75000 - ING or ICESAVE or ICICI

jessmjc

Folks

I've now got £75000 in my ING web saver account which I think pays about 5.4%. I take monthly interest from this. I'm a basic rate taxpayer.

If I were to transfer this to a ICICI or an ICESAVE account, what could I expect monthly ?

I'm a bit of a thicko at interest calcs. Are ICICI safe ?

Cheers

Jessmjc

nilrem_2

jessmjc wrote: »

I've now got £75000 in my ING web saver account which I think pays about 5.4%. I take monthly interest from this. I'm a basic rate taxpayer.

If I were to transfer this to a ICICI or an ICESAVE account, what could I expect monthly ?

If you invested your £75,000 in an Icesave Fixed rate account you would receive 5.20% (after tax @ 20%) which would give you approx £325 monthly interest, if you invested the same amount in the Icesave variable rate account you would receive 4.90% (after tax @ 20%) which would bring in approx £306 per month.

nilrem_2

I should mention that these rates and amounts are correct ATM but may change.

Obviously I don't know your other finances or whether you are looking for a solo or joint account or how long you wish to commit your cash for but if possible I would choose a joint account to give more security in case of a highly unlikely Icesave 'crash'.

If you need access to the cash you could consider putting say; £55k into the fixed account and £20k in the instant access account in which case you would receive a total monthly income of approx £319.

(The income assumes tax @ 20% deducted, depending on your income you may be taxed @ 10% on savings income so you might get some of the tax back)

McSaver

Put Half of it in Icesave and Half of It in ICICI. That way your protected on the bulk amount of your savings by the protection scheme should things go wrong.