to fall foul of their rules.
So their systems are not enforcing the T&Cs.
They did make it perfectly clear that although they were honouring the full interest when closing the additional accounts on that occasion they would not be doing that in the future.0 -
subjecttocontract said:Nick_C said:subjecttocontract said:Nick_C said:One reason why I would think three times about opening another Regular Saver is that I want to keep my interest below £1000 a year, to avoid the hassle of dealing with HMRC.
Oh, and I've never had to telephone HMRC.
Don't let the tax tail wag the dog and miss out on what might be an attractive interest rate.
"Oh, and I've never had to telephone HMRC." Lucky you, I was on the phone to them for 37 minutes the other day. About 35 of those minutes were waiting to speak to an adviser.
Thank you for your opinion, but you are not telling me anything that I am not already aware of.0
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