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If you're looking for an instant access savings account, the best you'll get is around 3.15%. Most of the highest rate ones pay yearly though and obviously you'd want one that pays monthly interest for a regular income.
Another silly question would I need to pay Tax on that income?0 -
If you're earning above the tax-free threshold (£7500 or something), yes.0
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Another silly question would I need to pay Tax on that income?
Savings accounts will deduct tax at 20% automatically; the rate advertised is pre-tax so multiply by 0.8 to get the after-tax rate. If you earn under the tax-free threshold (including income from interest), you can fill in a form to give to your bank so they don't take the tax.
There's an enormous variety of ways of saving and/or investing large sums of money such as the proceeds of a house sale. As this thread is intended for the discussion of instant-access accounts only, you should really start a new thread in the savings & investments board - if you also provide a rough estimate of how much money you expect this to be, how quickly you might need to access the money, and what your attitude to risk is (are you willing to risk getting back less than you invest, the trade off being the potential to get higher returns?), you should get some helpful responses.0 -
Anyone know please if this account is faster payments?
I have looked through the details several times but I just cannot see it.
Just closed a NatWest esaver which was faster payments and I liked that.
thanks0 -
Anyone know please if this account is faster payments?
I have looked through the details several times but I just cannot see it.
Just closed a NatWest esaver which was faster payments and I liked that.
thanks
I don't know about this specific account, but I can tell you that Santander current accounts offer Faster Payments out, but only up to £300 per day per destination account (i.e. you can send a £300 FP to account "A", and a £300 FP to account "B", but not a £600 FP to account "A").
It would be surprising if the savings accounts offered a better FP service than the current accounts, but this is Santander we're talking about, so who knows?0 -
Not sure if this is the best place to post, but I don't want to clutter the forum with another "please help me" thread.
I have £2200 in savings in a regular saver account. The high interest period ends in December. The money is marked for something that needs to be paid for in September 2012.
I've read that an ISA gives the best interest rate for money that you can lock away for a certain period of time. I also know that the tax year started in April this year.
Bearing this in mind:
- If I put my money in an ISA from December, does that mean I'll be able to take advantage of the tax free interest rate only until April next year? Or will I need to lock the money away until December next year?
I do need to get the money out by September. So if an ISA requires me to lock the money away until December, then I believe a high interest, easy access savings account is my best option. Any chance someone could confirm this please?
Thanks in advance.0 -
If you put your cash in an easy-access ISA then you can get it out whenever you want and the interest is earned up to the date that you make a withdrawal. It is only with the fixed-term ISAs (i.e. 1 year, 2 years, etc) where you may not be able to access it before the term us up.Living for tomorrow might mean that you survive the day after.
It is always different this time. The only thing that is the same is the outcome.
Portfolios are like personalities - one that is balanced is usually preferable.
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Curious_Yellow wrote: »I don't want to clutter the forum with another "please help me" thread.
Why not? What's the forum for, if not to post threads in?Curious_Yellow wrote: »I've read that an ISA gives the best interest rate for money that you can lock away for a certain period of time. I also know that the tax year started in April this year.
What an ISA does is protect you from the tax man. So assuming you want a cash ISA ("zero" risk), have less than £5,340 to save and pay tax (your income including that from interest is over the personal allowance of £7,475 if you're under 65), an ISA will indeed be very likely to be the best place to save your money (to compare a "normal" savings account rate to a cash ISA rate, multiply the "normal" savings rate by 0.8 assuming you are not in the higher band for income tax).
Apart from the tax-free aspect, cash ISAs are very much like "normal" savings accounts. They come in a wide variety of "flavours": instant access (with or without penatly-free withdrawal limits), fixed-term, regular saver etc. etc. Where the tax year starts doesn't matter in terms of the question you were asking. However, each tax year you get another "dose" of ISA allowance so if you put in £5340 now, you'd have to wait until next april to deposit any more cash (interest paid by the account doesn't count against this allowance).
If you want advice on ISAs the best place to ask is in the ISA sub-forum.0 -
Cheers for the advice. Will start researching easy access cash ISAs immediately!0
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I am thinking about opening a current account with first direct just to take advantage of the 8% interest rate in the savings account. But is it possible to still keep my other current account at all? Cheers
Anything unrelated to elephants is irrelephant...0
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