exchange rate getting worse and worse!
#16
BE Enthusiast
Joined: Mar 2007
Location: Brisbane
Posts: 835
Re: exchange rate getting worse and worse!
I think you will find that the max you can pay into this account is £500 per month and that to get the 12% you have to have £5000 + in another Halifax savings account, that pays pretty poor interest. Not in the one paying 12%.
The max you can pay in, in a year is £6000 and that is spread over the year.
Thats how it was explained to me, if it looks to good to be true, it probably is.
Correct me if I'm wrong and I will be pleased.
Kev
The max you can pay in, in a year is £6000 and that is spread over the year.
Thats how it was explained to me, if it looks to good to be true, it probably is.
Correct me if I'm wrong and I will be pleased.
Kev
#17
Never been to Australia
Joined: Oct 2004
Location: Homeless
Posts: 495
Re: exchange rate getting worse and worse!
They are not called Bankers for nothing.
Kev
#18
Re: exchange rate getting worse and worse!
bugger sod!!! :curse:
thanks for pointing this out to me... Have looked again, totally misunderstood... Have now paid to consult IFA and will let you know what he recommends.
the tax implication thing bothers me not.... it's still only on the gain and I'm told that putting it in the 'right account' before transfer is the secret of success.... not sure what the 'right account' is though, which may be a challenge!!!
Ali
thanks for pointing this out to me... Have looked again, totally misunderstood... Have now paid to consult IFA and will let you know what he recommends.
the tax implication thing bothers me not.... it's still only on the gain and I'm told that putting it in the 'right account' before transfer is the secret of success.... not sure what the 'right account' is though, which may be a challenge!!!
Ali
#19
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: exchange rate getting worse and worse!
bugger sod!!! :curse:
thanks for pointing this out to me... Have looked again, totally misunderstood... Have now paid to consult IFA and will let you know what he recommends.
the tax implication thing bothers me not.... it's still only on the gain and I'm told that putting it in the 'right account' before transfer is the secret of success.... not sure what the 'right account' is though, which may be a challenge!!!
Ali
thanks for pointing this out to me... Have looked again, totally misunderstood... Have now paid to consult IFA and will let you know what he recommends.
the tax implication thing bothers me not.... it's still only on the gain and I'm told that putting it in the 'right account' before transfer is the secret of success.... not sure what the 'right account' is though, which may be a challenge!!!
Ali
The interest will also be liable for Australian tax as part of your worldwide annual income......the amount would depend on the rest of your earnings.
The tax is due whether you transfer it or not.
#20
BE Enthusiast
Joined: Sep 2004
Location: London - but only until I can afford to move back to Sydney
Posts: 938
Re: exchange rate getting worse and worse!
I think you will find that the max you can pay into this account is £500 per month and that to get the 12% you have to have £5000 + in another Halifax savings account, that pays pretty poor interest. Not in the one paying 12%.
The max you can pay in, in a year is £6000 and that is spread over the year.
Thats how it was explained to me, if it looks to good to be true, it probably is.
Correct me if I'm wrong and I will be pleased.
Kev
The max you can pay in, in a year is £6000 and that is spread over the year.
Thats how it was explained to me, if it looks to good to be true, it probably is.
Correct me if I'm wrong and I will be pleased.
Kev
Why do you think HBOS are offering 12% when other banks are offering 6% - 7%?
Answer
1. They are really nice and want to make you all rich!
2. They are in deep trouble their rights issue is failing their stock price is collapsing and they desperatly need people to give them money?
I would suggest that 2 is the correct answer.
I would not touch them with a barge pole in fact I wouldn't keep more then £35K in any 1 bank at the moment because that's all you will get back if they go under. You have to remember that reqards only come with risk and at 12% I would say the risk in high.
#22
BE Enthusiast
Joined: Sep 2004
Location: London - but only until I can afford to move back to Sydney
Posts: 938
Re: exchange rate getting worse and worse!
#23
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: exchange rate getting worse and worse!
I seem to have so many different bank accounts that I have lost track of where some of my money is
I am sure it must be written down somewhere
#24
Forum Regular
Joined: May 2008
Posts: 63
Re: exchange rate getting worse and worse!
Hi Guys
has anyone looked at the nationwide 8% saver?
it is a 12 month fixed bond thingy but i fell for the halifax trick too until a friend who is a little bit more clued up suggested this one...
have a look though cos I may have missed something in the small print (AGAIN!)
has anyone looked at the nationwide 8% saver?
it is a 12 month fixed bond thingy but i fell for the halifax trick too until a friend who is a little bit more clued up suggested this one...
have a look though cos I may have missed something in the small print (AGAIN!)
#25
Re: exchange rate getting worse and worse!
Hi Guys
has anyone looked at the nationwide 8% saver?
it is a 12 month fixed bond thingy but i fell for the halifax trick too until a friend who is a little bit more clued up suggested this one...
have a look though cos I may have missed something in the small print (AGAIN!)
has anyone looked at the nationwide 8% saver?
it is a 12 month fixed bond thingy but i fell for the halifax trick too until a friend who is a little bit more clued up suggested this one...
have a look though cos I may have missed something in the small print (AGAIN!)
Ali
#26
BE Enthusiast
Joined: Apr 2008
Posts: 330
Re: exchange rate getting worse and worse!
Do Australian banks have any compensation scheme like the £35,000 British one ?
We recently moved all our house sale money to Northern Rock because they are the only bank that guarantees 100% of your money. We had a very fraught weekend recently having read the bank where our money was deposited was rated in the top 2 most unstable banks at the time
We recently moved all our house sale money to Northern Rock because they are the only bank that guarantees 100% of your money. We had a very fraught weekend recently having read the bank where our money was deposited was rated in the top 2 most unstable banks at the time
#27
Re: exchange rate getting worse and worse!
From what Grayling has said I'd say that you don't even get that protection in Australia. And thinking about it, if it can happen to a UK bank, it can certainly happen to an Australian Bank...
That's why we'll be spreading our risk by using different accounts, and keeping the balance below the £35K limit.
This is not the headache I envisioned having. I thought that my stresses would be taken up with relocation logistics not what my UK capital should be doing, but it's the one I'm getting now. I have just filled in the form for Alan Collett to have a look at my proposals and find the best way to handle my UK income, and the capital that I'm planning on leaving in the UK. As he's a qualified accountant with experience in both Australia and the UK, I'm hoping he'll have some good ideas on what the hell to do with it and how to pay the least amount of tax... legally of course!!
That's why we'll be spreading our risk by using different accounts, and keeping the balance below the £35K limit.
This is not the headache I envisioned having. I thought that my stresses would be taken up with relocation logistics not what my UK capital should be doing, but it's the one I'm getting now. I have just filled in the form for Alan Collett to have a look at my proposals and find the best way to handle my UK income, and the capital that I'm planning on leaving in the UK. As he's a qualified accountant with experience in both Australia and the UK, I'm hoping he'll have some good ideas on what the hell to do with it and how to pay the least amount of tax... legally of course!!
#28
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: exchange rate getting worse and worse!
Be very careful
The compensation scheme means that you will only be compensated once if a bank goes belly up but that bank may also own others so if you have accounts in two banks who are part of the same group (ie Halifax/bank of Scotland or Nat west/royal scottish bank) then you will only recieve one lot of compensation.
This is an unikely scenario but not impossible.
As far as Australian banks are concerned......they are also in the same partnerships ie Barclays/Westpac or Natwest/ Commonwealth/ RBS......there is no statutory compensation scheme....I asked about this on a thread recently.
G
The compensation scheme means that you will only be compensated once if a bank goes belly up but that bank may also own others so if you have accounts in two banks who are part of the same group (ie Halifax/bank of Scotland or Nat west/royal scottish bank) then you will only recieve one lot of compensation.
This is an unikely scenario but not impossible.
As far as Australian banks are concerned......they are also in the same partnerships ie Barclays/Westpac or Natwest/ Commonwealth/ RBS......there is no statutory compensation scheme....I asked about this on a thread recently.
G
Last edited by Grayling; Jul 17th 2008 at 4:06 pm.
#29
Re: exchange rate getting worse and worse!
Be very careful too of peddling misinformation.
"Australian treasurer Wayne Swan has announced a series of reforms in response to the global financial markets crisis, with the centerpiece being a guarantee to immediately pay account holders up to $A20,000 if their financial institution fails.
The guarantee applies to deposit-taking institutions – banks (including foreign banks operating in Australia), credit unions, building societies and general insurers. It does not cover superannuation funds, life insurers and managed funds, because it is considered that these are chasing higher returns and therefore have a different element of risk.
The Financial Claims Scheme will allow the government to pay each depositor their funds within a week, up to a cap of $A20,000 each, with any balance to be available on liquidation or takeover. Mr Swan says this will allow 80 to 90 per cent of depositors to get all their money back straight away, but acknowledges that the remaining 10 to 20 per cent of investors account for over half of the funds on deposit in the banking system."
OzTennis
"Australian treasurer Wayne Swan has announced a series of reforms in response to the global financial markets crisis, with the centerpiece being a guarantee to immediately pay account holders up to $A20,000 if their financial institution fails.
The guarantee applies to deposit-taking institutions – banks (including foreign banks operating in Australia), credit unions, building societies and general insurers. It does not cover superannuation funds, life insurers and managed funds, because it is considered that these are chasing higher returns and therefore have a different element of risk.
The Financial Claims Scheme will allow the government to pay each depositor their funds within a week, up to a cap of $A20,000 each, with any balance to be available on liquidation or takeover. Mr Swan says this will allow 80 to 90 per cent of depositors to get all their money back straight away, but acknowledges that the remaining 10 to 20 per cent of investors account for over half of the funds on deposit in the banking system."
OzTennis
Be very careful
The compensation scheme means that you will only be compensated once if a bank goes belly up but that bank may also own others so if you have accounts in two banks who are part of the same group (ie Halifax/bank of Scotland or Nat west/royal scottish bank) then you will only recieve one lot of compensation.
This is an unikely scenario but not impossible.
As far as Australian banks are concerned......they are also in the same partnerships ie Barclays/Westpac or Natwest/ Commonwealth/ RBS......there is no statutory compensation scheme....I asked about this on a thread recently.
G
The compensation scheme means that you will only be compensated once if a bank goes belly up but that bank may also own others so if you have accounts in two banks who are part of the same group (ie Halifax/bank of Scotland or Nat west/royal scottish bank) then you will only recieve one lot of compensation.
This is an unikely scenario but not impossible.
As far as Australian banks are concerned......they are also in the same partnerships ie Barclays/Westpac or Natwest/ Commonwealth/ RBS......there is no statutory compensation scheme....I asked about this on a thread recently.
G
#30
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: exchange rate getting worse and worse!
Be very careful too of peddling misinformation.
"Australian treasurer Wayne Swan has announced a series of reforms in response to the global financial markets crisis, with the centerpiece being a guarantee to immediately pay account holders up to $A20,000 if their financial institution fails.
The guarantee applies to deposit-taking institutions – banks (including foreign banks operating in Australia), credit unions, building societies and general insurers. It does not cover superannuation funds, life insurers and managed funds, because it is considered that these are chasing higher returns and therefore have a different element of risk.
The Financial Claims Scheme will allow see the government pay each depositor their funds within a week, up to a cap of $A20,000 each, with any balance to be available on liquidation or takeover. Mr Swan says this will allow 80 to 90 per cent of depositors to get all their money back straight away, but acknowledges that the remaining 10 to 20 per cent of investors account for over half of the funds on deposit in the banking system."
OzTennis
"Australian treasurer Wayne Swan has announced a series of reforms in response to the global financial markets crisis, with the centerpiece being a guarantee to immediately pay account holders up to $A20,000 if their financial institution fails.
The guarantee applies to deposit-taking institutions – banks (including foreign banks operating in Australia), credit unions, building societies and general insurers. It does not cover superannuation funds, life insurers and managed funds, because it is considered that these are chasing higher returns and therefore have a different element of risk.
The Financial Claims Scheme will allow see the government pay each depositor their funds within a week, up to a cap of $A20,000 each, with any balance to be available on liquidation or takeover. Mr Swan says this will allow 80 to 90 per cent of depositors to get all their money back straight away, but acknowledges that the remaining 10 to 20 per cent of investors account for over half of the funds on deposit in the banking system."
OzTennis
Well that must be a very new development.
Thanks for the update.
$20000 is not very much though.
G