Are You Getting Ready to Crawl out of Your Shell?

The Sunday Times April 29, 2018 17 MONEY Best Buys CURRENT ACCOUNTS FOREIGN MORTGAGES MONEY CREDIT INTEREST CURRENCY 2-YEAR FIXED RATES Provider Account name Account fee Interest rate 1 Balance Contact Lender Rate Scheme Deposit Fee Notes Contact MADE EASY These are the interbank TSB Classic Plus None 3% + £10 a month 2 £1-£1,500 0345 975 8758 Monmouthshire 1.34% Fixed for 2 years 35% £999 HR 0163 384 4351 INHERITANCE TAX rates at 5pm on Friday, Halifax Reward None £3 a month £1+ 0345 720 3040 which show where the HSBC 1.54% Fixed to 31.8.20 20% £999 LV 0800 494 999 Thousands of families Nationwide FlexDirect None 5% 3 £0.01-£2,500 0800 302 010 market is trading. Nationwide 1.89% Fixed for 2 years 10% £999 GLV 0800 302 010 have missed out on an They are not indicative inheritance tax break OVERDRAFTS * 3-YEAR FIXED RATES of the rate you will be intended to help people Provider Account name Account fee Interest rate 4 0% overdraft limit Contact able to get. Lender Rate Scheme Deposit Fee Notes Contact who pass on a family First Direct 1st Account £10 a month 5 15.9% £250 0800 242 424 HSBC 1.69% Fixed to 31.5.21 25% £999 LV 0800 494 999 home to their heirs, M&S Bank M&S Current Account None 15.9% £100 0345 900 0900 EURO Coventry 1.85% Fixed to 30.6.21 15% £999 LV 0800 121 8899 according to analysis by Post Office Money Standard Account None 14.9% £0 0345 266 8977 GBP>EUR Virgin Money 2.18% Fixed to 1.7.21 10% £995 LV 0345 605 0500 the insurer NFU Mutual. 1 Based on funding of £1,000 a month. 2 To receive £10 you must have two direct debits and make 20 card payments a month. 3 Introductory rate for one year, then 1%. 4 Equivalent annual rate. 5 Fee waived if minimum funding of £1,000 is met. * Based on overdraft of £500 for 15 days a month. LONG-TERM FIXED RATES What is inheritance tax? Some accounts require minimum funding/direct debits to open or receive rates shown. Source: Moneyfacts.co.uk Lender Rate Scheme Deposit Fee Notes Contact An individual can pass First Direct 1.84% Fixed for 5 years 40% £490 LV 0800 482 448 on up to £325,000 (£650,000 for a couple) Tesco Bank 2.02% Fixed to 31.7.23 20% £995 LV 0345 051 8446 1.14 without their heirs having AMERICA Barclays 2.44% Fixed to 31.7.23 10% £999 LV 0333 202 7580 to pay any inheritance tax CREDIT CARDS GBP>USD Coventry 2.19% Fixed to 30.6.25 35% £999 LV 0800 121 8899 (IHT). Anything above this threshold is usually taxed INTRODUCTORY RATES TRACKERS */ DISCOUNTS at 40%. The taxman took Provider Card type Introductory purchase APR 1 Reward Contact Lender Rate Scheme Deposit Fee Notes Contact a record £5.2bn in IHT Halifax 30-Month Purchase Mastercard 0% for 30 months 18.9% No halifax.co.uk Yorkshire Bank 0.99% SVR -3.96% to 30.6.20 40% £1,449 LV 0800 202 122 in 2017-18. Virgin Money 30-Month All Round Mastercard 0% for 30 months 18.9% No 0800 389 2875 1.38 HSBC 1.79% Tracker +1.29% for 2 years 10% £999 ELV 0800 494 999 Last April, the MBNA All Round 30/30 Visa 0% for 30 months 19.9% No 0345 606 2062 Leeds 1.80% SVR -3.89% for 5 years 20% £499 LV 0345 045 4049 government introduced SWITZERLAND an additional £100,000 GBP>CHF Barclays 2.24% Tracker +1.74% for term 25% £1,999 LV 0333 202 7580 BALANCE TRANSFERS tax-free allowance for Provider Card type Introductory purchase Transfer fee 2 APR Contact FIRST-TIME BUYER / LOW DEPOSIT each individual whose estate includes a main MBNA Platinum 36-Month Visa 0% for 36 months 1.99% 19.9% 0345 606 2062 Lender Rate Scheme Deposit Fee Notes Contact family home. The Yorkshire BS 3.19% Fixed to 30.6.20 5% £495 PV 0345 166 9510 Nuba Transfer Mastercard 0% for 36 months 2.5% 19.9% 0345 606 2062 allowance, raised to Tesco Bank Clubcard Mastercard 0% for 36 months 2.69% 18.9% 0345 300 4278 1.36 Monmouthshire 2.99% SVR -2% for 2 years 5% £0 CPV 01633 844 351 £125,000 this month, is Barclays 2.75% Fixed to 31.7.21 0% £0 FP 0333 202 7580 known as the “main CASHBACK CARDS AUSTRALIA residence nil-rate band”. GBP>AUD BUY TO LET Provider Card type APR 1 Cashback Contact It means that, in total, Lender Rate Scheme Deposit Fee Notes Contact American Express Platinum Cashback 28.2% 1%-1.25%. Intro 5% for 3 months 0800 917 8047 an individual can pass Virgin Money 1.79% Tracker +1.29% to 1.7.20 40% £995 D 0345 605 0500 on up to £450,000 (or American Express Platinum Cashback Everyday 22.9% 0.5%-1%. Intro 5% for 3 months 0800 917 8047 Ipswich 3.15% Fixed to 30.4.20 20% £1,149 R 0147 321 1021 £900,000 for a couple). Santander All in One Mastercard 21.7% 0.5% 0800 389 9905 Barclays 2.20% Fixed to 31.7.23 40% £1,950 R 0333 202 7580 1 APR = annual percentage rate, dependent on credit rating. 2 Fee charged on the amount of each balance transfer during the introductory period. 1.82 So what’s the problem? Source: Moneyfacts.co.uk Early repayment charge applies unless otherwise stated. * Most deals track Bank of England base rate. Notes: SVR = Standard variable rate; Source: timescurrencyservices.co.uk C = £250 cashback; D = £500 cashback; E = No early repayment charge; F = Family Springboard, 10% deposit must be in a Barclays Helpful Start Only a “direct 020 7294 7970 account; G = £500 cashback for first-time buyers; H = Remortgages only; L = Free legal work for remortgages; P = Purchases only; R = Free valuation and legal work for remortgages; V = Free valuation. descendant” can benefit Source: landc.co.uk — 0800 373 300 from the extra allowance. This means children and grandchildren — SAVINGS ACCOUNTS including adopted and INSTANT ACCESS foster children, and Provider Account name Min deposit Interest rate Contact stepchildren. However, CASH ISAS it does not apply to Kent Reliance Easy Access — Issue 26 £1,000 1.3% kentreliance.co.uk INSTANT ACCESS nephews, nieces, siblings RCI Bank Freedom Savings £100 1.3% rcibank.co.uk Provider Account name Min deposit Interest Transfers in Contact and other relations. Shawbrook Bank Easy Access — Issue 11 £1,000 1.25% shawbrook.co.uk Nationwide 1 Single Access Isa £1 1.3% Yes nationwide.co.uk How many people NOTICE ACCOUNTS Coventry BS Easy Access Isa (7) £1 1.25% Yes coventrybuildingsociety.co.uk have lost out? 1 Subject to maximum of one withdrawal a year. Additional withdrawals will reduce rate to 0.5% for remainder of account year. Provider Account name Notice period Min deposit Interest rate Contact Just 3,065 estates claimed FIXED RATE the additional allowance Secure Trust Bank 1 180-day notice 180 days £1,000 1.65% securetrustbank.com Provider Account name Term Min deposit Rate Transfers in Contact in April to December Paragon Bank 120-day notice (Issue 8) 120 days £500 1.55% paragonbank.co.uk last year, according to a Kent Reliance Cash Isa (Issue 25) 1 year £1,000 1.48% Yes kentreliance.co.uk Secure Trust Bank 1 120-day notice 120 days £1,000 1.55% securetrustbank.com freedom of information Kent Reliance Cash Isa (Issue 26) 2 years £1,000 1.68% Yes kentreliance.co.uk request by NFU Mutual. FIXED-RATE BONDS Source: Savingschampion.co.uk — 0808 178 5354 The insurer estimates only Provider Account name Term Min deposit Interest rate Contact 4,000 of 24,000 estates United Trust Bank 1 Year Bond 1 year £5,000 1.9% utbank.co.uk that paid IHT in the last tax Secure Trust Bank Fixed-Rate Bond (26.5.20) 2 years £1,000 2.16% securetrustbank.com year will have benefited from the new allowance. RCI Bank Fixed Term 3 years £1,000 2.31% rcibank.co.uk 1 Maximum three capital withdrawals a year, subject to required notice. CHILDREN’S ACCOUNTS Top tip DEALS ARE LISTED ONLY IF THEY ARE COVERED BY THE UK FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) OR A EUROPEAN EQUIVALENT Source: Savingschampion.co.uk — 0808 178 5354 Provider Account name Account type Min deposit Interest rate Contact A good way to mitigate tax Halifax Kids’ Monthly Saver Regular saver £10 4.5% halifax.co.uk bills is to plan early and take advantage of your Santander 1 123 Mini Current Account Current account £300 2.96% santander.co.uk annual gifts allowance – Cambridge 3-year Fixed Rate Bond Fixed-rate bond £1,000 2% cambridgebs.co.uk the amount you can pass 1 Interest rates are tiered: 1% on balances of £100-£199; 1.98% on £200-£299; 2.96% on £300-£2,000. on each year without any JUNIOR ISAS IHT implications. ENERGY DEALS Supplier Average annual bill Rate Contact Provider Account name Min deposit Interest rate Rate Contact You can find details of the specific allowances Table shows the cheapest tariff from the 3 cheapest Tonik £829 F 0333 344 2686 Coventry Junior Cash Isa (1) £1 3.5% V coventrybuildingsociety.co.uk suppliers.Excludessuppliers.

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