Educate me on an ISA

[Deleted member 294929]

Well, if you put £400 in per month, you will have put in £4,800 at the end of the year. You don’t get 6.25% on that whole amount for 12 months. That’s what they want you to think. You'll get 6.25% on the first £400 for a year, 6.25% on £800 plus the interest from month one for 11 months, 6.25% on £1200 plus the accrued interest from Month one and two for 10 months etc etc. At the end of the year you’ll end up with a lot less than 6.25% on your savings for the whole year.

Would not all saving accounts be based on that?

 

[Mottie]

Would not all saving accounts be based on that?

Yes and no. Not if you paid the whole amount in, in month one, which they won’t let you do. They won’t let you keep the whole amount in at 6.25% past the 12 months.

 

[Deleted member 294929]

Yes and no. Not if you paid the whole amount in, in month one, which they won’t let you do. They won’t let you keep the whole amount in at 6.25% past the 12 months.

So after 12 months it goes down from 6.25%

 

[Mottie]

So after 12 months it goes down from 6.25%

Yep. I’ve just looked it up. It drops to 1.9% after 1 year. Oh, and to get that 6.25% for one year you have to have a 'Club Lloyds' account. £3 a month unless you pay in £2000 every month. In all, not a very good deal to be honest. Don’t look at the headlines, look at all the terms and conditions. If it seems too good to be true……..

For what you want and for simplicity, Chase is probably the best for you. No restrictions on what you pay in or take out, easy to set up, easy to manage, easy to move money back and forth. Just easy. Might get better elsewhere but will probably involve a lot of pîssing about which I suspect you don’t want.

 

[Deleted member 294929]

Yep. I’ve just looked it up. It drops to 1.9% after 1 year. Oh, and to get that 6.25% for one year you have to have a 'Club Lloyds' account. £3 a month unless you pay in £2000 every month. In all, not a very good deal to be honest. Don’t look at the headlines, look at all the terms and conditions. If it seems too good to be true……..

For what you want and for simplicity, Chase is probably the best for you.

With Chase I would just keep my material money that stands at about 3 grand at the moment and my tax money. And when needed I transfer it back into my Lloyd's account to go where it needs to go.

The 1% cash back wouldn't amount to much.

But I may take your advice on that

 

[Mottie]

With Chase I would just keep my material money witch stands at about 3 grand at the moment and my tax money. And when needed I transfer it back into my Lloyd's account to go where it needs to go.

You can do that but you will need to transfer from chase savings to chase current and then to Lloyds which is not difficult but why not just transfer from chase savings to chase current and then directly to where it needs to go? I bet you’re paying a few Bob for a business account too with Lloyds as well. Why?

 

[Deleted member 294929]

You can do that but you will need to transfer from chase savings to chase current and then to Lloyds which is not difficult but why not just transfer from chase savings to chase current and then directly to where it needs to go? I bet you’re paying a few Bob for a business account too with Lloyds as well. Why?

I pay £7 a month.

If your right that I could use chase as a business account then maybe I would just test the water for now. If all goes well and I can see the benefits then I'll make the whole switch in the next financial year.

 

[Deleted member 294929]

I pay £7 a month.

If your right that I could use chase as a business account then maybe I would just test the water for now. If all goes well and I can see the benefits then I'll make the whole switch in the next financial year.

²

What concerns me is that I'm easily confused and if I have an issue it's easy for me to walk up to my branch.

How easy is it to get Chase on the phone?

 

[Mottie]

I pay £7 a month.

If your right that I could use chase as a business account then maybe I would just test the water for now. If all goes well and I can see the benefits then I'll make the whole switch in the next financial year.

Perfect. Nothing to lose.

 

[Mottie]

How easy is it to get Chase on the phone?

Don’t know I’m afraid, never needed to. Cant think why I would need to. I don't have overdrafts, loans or anything like that with them.

 

[gas112]

Not interest related but just opened up the nationwide flex account 13 quid a month and gives you family worldwide travel insurance / breakdown cover and mobile phone insurance .
so bit cheaper than taking out the travel insurance separate .
And if they pay the 100 quid again this year to customers i wont miss out for only having savings accounts

 

[Deleted member 294929]

Not interest related but just opened up the nationwide flex account 13 quid a month and gives you family worldwide travel insurance / breakdown cover and mobile phone insurance .
so bit cheaper than taking out the travel insurance separate .
And if they pay the 100 quid again this year to customers i wont miss out for only having savings accounts

I have this with Lloyd's. I pay £20 per month and I get
Family travel insurance
AA cover for van and Car
Phone insurance for 2 phones (I believe)
I once had the use ofbthe Lloyd's airport lounge with it too.
Other benifits I don't use.

I think if there is a certain amount in the account the £20 is wavered , edit: not sure that applies anymore and it's now £21

 

[Deleted member 294929]

Not interest related but just opened up the nationwide flex account 13 quid a month and gives you family worldwide travel insurance / breakdown cover and mobile phone insurance .
so bit cheaper than taking out the travel insurance separate .
And if they pay the 100 quid again this year to customers i wont miss out for only having savings accounts

How many phones can you insure?
I have to pay a minimum of £100 excess of phone repairs. Have paid as much as £150

 

[Harry Bloomfield]

Do you have to be minted for that sort of account?

It does helps, but no - https://www.marcus.co.uk/uk/en/savings

 

[gas112]

How many phones can you insure?
I have to pay a minimum of £100 excess of phone repairs. Have paid as much as £150

says mobile phones owned by family up to age of 22 in education so guess thats a few . excess anything from 60 to 100.....4 claims a year
And yep AA cover for any vehicle i own or i am travelling in