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Which is the best savings account?
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see here for info about which institutions are separateIf you intend to keep it in the banks then you would be wise to split it into lots of around 33k in case any of the banks go bust.
http://www.moneysavingexpert.com/savings/safe-savings#every0 -
What does IMPO mean?
Your £30k in A&L is no safer there than it would be if it was in B&B. If either went to the wall then you would get your £30 back, plus any interest it had earned until the day on which it failed.
IMPO = in my personal opinion.
Yes, I know about A&L with regards to B&B but, human nature, my gut tells me not to go near B&B. Stupid I know but there you go.
Having said that, having inherited a house from my parents recently I am in the enviable position of having a large wad of cash and I think I may well have to put some of it into B&B in order to not have all my eggs in one basket... or at least not more than 30K in one bank.
I doubt the Government can afford to allow another UK bank to go the way of the NR and suspect things will be done behind the scenes before it happens to prevent it but... this credit crunch is worrying for the entire world and still has a long way to unwind.This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0 -
I have opened and rapidly closed some high interest paying accounts due to them being inefficient - Bradford and Bingley being one of them. I have been with my bank for 21 years, not because I am the type to be loyal but they have given us good service, but their rates are lower than some.An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T
:rotfl: :rotfl: 
:eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
see here for info about which institutions are separate
http://www.moneysavingexpert.com/savings/safe-savings#every
Thank you - I have been trying to find that
It doesn't show the supermarkets being linked to their associated banks - I think Tesco is related to the RBS.An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
Will you need ALL of it to buy another place or is there a price range in mind?
i.e. where is your income going to come from after you buy somewhere?
We would see what our financial position is when we decide to buy. If we have income from other sources (hopefully we will by then), then we could spend more capital on a property. We are in the position of downsizing so won't want to spend it all or get a mortgage.An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
That's not the case. You will have to pay tax on the income from your investments if you earn enough to breach the tax thresholds each year. Unless of course you go for investments like ISA's which are not taxable or National Savings Index-linked Certificates where the interest earned is non-taxable. If you have £430k in the bank at 6% interest you would earn £25,800 per year and that means that you would have to pay some income tax on it.
Thank you
I meant paying tax from work related earnings not interest income at 20%:(
I looked at the Abbey but it looks like it is only annual and can't withdraw the interest. Which is the best high interest account that lets you withdraw the interest to live on?An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :rotfl: :rotfl: :eek::mad: :beer:
I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.0 -
I was going to open an Abbey esaver but after doing a google for reviews of Abbey I found an awful lot of negativity about their online service plus I read a worrying article in the Daily Mail today about them sending a woman someone's elses statements for months and then they began sending her blank cheques, cards and pin numbers belonging to someone she did not know. If she had been dishonest she could have caused huge problems and despite repeatedly telling Abbey what was going on only the intervention of the Daily Mail has got it sorted. So not much faith in Abbey.
Savers with large sums are in a pickle at the moment since the credit crunch broke as people naturally worry about having more than 35K in one bank but when you go to spread it around perhaps you then open yourself up to a lot more risk????This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0 -
IMPO = in my personal opinion.
Yes, I know about A&L with regards to B&B but, human nature, my gut tells me not to go near B&B. Stupid I know but there you go.
Having said that, having inherited a house from my parents recently I am in the enviable position of having a large wad of cash and I think I may well have to put some of it into B&B in order to not have all my eggs in one basket... or at least not more than 30K in one bank.
I doubt the Government can afford to allow another UK bank to go the way of the NR and suspect things will be done behind the scenes before it happens to prevent it but... this credit crunch is worrying for the entire world and still has a long way to unwind.
Yes I think it unlikely that there would be another NR debacle as the UK government is rushing enmergency legislation through to ensure that anything like NR can be dealt with quietly.
I'm sure that you will be fine with your deposit in B&B. There's a lot of hype at the moment and no doubt it will all die down soon.0 -
I was going to open an Abbey esaver but after doing a google for reviews of Abbey I found an awful lot of negativity about their online service plus I read a worrying article in the Daily Mail today about them sending a woman someone's elses statements for months and then they began sending her blank cheques, cards and pin numbers belonging to someone she did not know. If she had been dishonest she could have caused huge problems and despite repeatedly telling Abbey what was going on only the intervention of the Daily Mail has got it sorted. So not much faith in Abbey.
Savers with large sums are in a pickle at the moment since the credit crunch broke as people naturally worry about having more than 35K in one bank but when you go to spread it around perhaps you then open yourself up to a lot more risk????
Abbey are not brilliant, I have to say.0 -
Thank you
I meant paying tax from work related earnings not interest income at 20%:(
I looked at the Abbey but it looks like it is only annual and can't withdraw the interest. Which is the best high interest account that lets you withdraw the interest to live on?
Interest on earnings is taxable whether it's from your work or your savings. It's all classed as income for taxtation purposes. The two, ie interest from savings and earnings from your work, are added together and you pay tax on the total!
A good account for interest where you can draw out at will is ICICI Banks HI-Save account paying 6.41%, with interest credited monthly and no withdrawal penalties.0
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