Planetarion Forums

meglamaniac · 7 Feb 2005, 09:54

...as in a blinding flash of inspiration (ok, i admit, it's actually the first time I bothered to give it any serious thought) I realised as I have a large interest free overdraft on my current account I might as well make it work for me.
Now, I was going to go with HSBC purely because all my accounts are there at the moment and i'll be able to manage it online with the others and do easy transfers etc. The rate is 4.25%.

Before I open it I was wondering if any of you financially savvy types know of any better deals or if I'm likely to get screwed somehow.

Ta.

Ebany · 7 Feb 2005, 10:09

www.fool.co.uk have a lot of info on this kind of thing. They often email me with details of who have the best rates, but I dont seem to have one in my spam box just at present, it gets cleared out often. They do have a free brochure you can order and a lot of helpful info though.

MrL_JaKiri · 7 Feb 2005, 10:11

You're making what now?

Zar · 7 Feb 2005, 11:20

I suppose you're talking about a minicash ISA. Be warned that you will only be allowed to invest the max £3000 for this year (upto april 5th) and next year until April 5th 2006. After that the max allowed will be £1000 a year.

So yes you can get an ISA, i mean its still tax free savings at a high interest, but it doesnt look so attractive for the future, so explore your options if you have extra savings.

Ste · 7 Feb 2005, 11:48

Lloyds TSB and Egg both have 4.75% interest on their Internet savings accounts.
I've got mine in Egg and have for a while so don't know whether you'd get an introductory rate?
The Lloyds TSB one I am looking at as that's where my current account is, doesn't really make a difference but if the rates change on either one I can choose the better.
I've just come into £9k from inheritance!

wahoo!

meglamaniac · 7 Feb 2005, 12:58

Yeah I'm aware of the 3 grand yearly cap, it doesn't bother me that much. My plan is to put my overdraft facility funds plus a bit more in immediately to make it up to 3 grand before the end of this tax year, then put in my student loan next year (as I've saved quite a bit from my current year in industry).

Zar: I was aware of the government's plans to lower the annual allowance but as far as i was aware it had not been approved. Do you have linkage to somewhere official saying so?

Stew · 7 Feb 2005, 16:54

Quote:

Originally Posted by Ste

I've just come into £9k from inheritance!

wahoo!

Oh Brother, where art thou?

Zar · 7 Feb 2005, 17:08

Quote:

Originally Posted by meglamaniac

Zar: I was aware of the government's plans to lower the annual allowance but as far as i was aware it had not been approved. Do you have linkage to somewhere official saying so?

Yes i had heard this aswell.

Googled this:

http://www.krbs.co.uk/savingsinvest/taxfree.htm

Not official site or a major bank but i doubt they would put such information up if it wasnt official information (being a bank and all.. legal stuff etc..).

I'll ask my bank tomorrow and see what they say

Ebany · 7 Feb 2005, 17:57

http://news.ft.com/cms/s/1a0d49fc-44...00e2511c8.html

It appears he changed his mind, unless hes done it again since then.

Zar · 7 Feb 2005, 18:01

well ebany's post may be right.

Ebany · 7 Feb 2005, 18:09

I do also now have a full pdf copy of the pre-budget report, but I'm not bored anough to go rooting through all 262 pages to find the relevant part.

Also this stuff is all from December, so I don't know if things have changed since then. I dont recall hearing anything about it in the first place, so I dont know when it all started.

meglamaniac · 7 Feb 2005, 23:22

Hmm, ta Ebany that looks slightly more hopeful.