does if affect credit rating if you shut down accounts?

Paul_Herring

hostertlady wrote: »

when i opened the account, October 2006, the rate was 8%.[...] "your monthly saver will end on the second anniversary of account opening and we will convert your MS to a guaranteed tracker"

Your 8% rate is good until October 2008, whereupon it is likely to drop to the competitive :rolleyes: rate of (currently)3.90%

hostertlady

Paul_Herring wrote: »

Your 8% rate is good until October 2008, whereupon it is likely to drop to the competitive :rolleyes: rate of (currently)3.90%

so is it worth bumping it up, we have 6 months left on this one, it is so annoying that you cant just bung money in , you have to 'up' the monthly payments and i think you can only do that through the bank..

Toastie

8% for a tax payer is only 6.4% interest (basic tax rate).

What is your ISA's interest rate? It would probably be best topping your ISA up if it's very high.

Maybe look at a HSBC regular saver? up to £250 a month at 8% transfered from it's basic bank account (£20cashback with quidco).

Hope this gives you another helpful option.

Primrose

I think that longterm it might be worth bumping up your ISAs because once you've got money in them, whatever you deposit will qualify for tax free interest for the duration of their life (and you can't backdate ISAs once you've lost that year's allowance). If you keep that ISA for ten years, that's ten year's of tax free interest. Surely that's a better long term deal that a few months of getting a small amount of high taxed interest.

hostertlady

Toastie wrote: »

8% for a tax payer is only 6.4% interest (basic tax rate).

What is your ISA's interest rate? It would probably be best topping your ISA up if it's very high.

Maybe look at a HSBC regular saver? up to £250 a month at 8% transfered from it's basic bank account (£20cashback with quidco).

Hope this gives you another helpful option.

hmmm, i think it's an ISA win then.

Toastie

hostertlady wrote: »

hmmm, i think it's an ISA win then.

It depends who your ISA is with and how much you have remaining.

A Barclays Cash ISA at 6.5% is very good.

However if you have paid in to this years allowance and your ISA has a low interest rate (lower than 6.4% which is taxed) then consider the HSBC regular saver. You would gain the same interest on the monthly added amounts because that 'bit' will be in there XX amount of days still.

I hope this sounds a bit clearer?

hostertlady

Toastie wrote: »

It depends who your ISA is with and how much you have remaining.

A Barclays Cash ISA at 6.5% is very good.

However if you have paid in to this years allowance and your ISA has a low interest rate (lower than 6.4% which is taxed) then consider the HSBC regular saver. You would gain the same interest on the monthly added amounts because that 'bit' will be in there XX amount of days still.

I hope this sounds a bit clearer?

alliance and leicester 6.25 issue 4

Toastie

Then it wouldn't make much difference, unless you attempted to get cashback with HSBC, although it's not a guarentee.

Enjoy your earnings :rolleyes: