How to earn 6.8% on your money by not taking out an ISA

That is equal to £390 on £5,760 over the course of a year – or 6.8pc. Higher rate taxpayers will earn nearer 5.8pc.

Am I being unusually dense Elegran? The annual ISA allowance is £15240 for 2015-16.
What does one do with the remaining £9480?

I don't know - perhaps it is a rehash of a previous article, perhaps he just made a mistake? I skipped over that bit - dazzled by the 6.8%.

I got the impression from the article that the favourable rate on the TSB accounts applied only to the first £2K though.
Serve the banks right if people manipulate their accounts!

Ah - dated 21 Mar 2014. Saw the 21 March and thought it was current.

However, the TSB A/C is good for 5% on up to £2k. or £4k for a joint A/C as well, and the Nationwide Flexi also pays 5% on £2.5K. There are probably other 5% A/Cs out there as well, and some of them give you £100 for switching. It may take more juggling! Back to the calculator.

Yes, it is the first £2k. The big financiers do the pass-the-parcel, so I don't see why we shouldn't!

Do you know I can't be arsed with all this jiggling money around. We have enough to live on relatively comfortably and I have better things to do with my time than be constantly trying to remember what needs to go where and when.

Luckygirl , it only needs to be sorted out once. Using standing order instructions on each of the accounts will then keep the monies circulating

Santander pays 3% on balances between £3000 and £20000 plus cash back on various items bought on their credit card. You can have 3 accounts with them - joint and 2 individual which totals up to £60000 at 3%. This is instant access as well.

Santander charge £5 a month, which is almost exactly the cashback they would give me on the bills that they list, so the two cancel each other out.

TSB gives you 5% cashback on the first £100 on your credit card - that is £20 a month buckshee. However, their 5% interest on your balance is only on up to £2000.

I can see the advantages of having several accounts with SOs going from one to another - set up once a year you can ignore them for the rest of the time.

Sorry but 5% of £100 is only £5

Oops. Its been a long day. I was thinking of an early night. Probably a good idea.

This article on Moneysaving expert looks more recent, Jane
www.moneysavingexpert.com/savings/savings-loophole

Thanks Elegran. As the article states at the end, from this April we get a personal savings allowance in addition to the ISA allowance - I got an email from Santander yesterday saying that from next month interest on our current account would be paid gross not net of income tax.