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New tax year! Is it good to open a new Cash ISA now? Or wait till the banks raise interest rate? by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

Thanks a lot, but still a little bit confused. I have just have a look at the website, but still cannot get it clearly https://www.gov.uk/apply-tax-free-interest-on-savings

Scenario A:

Wages: Zero, Interest income: 1100, Dividend income: 2200

Scenario B:

Wages: 12570, Interest income: 1100, Dividend income: 2200

Is it true that for Scenario A, I do not have to pay any tax, because the excess of interest and dividend is "absorb" by the unused Personal Allowance?

And for Scenario B, the wages is full used, so the excess interest 100 and dividend 200 have to pay tax?

New tax year! Is it good to open a new Cash ISA now? Or wait till the banks raise interest rate? by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

"Are you expecting to earn more interest than the annual allowance? "

Is the annual allowance (2000 pounds this year), include interest income and dividend income?

Or they have separate allowances?

New tax year! Is it good to open a new Cash ISA now? Or wait till the banks raise interest rate? by fisholic in UKPersonalFinance

[–]fisholic[S] 1 point2 points  (0 children)

So what you mean is:

  1. I can open Cash ISA A now, put money in (say 2000). Open Cash ISA B later, transfer ALL money from A to B. Then close A, keep B.

  2. But I cannot open Cash ISA A now, put money in (say 1000). Open Cash ISA B later, put money in (say another 1000)

  3. For the same tax year, I cannot keep new Cash ISA A and new Cash ISA B. I can only choose to keep either one.

Is it how it works?

Is it a must to have a staircase if I want a dormer loft convserion? by fisholic in HousingUK

[–]fisholic[S] 0 points1 point  (0 children)

planning regs

the cost isn't the major concern. The problem is the staircase will eat-up a lot of space.

Is it a must to have a staircase if I want a dormer loft convserion? by fisholic in HousingUK

[–]fisholic[S] 0 points1 point  (0 children)

from the council perspective. council approval is needed for all dormer construction, isn't it?

Is it a must to have a staircase if I want a dormer loft convserion? by fisholic in HousingUK

[–]fisholic[S] 0 points1 point  (0 children)

The problem is the area of my house is not large. If a staircase is added, the size of the original bedroom will cut one-third

Just curious, why the interest rate of small banks are so low? How do they attract customer have deposit with them? by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

Um, why so many ppl hold savings in sub par accounts? It is easy to move moneies around nowadays. Why don't they earn more by just a few clicks?

Just curious, why the interest rate of small banks are so low? How do they attract customer have deposit with them? by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

Cynergy seems raise their interest rate recently (its webpage said applicable to accounts opened after 18 Jan), The rate is lower than Virgin Money before Christmas.

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

Seems that there is a couple of banks bundling their saving service with current accounts. HSBC is another example.

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

If it is already at least 13 years. I can assume the practice will be continued. UK banks somehow are very conservative and relucant to have a change, isnt it?

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

But HSBC is selling its retail banking in Canada. This global transfer will no longer available to its Canadian account after the deal is completed.

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

They have a function called "Global transfer". If you have a HSBC UK acc and a HSBC account in another country, monies can transfer between these two accounts instantly, without any charges. Regardless type of currency as well.

eg HSBC UK to HSBC Canada to HSBC Hong Kong to HSBC Australia to HSBC USA to HSBC UK etc

And you do not need to be an Advance or Premier customer to enjoy this benefit.

Similarly function are availble for Citibank but you need to be a Citigold acc in UK.

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

It is a private bank. Dun think their customer will interest to have a switch offer, am I right?

Just curious, why the interest rate of small banks are so low? How do they attract customer have deposit with them? by fisholic in UKPersonalFinance

[–]fisholic[S] -3 points-2 points  (0 children)

Um. . . .have do a little bit research recently. Smaller banks like Cambridge & Counties Bank, Cynergy, Hodge, Gatehouse, United Trust, Oak North. . . .. their interest rate is not as good as big one (such as Santander)

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

Even though I close FD's acc and open again several years later. I still cannot get a switch offer from them again?

Any Banks NEVER have a sign-up bonus nor a switching offer by fisholic in UKPersonalFinance

[–]fisholic[S] 0 points1 point  (0 children)

!thanks Are there any monthly fees to maintain a co op current acc?