The Top Fixed Interest Savings Discussion Area

happybagger

Crikey, I hadn't looked that far into the process. That's terrible.

And they say "It's easy to apply for our Cash ISA"
150 miles from a branch and mobility issues mean this is a definitive "no" for them  

bristolleedsfan

happybagger said:

Crikey, I hadn't looked that far into the process. That's terrible.

And they say "It's easy to apply for our Cash ISA"
150 miles from a branch and mobility issues mean this is a definitive "no" for them  

2016 was able to apply by post ....

CheekyMikey

M4rtyman said:

Am I correct in saying, that the 5 year Fixed at Gatehouse, can be paid out monthly, and to your linked account? So even though my initial investment is tied up for five years, I can spend the interest when ever I want? I quite like the idea of having that guaranteed extra income for the next five years

I have opened a Gatehouse 5 year fixed for exactly this reason…£75k will generate a £300 a month income which will be very useful in topping up my db pension. I wasn’t able to find another product which allows you to take out monthly interest…

Ocelot

Patr100 said:

Only slightly off topic but Virgin Money now have an ISA 2 year fix at 4.36% which could be useful if you are avoiding  tax on savings so the effective rate will be higher compared to taxable rates.

They also have a 3 year ISA fixed at 4.41%, which I opened yesterday. Will fund it from my Cov BS ISA getting 0.85% until Nov 2023 (taking the penalty hit).

Band7

CheekyMikey said:

M4rtyman said:

Am I correct in saying, that the 5 year Fixed at Gatehouse, can be paid out monthly, and to your linked account? So even though my initial investment is tied up for five years, I can spend the interest when ever I want? I quite like the idea of having that guaranteed extra income for the next five years

I have opened a Gatehouse 5 year fixed for exactly this reason…£75k will generate a £300 a month income which will be very useful in topping up my db pension. I wasn’t able to find another product which allows you to take out monthly interest…

Lots and lots of other monthlies but none with quite as good a rate at Gatehouse. Not at the moment, anyway.

andyhicks88

Speaking of monthly paid savings accounts, does only the interest you have been PAID monthly go towards that years personal allowance or does the whole amount over the year of the fix register?

jaypers

andyhicks88 said:

Speaking of monthly paid savings accounts, does only the interest you have been PAID monthly go towards that years personal allowance or does the whole amount over the year of the fix register?

It is reflected against your tax allowances within the tax year that the amount is paid out. 

RG2015

andyhicks88 said:

Speaking of monthly paid savings accounts, does only the interest you have been PAID monthly go towards that years personal allowance or does the whole amount over the year of the fix register?

The date on which the interest is paid decides the year in which it is potentially taxable.

During the fixed period, if £5.00 is paid on 31st March and £5.00 is paid on 30 April, then these two amounts will fall in different tax years.

This would also apply if the monthly payments were on 5 April and 5 March but FIs tend to not pay interest near the 5/6 April

andyhicks88

So If I took out a fix today that paid interest monthly, only the amount of interest during the remainder of this tax year will contribute towards this years allowance, yeh?

CheekyMikey

Band7 said:

CheekyMikey said:

M4rtyman said:

Am I correct in saying, that the 5 year Fixed at Gatehouse, can be paid out monthly, and to your linked account? So even though my initial investment is tied up for five years, I can spend the interest when ever I want? I quite like the idea of having that guaranteed extra income for the next five years

I have opened a Gatehouse 5 year fixed for exactly this reason…£75k will generate a £300 a month income which will be very useful in topping up my db pension. I wasn’t able to find another product which allows you to take out monthly interest…

Lots and lots of other monthlies but none with quite as good a rate at Gatehouse. Not at the moment, anyway.

Yes, they pay interest monthly but as far as I can tell from their websites, they do not allow you to withdraw the interest monthly. I only looked at the ones paying the better rates but only Gatehouse allow monthly withdrawals of interest to a nominated account..