The Top Regular Savers Discussion Thread

friolento

https://forums.moneysavingexpert.com/discussion/comment/82118532#Comment_82118532

OK, understand. Though you can only keep what you got in the first instance - - - and keeping a record of what you have in which account doesn't mean the provider has to send you a statement. You can keep your own records, which is what I do.

Over the last few decades, I have usually been holding in excess of 100 current and savings accounts at any point in time, along with some investment accounts, some of which are wrapped (SIPP, ISAs), some aren't. I am required to submit an annual Self Assessment. I keep detailed records, on transaction level, of my accounts in AceMoney, and I just report my total unwrapped interest for the tax year as a single sum. Last tax year, I had over 270 taxable interest payments. most of which were once annual payments. In total I had 3,468 taxable interest payments over the last ten years. I would have nightmares if I had to keep interest statements by the providers for all these accounts. AceMoney lets me produce a report by date, amount and account for each of my taxable interest payments in seconds. I also know at any point in time how much money I have where, which is probably worth more than having supporting data should HMRC ever ask for it.

Touch wood, HMRC have never asked me for additional details, presumably because there is at least an approximate close match between the figure I report, and the figures reported by the providers.If you keep detailed records yourself, there is unlikely to ever be a dispute that could not be resolved in no time.

You don't have to use AceMoney - any record you keep about your taxable interest income will do - spreadsheet, pen and paper etc etc will all do, as long as your records are complete. You can, of course, also choose to collect interest statements from the providers, but that is without doubt a lot more admin extensive, and not necessarily complete.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82118559#Comment_82118559

You can, of course, also choose to collect interest statements from the providers, but that is without doubt a lot more admin extensive, and not necessarily complete.

Which takes us back to the point fuzzzzy was making. Banks and building societies that don't automatically provide closing statements and have no online access to account information after an account is closed, make it harder to keep the records you need to for tax purposes.

Keeping a spreadsheet showing payments into an account and deducting the sum from the amount transferred out at maturity is a method of estimating interest (or calculating interest if folk prefer), but it isn't evidence of interest paid.

I do a similar thing to you, keeping records of transactions including interest payments in spreadsheets. But I think "without doubt a lot more admin extensive" is likely to be an arguable point for some people - especially those who don't normally do a SA. It is probably less admin intensive to shove paper/digital statements into a (virtual) shoebox and hold on to them for 6 years on the off chance that HMRC come knocking, rather than spending time entering everything into accounting software/spreadsheets.

I have spreadsheets and a shoebox. But then my situation isn't exactly normal, so I want to be prepared for when that knock on the door comes.

gwapenut

My option to switch benefits disappeared immediately after I setup my new regular saver.

My anniversary is in October and I plan to fund 3x£500 direct debits over the subsequent 3 months for 2% each time.

I'm hoping then that I may be able to switch benefits again in January to start the 3% monthly cashback scheme, having milked my annual allowance under the old scheme.

I don't think anyone knows yet how quickly you can switch from your annual paid-up benefits into the new scheme though?

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82118589#Comment_82118589

Oh the benefits button is back again. Or did I just imagine it disappeared?

What's best, milk the £500x3 in Oct, Nov, Dec in the hope that I can then switch to them monthly 3% in January, hoping they don't exclude me from it?

I can't see the risk of being locked out from it, as I've still got zero benefit of that left from last October and it's still letting me switch now.

pecunianonolet

Please, Please, Please

Put the name in the title of the institution you talk about.