Halifax to relaunch regular saver @10%+

cmac

hello folks
i`ve just came off the phone to halifax my mum has 11k to invest
nice chappy suggested
12% in regular saver £500 a month drip fed from 2 high interest accounts @ 5.12% money coming out month about.
and 5k in guaranted saver @ 6.25%
this works out just shy of 900 in interest for the year
does this seem good to you guys ?
my mum really needs her money to work for her she pays no tax
thank you

debbie42

cmac wrote: »

hello folks
i`ve just came off the phone to halifax my mum has 11k to invest
nice chappy suggested
12% in regular saver £500 a month drip fed from 2 high interest accounts @ 5.12% money coming out month about.
and 5k in guaranted saver @ 6.25%
this works out just shy of 900 in interest for the year
does this seem good to you guys ?
my mum really needs her money to work for her she pays no tax
thank you

It's pretty much what I've done at the moment (I also get interest gross). You can do better than 5.12% for the 6K feeder account. Probably only to the tune of £30 or so for the year: it depends how much messing about she wants to do?

cmac

debbie42 wrote: »

It's pretty much what I've done at the moment (I also get interest gross). You can do better than 5.12% for the 6K feeder account. Probably only to the tune of £30 or so for the year: it depends how much messing about she wants to do?

hi and thanks for responding
how much better and its me that will set it up so i dont mind how messing i have to do for my mum

debbie42

cmac wrote: »

hi and thanks for responding
how much better and its me that will set it up so i dont mind how messing i have to do for my mum

You can get around 6.5% with the likes of Birmingham Midshires, Kaupthing Edge etc. You'd need an account that you can transfer out fairly easily without any withdrawal penalties. I haven't used either of the above so can't say how easy they are to do that, but all you need is the capability to set up a transfer to the sort code and account number of the Halifax account. You can trigger it manually: it doesn't have to be a repeat standing order, though it's obviously easier for you if it is!

I have mine salted away in a b. soc account and just transfer it manually via my current account, which is a quick way in to the Halifax one, but it depends on her current account provider as to how feasible this is.

cmac

ive just been searching around and remembered she has a A+L account paying 8.5% on balances up to 2500 if she put 3k in there and transfered to halifax that would be half the money sorted my sums add that up to 311 in interest for both and now to check out birmingham midshires as that much better than halifax 5.12

thanks for thar Debbie

cmac

Or maybe to put the other 3K in an ISA for 6 months as long as it pays interest monthly sorry I know Im being a pain here.

debbie42

cmac wrote: »

Or maybe to put the other 3K in an ISA for 6 months as long as it pays interest monthly sorry I know Im being a pain here.

It doesn't really matter whether the interest is monthly or annual, as long as she gets it. As she's not a taxpayer though the benefits of an ISA aren't obvious, especially if you are planning on withdrawing it.

I'd keep the 2.5K max in the A&L, not 3K, as the extra rate above the max is normally pretty dire.

sloughflint

cmac, is your Mum likely to be a tax payer again?

cmac

she does need to be careful as shes only just under paying tax so I suppose this is an issue we need to avoid

sloughflint

I've just thought about her A&L account. Is she using it as a proper account rather than a dumping ground for £ 2.5k?
Sorry for clogging an already long thread.
We can always delete our posts, eh cmac?