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Savings

I am an OAP (not stupid though!). I have some savings in a Canadian bank who pay 2.5% pa.
Could someone suggest how I could put that money in a British institution and gain more interest?
I really don't know how or whether I should do this!
Help please :(

Comments

  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Welcome to the boards Welshcat. What is it with Canadian savings eh? MrJudi had a bond set up when he was first born and although he had never cashed it in last year he tried to find out how much it was worth. It was now worth the grand sum of £15!!!!!

    Anyway, the wise and the wonderful amongst us will be more helpful to you to guide you in the right direction as to how you do this, but when you think a lot of interest rates are now over double what you are being paid in interest, i definately think its worth doing.

    *says she umming and ahhing whether to take all her savings out of ING and put them into Cahoot which pays more interest*
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • I am an OAP
    I really don't know how or whether I should do this!
    Help please :(

    That would depend on how much money is involved.
    ...............................I have put my clock back....... Kcolc ym
  • Reaper
    Reaper Posts: 7,343 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi Welshcat. Are you currently living in the UK? If you are in Canada then what follows should be ignored. EDIT: I just checked your profile and see you are indeed living in Wales, so read on...!

    First you need to get the money out of the Canadian bank. I'd ask the Canadian bank themselves how best to transfer it to a UK bank account.

    Then you need to choose a savings account. You need to:

    1) decide whether you are willing to operate it entirely on the internet, by post, or if you'd prefer to use a high street branch.
    2) decide whether you want instant access or are willing to have a notice period before being able to withdraw the money. This can improve the rates slightly.
    3) We also need to know whether you pay income tax before we can suggest an account. If you do not then you have a wider choice of accounts open to you as you can apply to have the interest paid to you free of tax (just ask for an R85 form to fill in). If you do pay tax then some or all of the money (depending how much you have) can go in an ISA which is also tax free.
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