Starting To Save Advice

charlie53_2

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The_Fiddler_2

Yo don't need to change, you can hold more than one current account.

LongTermLurker

ISAs aside, there is talk of Halifax bringing out a new regular saver account paying 10%, but details are sketchy at the moment - keep an eye on the specific thread and especially after 9 June, which is when it's said to come out. If your income + interest is still below the earnings limit then this is a far better rate than any ISA, at least for this year. Of course, the advantage of an ISA is its long term tax-exempt status, but if you save £100pm for 3 years that would still allow you to move most of the funds into an ISA in year 4 and protect them from then on.

You need to work out if interest (outside an ISA) would put you over the earnings threshold - but even then, 10% interest, less tax would give you a net interest of 8%, which is still an ISA beater.

charlie53_2

The_Fiddler wrote: »

Yo don't need to change, you can hold more than one current account.

Although that is true, most of the accounts I have looked at require your main income to be paid into the account which would limit me to one account

charlie53_2

LongTermLurker wrote: »

ISAs aside, there is talk of Halifax bringing out a new regular saver account paying 10%, but details are sketchy at the moment - keep an eye on the specific thread and especially after 9 June, which is when it's said to come out. If your income + interest is still below the earnings limit then this is a far better rate than any ISA, at least for this year. Of course, the advantage of an ISA is its long term tax-exempt status, but if you save £100pm for 3 years that would still allow you to move most of the funds into an ISA in year 4 and protect them from then on.

You need to work out if interest (outside an ISA) would put you over the earnings threshold - but even then, 10% interest, less tax would give you a net interest of 8%, which is still an ISA beater.

That sounds like a great deal. Do you know if they will impose a minimum income to be paid into the account like alliance and leicester's premier account ?

LongTermLurker

charlie53 wrote: »

Although that is true, most of the accounts I have looked at require your main income to be paid into the account which would limit me to one account

Heheh, Fiddler's got a comment coming in on that one...

LongTermLurker

charlie53 wrote: »

That sounds like a great deal. Do you know if they will impose a minimum income to be paid into the account like alliance and leicester's premier account ?

No idea at the moment - nobody does.

Keep an eye on KAB's post here http://forums.moneysavingexpert.com/showthread.html?t=942779