saving NOT investing advice needed -polite request

wooders

Money ladies and gents

I'm in a quandry;
I have £3009 from last years ISA transfered to A&L this year and opened another that currently only has £20 in.
The Missus also has £3009 from last year, still sitting in Natwest.

Due to changing some of my finances I will soon have approx £250-£300 per month to save. I say save because I don't like the idea of risk.

Q - Do I put this into my new ISA, savings account or something else. Access is not that important.

Q - The missus will also be transfering and opening another ISA for this year, is A&L still a goody (6.25%)to go for or is there a better one out there.

I really would like some good honest and timely advice please

Wooders

Lokolo

Are you 20% tax rate payer or what?

Basically first things first is fill up an ISA, saves t ax etc.etc.

A&L is good, second best to Barclays but Barclays will take ages to open so yeh go for that one.

wooders

I'm 40%, the wife 20%...... whats the problem with Barclays? and would they allow a transfer?

chesky369

As you've already opened one this year, put all your savings in until you've reached your limit - particularly important as you're a 40% tax payer.

If your wife hasn't already opened one, get her to do one a.s.a.p. either A&L or Barclays are both good.

Lokolo

wooders wrote: »

I'm 40%, the wife 20%...... whats the problem with Barclays? and would they allow a transfer?

Barclays don't allow transfers in. New money only

And if you read around on this forum, it would take around 4 weeks to setup.

johng_uk

Barclays but Barclays will take ages to open so yeh go for that one.

Whilst this is true, they also pay interest from the day you visit the branch. Therefore the time it takes for the account to "open" is irrelevant.

It does take up to 4 weeks (as I found out), but no interest was lost and the account opened the day I visited the branch.

It's 6.5% AER wheres Abbey and A+L are 6.25%.

Lokolo

johng_uk wrote: »

Whilst this is true, they also pay interest from the day you visit the branch. Therefore the time it takes for the account to "open" is irrelevant.

It does take up to 4 weeks (as I found out), but no interest was lost and the account opened the day I visited the branch.

It's 6.5% AER wheres Abbey and A+L are 6.25%.

Actually they don't. They pay for when the account is open. And if it takes more than 2 weeks to open they will backdate it to the 2 weeks point.

[edit]

http://forums.moneysavingexpert.com/showpost.html?p=10565403&postcount=1

see here

johng_uk

Actually they don't. They pay for when the account is open. And if it takes more than 2 weeks to open they will backdate it to the 2 weeks point.

That's not what I was told both in branch and when I asked for the account progress on the telephone last week. I shall investigate further tomorrow and post on the thread.

Cheers for the heads up!

wooders

thanks gang, A&L also take 28days too, how does this sound- take the wifes £3009 out of Natwest and immediately put it into my new one, effectively filling it in 2 months time to £3600. she can then open a totally new one for the rest of the years dosh.

johng_uk

thanks gang, A&L also take 28days too, how does this sound- take the wifes £3009 out of Natwest and immediately put it into my new one, effectively filling it in 2 months time to £3600. she can then open a totally new one for the rest of the years dosh.

It's six and two threes whether you fill one and drip-feed another or partially fill and drip-feed both - Assuming they pay the same rate. If you open ISA's with different providers it would probably be wise to fill the higher interest payer first.

TomsMom

johng_uk wrote: »

Whilst this is true, they also pay interest from the day you visit the branch. Therefore the time it takes for the account to "open" is irrelevant.

When OH and I opened our Barclays ISAs we were also told the same. Our cheques were handed over, chap says it would be mailed that night and interest paid from day cheque received.