Monday, Jan 22, 2007
Icesave 5.7% !!!!!!!!
Icesave: rate increase from 5.45 to 5.7%
Great yield, no decorating between tenants, safe investment, no overheads, no missed payments, zero repairs, zero maintenance, yields almost certain to increase in the very near future!
Common BTL's you know it makes sence.
Posted by cheeky charlie @ 11:32 AM (170 views) Add Comment
14 Comments
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1. uncle chris said...
Good old Icesave - I think some of my Halifax savings will be winging their way there in the next day or two.
2. Hyrax said...
ING Direct savings too, still hanging at 4.75!
3. inbreda said...
Charlie - do you work for Icesave?
4. tyrellcorporation said...
This looks bloody excellent. I'm gonna open an account under mine and me missus's name and shovel 60k at these guys. Bollox to Nationwide and their paltry rates!
5. inflation is eating my savings said...
Hmmmm.
Lending rates in Iceland are very high (9-10% I think)- they are another of these seriously overworked island nations with a very difficult economy to manage (like Ireland, the UK, NZ etc.). They have even more accentuated cycles of money supply expansion and debt, and as far as I could tell when I visited there in July, people are presently drowning in debt. I would check how safe your money is likely to be should this bank go under. Their economy is severely bolstered by "bribes" because of its strategic utility. This is presumably a stable form of income, however.
6. Me Me Me said...
FYI
Landsbanki, which also owns Heritable Bank, is regulated by the FSA, which means your savings up to £32,000 are mostly protected. It also complies with the UK Banking Code, which sets minimum standards of customer service.
7. paul said...
I don't care if charlie does work for them - that's not bad at all.
I have a sizeable sum with them already.
8. Cheekie Charlie said...
No I don't work for them, I think I'd trust a scandanavian run economy as apposed to a far eastern economy where ICICI are based there is also the turkish bank who offer 5.8% on a 60 day notice account but they are based in Northern Cyprus!!
9. Nohpc said...
5.7 before tax . So I have to pay 40% of any money I make on it. Seeing as I have a mortgage and have done so for 5 years I much prefer to pay any extra money into my mortgage as it gives me a tax free savings vehicle for every penny. This is something which anybody without a mortgage misses out on and why BTL investors are not interested. If GB stops taxing people's savings.... BTL would definately sell up and head for the exit.
10. Nohpc said...
So the interest rate after tax is 3.42 percent which is a very boring, unsinspiring rate.
11. Chillilizard said...
I'm a little confused by these guys: If you invest with ICESAVE, is your money in some other currency, but expressed in pounds? IE are you playing the exchange rates?
12. uncle chris said...
Sadly, some of us languish on the 22% tax bracket, which translates to a more inspiring 4.45%. Put it this was, 2 BTLs on the market (last weekend) in Oswestry state an income of £100 per month (protected tenancy) for sale at £60,000 and £300 per month at £120,000, i.e. rough yields of 2% and 2.8% respectively, before tax and maintenance costs. Even noHPC can see the better option here.
13. tyrellcorporation said...
Isn't that account actually about 4.3% after tax?
14. Nohpc said...
Uncle Chris. The better option would be to pile more money into your BTL mortgages thus reducing the interest you pay on them. For a higher rate tax payer this would still save more money than ICESAVE by almost double and your yields would increase as your mortgage shrinks. I hope to never be in a position where I have to pay 40% tax on my savings. It is a rape of your wealth by GB and anybody feeding this little tax grab should find another way to invest. Really the interest rate is pathetic when you think about it. Unless you have massive amounts of money in the account any money made is negligible after tax. Barely above inflation.