Guest pelmetman Posted February 8, 2015 Share Posted February 8, 2015 malc d - 2015-02-08 8:04 PM pelmetman - 2015-02-08 2:40 PM Do you have kids and grand kids Malc? (?) ........... :D Of course. I felt it my duty to produce some tax payers of the future to support your state pension and health / care costs if and when the time comes. The way life expectancy is going up, that could be for twenty or thirty years or more ;-) So as l thought, even though l semi retired at 46 l'll still be less of a drain on the public purse ;-) ......... I've done 40 + years at the grindstone, and I still work there occasionally.......... I doubt I'll need any more lectures about my input into the national purse :D ...................as I is in credit B-) ....... Link to comment Share on other sites More sharing options...
nowtelse2do Posted February 8, 2015 Share Posted February 8, 2015 pelmetman - 2015-02-08 8:15 PM malc d - 2015-02-08 8:04 PM pelmetman - 2015-02-08 2:40 PM Do you have kids and grand kids Malc? (?) ........... :D Of course. I felt it my duty to produce some tax payers of the future to support your state pension and health / care costs if and when the time comes. The way life expectancy is going up, that could be for twenty or thirty years or more ;-) So as l thought, even though l semi retired at 46 l'll still be less of a drain on the public purse ;-) ......... I've done 40 + years at the grindstone, and I still work there occasionally.......... I doubt I'll need any more lectures about my input into the national purse :D ...................as I is in credit B-) ....... You poor thing, starting work at 6....is that years or am/pm 8-) Dave Link to comment Share on other sites More sharing options...
Guest pelmetman Posted February 8, 2015 Share Posted February 8, 2015 nowtelse2do - 2015-02-08 8:38 PM pelmetman - 2015-02-08 8:15 PM malc d - 2015-02-08 8:04 PM pelmetman - 2015-02-08 2:40 PM Do you have kids and grand kids Malc? (?) ........... :D Of course. I felt it my duty to produce some tax payers of the future to support your state pension and health / care costs if and when the time comes. The way life expectancy is going up, that could be for twenty or thirty years or more ;-) So as l thought, even though l semi retired at 46 l'll still be less of a drain on the public purse ;-) ......... I've done 40 + years at the grindstone, and I still work there occasionally.......... I doubt I'll need any more lectures about my input into the national purse :D ...................as I is in credit B-) ....... You poor thing, starting work at 6....is that years or am/pm 8-) Dave I'll be 57 next month Dave ;-) ............and I'm still working 8-) .................Occasionally :D ........ When I get as old as you, I hope to have a harem of old bangers too B-) ............. Oh I forgot..................................I already have (lol) ............... Link to comment Share on other sites More sharing options...
pepe63xnotuse Posted February 9, 2015 Share Posted February 9, 2015 So Dave,being nearly 57, as you say you "inherited" your van when you were just 31, that means you've had it 26 years then? :-S ...wow!... 8-) Link to comment Share on other sites More sharing options...
Guest pelmetman Posted February 10, 2015 Share Posted February 10, 2015 pepe63 - 2015-02-09 10:46 AM So Dave,being nearly 57, as you say you "inherited" your van when you were just 31, that means you've had it 26 years then? :-S ...wow!... 8-) See how I slipped that little mistake just for you Pepe ;-) ...............Did HE give you a prompt or did you work it out yourself :D .............So for clarifications for your files 8-) ............... We inherited Horace in 1992 he was 18 months old with 1800 miles (ish) on the clock.......and I would of been 33 going on 34............now going on 12 (ish) B-)............ Maths was never my strong point *-) ............ Link to comment Share on other sites More sharing options...
malc d Posted February 10, 2015 Share Posted February 10, 2015 pelmetman - 2015-02-10 2:10 PM Maths was never my strong point *-) ............ Agreed. :-D Link to comment Share on other sites More sharing options...
Guest pelmetman Posted February 10, 2015 Share Posted February 10, 2015 malc d - 2015-02-10 2:18 PM pelmetman - 2015-02-10 2:10 PM Maths was never my strong point *-) ............ Agreed. :-D Does that make me stupid? :-S ................ I didn't get the country into a trillion pounds of debt ;-) ...........It took really clever folk to manage that (lol) (lol) (lol) (lol) (lol) (lol) ...... Link to comment Share on other sites More sharing options...
pepe63xnotuse Posted February 10, 2015 Share Posted February 10, 2015 pelmetman - 2015-02-10 2:10 PM See how I slipped that little mistake just for you Pepe ;-) We inherited Horace in 1992 he was 18 months old......and I would of been 33 going on 34.. Maths was never my strong point... Ah! That adds up better.;-) Claiming to have owned a vehicle from before it was even built, was a bit of a stretch, even for you. :D Link to comment Share on other sites More sharing options...
snowie Posted February 10, 2015 Share Posted February 10, 2015 Getting back to the original post................ I'm tempted to take out a couple, one for each of the kids. I'd have preferred some bribe that would help them, and all the other under 25's out there, rather than yet another for us wrinklies. It's obvious why they are extending it, and how unimaginative. regards alan b p.s. I haven't read the conditions etc, so not even sure that I could have more than one of them; before I get corrected! Link to comment Share on other sites More sharing options...
Guest pelmetman Posted February 10, 2015 Share Posted February 10, 2015 I see the Tories are still looking after their rich bum chums *-) ........... http://www.dailymail.co.uk/news/article-2946926/Anger-dirty-deal-saw-1-100-UK-holders-HSBC-Swiss-accounts-dodge-prosecution-bank-s-boss-walked-Government-job.html Do we really want more of the same? :-S ............ Link to comment Share on other sites More sharing options...
Basil Posted February 10, 2015 Share Posted February 10, 2015 Mel B - 2015-02-01 10:57 PM Forgot to say, if you're 'short' of DDs you can set-up to have your car and/or camper tax paid monthly by DD now - our car is £30 a year and the DD adds £1.50 to this (£31.50 total) and the camper is £230 a year and the DD adds £11.50 (£241.50 total), however by doing this we've been able to change one of our current accounts to a reward account which pays £5 a month interest so more than makes up for the cost of the DDs and obviously it means we don't have to worry about when the road tax is due for renewal in a 'lump sum'. Also now having had a closer look at the bonds, you can of course only have up to £10000 in a one year bond at 2.8% and £10000 in the three year bond at 4% but tied up, so it cannot touch the Santander 123 account as it is on the WHOLE £20000. As already stated by Mel the £30 pounds a month DDebit reward is paid at up to 3% return that by far outweighs the £2 a month account charge. Putting in the value of your DDebits once a month ensures you get the full 3% for the month on the whole £20000 and what interest you don't get on the money over £20000 is really insignificant as it is moved out each month so you lose a few days only. The excess that you have at the end of the month is easily transferred into the Nationwide 4% interest account so that also builds until it reaches the £3000 cut off. So after 'doing the Maths' and looking at it again I still cannot see the reason for the rush, unless of course the good old MP slippery tongue con is coming into play! As always just my opinion. Bas Link to comment Share on other sites More sharing options...
Guest Had Enough Posted February 10, 2015 Share Posted February 10, 2015 Basil - 2015-02-10 9:24 PM Mel B - 2015-02-01 10:57 PM Forgot to say, if you're 'short' of DDs you can set-up to have your car and/or camper tax paid monthly by DD now - our car is £30 a year and the DD adds £1.50 to this (£31.50 total) and the camper is £230 a year and the DD adds £11.50 (£241.50 total), however by doing this we've been able to change one of our current accounts to a reward account which pays £5 a month interest so more than makes up for the cost of the DDs and obviously it means we don't have to worry about when the road tax is due for renewal in a 'lump sum'. Also now having had a closer look at the bonds, you can of course only have up to £10000 in a one year bond at 2.8% and £10000 in the three year bond at 4% but tied up, so it cannot touch the Santander 123 account as it is on the WHOLE £20000. As already stated by Mel the £30 pounds a month DDebit reward is paid at up to 3% return that by far outweighs the £2 a month account charge. Putting in the value of your DDebits once a month ensures you get the full 3% for the month on the whole £20000 and what interest you don't get on the money over £20000 is really insignificant as it is moved out each month so you lose a few days only. The excess that you have at the end of the month is easily transferred into the Nationwide 4% interest account so that also builds until it reaches the £3000 cut off. So after 'doing the Maths' and looking at it again I still cannot see the reason for the rush, unless of course the good old MP slippery tongue con is coming into play! As always just my opinion. Bas You're really not grasping this and you may have done the maths but your maths is flawed. First of all let's understand what these bonds are for. They are for people who have capital and need an income from it. They are for people who can afford to tie up their money for one or three years in order to get a guaranteed rate during that period. So, I have two choices. I have £20,000 to invest and I want an income from it. I can put it into two bonds, one for my wife and one for me. I will get 4% and that 4% is guaranteed for three years. Or I can open another current account with Santander and have to bugger about constantly topping it up and monitoring it as money goes out and comes in, in order to maximise my investment and ensure that I'm always up to £20,000 but never stray over it, as I'll get nothing on that. For all this messing about I'll get 2.8% which is the true figure on my £20,000, as the interest rate on the first £3000 is much lower and the 3% is only on £17,000 of my investment. But here's the worse thing about your proposal. My bond is guaranteed for three years, which is what the people I'm talking about want. Santander could cancel the 123 account at any time and if they do that you've missed the boat completely on the far more lucrative government bonds. So your advice for people who have money that they want to invest for income is to faff about monitoring a current account and get 2.8%. My advice is to put it in government bonds and forget about it and get 4% guaranteed for three years, which is a super rate, without any messing about every few days. I'm sorry, but as I said, I'm glad you're not my financial advisor. Now if you've got a few thousand and you can't afford to tie it up and need access to it, open a 123 account and accept a much lower rate. But the bonds are a different product. They are for those of us who want a guaranteed rate for as long as we can get it. Can't you see that? 2.8% with no guarantee or 4% guaranteed. A bit of a no brainer I think! Finally, another point that you miss. Many people don't want to swap current accounts or open an extra one. I'm very happy with my bank which gives me excellent service and free worldwide travel cover that's worth a lot more than the bits of perks with a 123 account. I don't want to close that, I just want the best rate for my investment, and the best rate is 4% with the bonds. Link to comment Share on other sites More sharing options...
laimeduck Posted February 10, 2015 Share Posted February 10, 2015 Basil - 2015-02-10 9:24 PM Mel B - 2015-02-01 10:57 PM Forgot to say, if you're 'short' of DDs you can set-up to have your car and/or camper tax paid monthly by DD now - our car is £30 a year and the DD adds £1.50 to this (£31.50 total) and the camper is £230 a year and the DD adds £11.50 (£241.50 total), however by doing this we've been able to change one of our current accounts to a reward account which pays £5 a month interest so more than makes up for the cost of the DDs and obviously it means we don't have to worry about when the road tax is due for renewal in a 'lump sum'. Also now having had a closer look at the bonds, you can of course only have up to £10000 in a one year bond at 2.8% and £10000 in the three year bond at 4% but tied up, so it cannot touch the Santander 123 account as it is on the WHOLE £20000. As already stated by Mel the £30 pounds a month DDebit reward is paid at up to 3% return that by far outweighs the £2 a month account charge. Putting in the value of your DDebits once a month ensures you get the full 3% for the month on the whole £20000 and what interest you don't get on the money over £20000 is really insignificant as it is moved out each month so you lose a few days only. The excess that you have at the end of the month is easily transferred into the Nationwide 4% interest account so that also builds until it reaches the £3000 cut off. So after 'doing the Maths' and looking at it again I still cannot see the reason for the rush, unless of course the good old MP slippery tongue con is coming into play! As always just my opinion. Bas From the Santander site " Interest 1.00% AER/gross (variable) on your entire balance, once your balance is £1,000 or over. 2.00% AER/1.98% gross (variable) on your entire balance, once your balance is £2,000 or over. 3.00% AER/2.96% gross (variable) on your entire balance, once your balance is £3,000 or over (up to a maximum of £20,000). Interest rates will apply on the first £20,000 of your entire balance once you have at least £1,000 in your account. AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax is taken off. Rates may change, we calculate interest daily and we pay interest each month. Interest at 3% on the ENTIRE balance Cashback from direct debits from council tax & from energy bills easily pay for the £2 a month fee, and a simple standing order from another account to put in £500 a month, and another one to extract the same amount is very easy to set up. And you can have 2 of these 123 accounts per person. So if you've invested your £15000 ISA allowance in a pensioner bond and still have some capital to invest in standard banks and want to get some good interest, the Santander 123 is a good extra. Then you can get a 5% TSB Account, a 5% Nationwide account, a 3% Tesco account all set up in similar ways. With a bit of organisation you can cascade the monthly payment from one bank to another so only one amount is invested each month. But most people are too lazy to do this- silly really as you can get some decent (relatively!) interest out of the banks with a little one off effort. Link to comment Share on other sites More sharing options...
Guest Peter James Posted February 11, 2015 Share Posted February 11, 2015 Had Enough - 2015-02-10 10:29 PM I'm very happy with my bank which gives me excellent service and free worldwide travel cover that's worth a lot more than the bits of perks with a 123 account. I don't want to close that You don't have to, you can have more than one current account. Which is a good idea so you don't have all your eggs in one basket..... Link to comment Share on other sites More sharing options...
Colin Leake Posted February 12, 2015 Share Posted February 12, 2015 I may be wrong but I hope not because my wife and I have maxed out on these bonds but is the interest not tax free? Given that she pays standard rate and I pay the higher rate does this not make them even more attractive? Link to comment Share on other sites More sharing options...
Tracker Posted February 12, 2015 Share Posted February 12, 2015 Colin Leake - 2015-02-12 4:09 PM I may be wrong but I hope not because my wife and I have maxed out on these bonds but is the interest not tax free? Given that she pays standard rate and I pay the higher rate does this not make them even more attractive? I really cannot believe that you invested £40k without knowing and understanding the tax rules Colin? Time for you to go on the NS&I website to check - not that you will like the result! Link to comment Share on other sites More sharing options...
Colin Leake Posted February 13, 2015 Share Posted February 13, 2015 Tracker - 2015-02-12 4:41 PM Colin Leake - 2015-02-12 4:09 PM I may be wrong but I hope not because my wife and I have maxed out on these bonds but is the interest not tax free? Given that she pays standard rate and I pay the higher rate does this not make them even more attractive? I really cannot believe that you invested £40k without knowing and understanding the tax rules Colin? Time for you to go on the NS&I website to check - not that you will like the result! Bugger if I can say that on here you are right but given the need to spread our dosh around to keep it protected it's still not a bad deal and it can remain parked there with no effort on our part which suites me. I currently keep,having to move money around and fiddle with accounts to get the best interest and keep the funds protected most of which is taxed. We do have Issas but they are already maxed out and don't give a very high rate of interest. We will be taking out new cash Issa bonds with next years allowance but only for,one year in the possibly vain hope that better interest will be available later. Link to comment Share on other sites More sharing options...
pepe63xnotuse Posted February 13, 2015 Share Posted February 13, 2015 Colin... The words- "..money....fiddle.." and "..accounts.." aren't usually the best of bedfellows! (lol) (lol) Link to comment Share on other sites More sharing options...
Basil Posted February 13, 2015 Share Posted February 13, 2015 Once again Had Enough has repeated his/her error and has been corrected by others for the second time, once you exceed £3000 in a 123 account you get 3% on the WHOLE balance not just the balance above £3000. Additionally you gain the cashback for the Direct Debits that are paid from the account that has the effect of pushing the rate up to far more than the 3% interest payment. I considered moving funds into the Bonds but couldn't and still can't see any advantage moving money from higher earning funds into them. The fact has also conveniently been ignored, that you can only keep £10000 in each of the bonds, so, far from the 123 account paying less than 3% in fact on £20000 the 123 account is paying more than the bonds for a small bit of tinkering once per month, which as laimduck has pointed out could be automated if you desired! Also an individual can have two 123 accounts in their name meaning you can in fact have £40000 paying 3% and if your wife holds two as well £80000 at 3%. Yes Santander could reduce the rate if they decided but as they haven't over the last two years anyone who has used them has already exceeded the term of the one year bond and is creeping up to the four year bond I still don't see any reason the rush after these offerings with their lower rate and is why I asked what the rush is, nothing I have read has convinced me otherwise! Each to their own. Bas Link to comment Share on other sites More sharing options...
Guest Had Enough Posted February 13, 2015 Share Posted February 13, 2015 Basil - 2015-02-13 9:31 PM Once again Had Enough has repeated his/her error and has been corrected by others for the second time, once you exceed £3000 in a 123 account you get 3% on the WHOLE balance not just the balance above £3000. Additionally you gain the cashback for the Direct Debits that are paid from the account that has the effect of pushing the rate up to far more than the 3% interest payment. I considered moving funds into the Bonds but couldn't and still can't see any advantage moving money from higher earning funds into them. The fact has also conveniently been ignored, that you can only keep £10000 in each of the bonds, so, far from the 123 account paying less than 3% in fact on £20000 the 123 account is paying more than the bonds for a small bit of tinkering once per month, which as laimduck has pointed out could be automated if you desired! Also an individual can have two 123 accounts in their name meaning you can in fact have £40000 paying 3% and if your wife holds two as well £80000 at 3%. Yes Santander could reduce the rate if they decided but as they haven't over the last two years anyone who has used them has already exceeded the term of the one year bond and is creeping up to the four year bond I still don't see any reason the rush after these offerings with their lower rate and is why I asked what the rush is, nothing I have read has convinced me otherwise! Each to their own. Bas I'm not sure what you mean by 'Once again I repeated my error'. What other error have I repeated? I was wrong about the maximum interest being on only the last £17,000, I freely admit that, but you seem to be saying that I knew I was wrong but continued to say it. That is simply not the case. But anyway, let's get back to your original premise, where you said that you could see no point in the bonds. Once more I'll try to explain it to you. Let's assume that a man has £10,000 or a couple £20,000 that they don't need access to and want the best rate for as long as they can. He or they have two choices. Choice one is to buy the 3 year bond. They get 4% guaranteed for three years. They don't need to bugger about opening yet another current account, setting up direct debits in it and transferring money into it once a month. They can now forget about it, know that their money is safe, is getting 4% and that the government isn't going to lower the rate or cancel it after a year or even less. Or there's your choice. They can go to all the trouble of opening another current account, going to all the hassle I've mentioned with direct debits, payments in and they'll have to monitor it regularly. For this they get only 3% but the most important thing is that the interest rate can be lowered at any time and we all know that this type of account doesn't go on for ever. Banks are famous for attracting people with good offers and when they've snared you all they lower the interest rate knowing that many people are too idle to move their account and that a large proportion of them will stay and accept the lower rate. So my system gets you a third more interest and most of all, a guaranteed rate for three years. Your system get a much lower rate with no guarantee! Are you beginning to see the advantage of a bond now? However, if our single man or couple have more than £10,000 or £20,000 that they want to invest then they can open a 123 account, but only after they've put the first £10/20K in a three year 4% bond! Or if they think they'll need access to the money then they'd be mad to open a bond and should go for a 123 type of account, but we're talking mainly about people who can afford to tie up their cash and want the best possible rate. Any couple with £20K that they can afford to invest for three years would be idiotic if they choose a Santander 123 account. Lower rate, no guarantee and much more hassle. Bonds make much more sense for certain types of investors. Accounts such as the 123 make sense for other kinds of investors but most people can see the point of bonds and I hope that perhaps you can as well now. Finally, if I wanted to be nasty and have a poke at you I could have mentioned that yet again, you have said that it's a four year bond, when it's only three years. I corrected you about that ages ago but did not crow about the fact that you made a mistake! Link to comment Share on other sites More sharing options...
Colin Leake Posted February 13, 2015 Share Posted February 13, 2015 pepe63 - 2015-02-13 2:44 PM Colin... The words- "..money....fiddle.." and "..accounts.." aren't usually the best of bedfellows! (lol) (lol) Often used together though! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.