- Location
- Somewhere wet & hilly in NW England.
Most of our ISA's and FRB's are in 5 year, and in a couple of cases 7 year, terms.
Tends to work acceptably well for us.
Interest rates
- Thread starter Chris S
- Start date
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Most of our ISA's and FRB's are in 5 year, and in a couple of cases 7 year, terms.
Tends to work acceptably well for us.
Jenkins
Legendary Member
- Location
- Felixstowe
Thanks. Going for a longer term is what I'm thinking - currently 5.35% paid annualy on my £30000 lump sum = an additional £1605 per year income (which of course will be declared for tax
). It's just a matter of waiting to see what the Bank of England do in a couple of weeks and convincing myself that a change of Government in the next year and a half won't result in financial turmoil with the lump sum being effectively worthless and long term interest rates soaring.
- Location
- Somewhere wet & hilly in NW England.
Thanks. Going for a longer term is what I'm thinking - currently 5.35% paid annualy on my £30000 lump sum = an additional £1605 per year income (which of course will be declared for tax
You may know this but just in case:
FRB's paid at maturity; HMRC take the whole term interest into account for tax purposes for the year in which the Bond matures.
Wrong imo but who am I to argue!
Worth taking into account for tax planning purposes.
As many of our FRB's and S&S ISA's as possible are in Mrs SD's name as she does not have a company pension and is well below State Pension age. She utilises the PTA, PSA & Additional Savings Allowance to good effect.
Just needs a bit of a phasing strategy to avoid the aforementioned scenario.
wiggydiggy
Guru
Good news!
Sainsburys Bank have increased their interest rate on their Defined Access Saver, it has gone up by 0.1%, on balances of £500,001 or more only
Sainsburys Bank have increased their interest rate on their Defined Access Saver, it has gone up by 0.1%, on balances of £500,001 or more only
vickster
Legendary Member
Good news!
Sainsburys Bank have increased their interest rate on their Defined Access Saver, it has gone up by 0.1%, on balances of £500,001 or more only
Coventry Building Soc are offering 4.5% on their restricted access (withdrawals up to 4x a year)
wiggydiggy
Guru
Cheers. I'll ask the person whose money it is (I do POA for them) if they want to move. Need to check if Sainsburys have any penalty on closure first.
vickster
Legendary Member
Sainsburys is 4.21% it seems so not a massive difference unless they have hundreds of thousands saved. Presumably they have maxed out their ISA allowances for this tax year (and moved any existing ones to a better rate)
dicko
Guru
- Location
- Derbyshire
I don’t save with banks I buy premium bonds. Easy access and a great chance to win a small fortune.
wiggydiggy
Guru
Unfortunately not! But they do worry about money and like to get 'value for money' so they might want to move it anyway.
vickster
Legendary Member
Or nothing as I this month...
Unfortunately, can't hold more than 50k, however winnings are tax free
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wiggydiggy
Guru
I've got £10 lol Its that old it is an actual certificate, keeping it for the nostaglia value than anything else.
vickster
Legendary Member
Make sure it's associated with an account and current address. Payouts are now only made direct to bank/or into more bonds
wiggydiggy
Guru
It is. After I found it I called and its all in my name and registered.
- Location
- Somewhere wet & hilly in NW England.
That's just trading certainty for chance - the latter having far more losers than winners.
notmyrealnamebutclose
Senior Member
Anyone know of the best paying easy access acc/ 30-60 day notice acc that pays int monthly ? Looking for around 4% intst
