2nd best business savings account

[northernladuk]

I solved the problem by taking out a whacking great dividend and not having to worry about the money for a little bit

Which is an option I think some people are forgetting. Isn't there the longer term tax planning to do? It's being tax efficient year on year but there comes a point where it's inefficient in the long run because you've not planned for what to do when it comes to withdrawing it. The options have changed for getting it out of the company so many more people can't shut the company down regularly you have to plan the best way to get 100k+ out of the company and the most efficient method could be to take out more per year which would appear to be tax inefficient but in the long run it's not?

[missinggreenfields]

Which is an option I think some people are forgetting. Isn't there the longer term tax planning to do? It's being tax efficient year on year but there comes a point where it's inefficient in the long run because you've not planned for what to do when it comes to withdrawing it. The options have changed for getting it out of the company so many more people can't shut the company down regularly you have to plan the best way to get 100k+ out of the company and the most efficient method could be to take out more per year which would appear to be tax inefficient but in the long run it's not?

Current thinking as I head further towards a pensionable age is that I can put in £120k (three years at 40k) minus whatever goes in now, for both myself and the company secretary, which takes care of a large chunk of cash.

I had a call from my accountant this week to say that they have noticed a pile of money building up and wanted to talk about what options are still available for taking money out, so when I've had that conversation then I might rethink things. I have a good standard of life, I don't need more money, I don't waste a great deal (although my wife may say otherwise!), so it's not like we're scrimping on things and leaving money in the company - if I took it out, I'd only spend it

[jamesbrown]

Mornin'

Heads-up that Virgin Money have a decent offering ATM (relatively speaking), 1.2% for instant access.

/ public service announcement

[Old Greg]

I had to ask my butler what Google was. He says he's going to ask his servant when he's finished peeling the grapes.

Did you haemorrhoids ever improve?

[kaiser78]

Did you actually look at your link? It gives a grand total of two instant access savings account. One of which I already have. The other of which can only be operated by post or branch.

I find it odd that people who are skilled with Google are unable to read forum posts or web pages

Can anyone else help? I find it hard to believe that there isnt a similar account to Aldermore available, but that is what it is looking like....

Do you need instant access to a second account if you have £75k in Aldermore already (unless it goes under of course...) ?

[WTFH]

Did you haemorrhoids ever improve?

Yes, in fact they started to look like £1 coins.

Now I've got piles of money.

[Old Greg]

Yes, in fact they started to look like £1 coins.

Now I've got piles of money.

Hope the inflation isn't too painful.

[Spoiler]

Mornin'

Heads-up that Virgin Money have a decent offering ATM (relatively speaking), 1.2% for instant access.

/ public service announcement

Having applied for a Virgin savings account, I've found the process to open this "online" account very much an offline experience.

The online application was straight forward, including the process to create an online account.
But ... you can't view/manage the account using the portal at this point.
You have to wait to receive a form from them in the post, and send it back - this links your savings account to your online portal account.
So (ahem) idiots who have already transferred money to the account can't access their cash util this has been completed

And ... I also need to supply proof of correspondence address (as it's different to the registered address at CH) and post it to them/take it into branch.
That proof can't be a printed copy (i.e. printing an online bank statement), it has to be original.
So, I've got a trip into town to visit my Ltd's bank, get them to provide a statement (probably they'll print the same pdf that I would), then take it round to the Virgin branch.

As a consumer of fintech services, I've found Virgin's processes seem somewhat outdated.
Anyone else had a more streamlined signup experience at other savings account providers ??

[jmann]

Having applied for a Virgin savings account, I've found the process to open this "online" account very much an offline experience.

The online application was straight forward, including the process to create an online account.
But ... you can't view/manage the account using the portal at this point.
You have to wait to receive a form from them in the post, and send it back - this links your savings account to your online portal account.
So (ahem) idiots who have already transferred money to the account can't access their cash util this has been completed

And ... I also need to supply proof of correspondence address (as it's different to the registered address at CH) and post it to them/take it into branch.
That proof can't be a printed copy (i.e. printing an online bank statement), it has to be original.
So, I've got a trip into town to visit my Ltd's bank, get them to provide a statement (probably they'll print the same pdf that I would), then take it round to the Virgin branch.

As a consumer of fintech services, I've found Virgin's processes seem somewhat outdated.
Anyone else had a more streamlined signup experience at other savings account providers ??

I found it quite easy except for the online account linking process which is a pain. I managed to open one of their easy access saving account when they were offering 1.2%. It's not a huge difference but better than nothing. Aldermore is now offering 1% with their easy access saving account.

[jamesbrown]

Having applied for a Virgin savings account, I've found the process to open this "online" account very much an offline experience.

The online application was straight forward, including the process to create an online account.
But ... you can't view/manage the account using the portal at this point.
You have to wait to receive a form from them in the post, and send it back - this links your savings account to your online portal account.
So (ahem) idiots who have already transferred money to the account can't access their cash util this has been completed

And ... I also need to supply proof of correspondence address (as it's different to the registered address at CH) and post it to them/take it into branch.
That proof can't be a printed copy (i.e. printing an online bank statement), it has to be original.
So, I've got a trip into town to visit my Ltd's bank, get them to provide a statement (probably they'll print the same pdf that I would), then take it round to the Virgin branch.

As a consumer of fintech services, I've found Virgin's processes seem somewhat outdated.
Anyone else had a more streamlined signup experience at other savings account providers ??

FWIW, I didn't have these problems. Yes, you do need to link your savings account number to your online login (admittedly, a bit clunky), but I did that by sending them a message via the portal, and they linked it within a couple of days. No other issues for me w/r to proof of address etc. That said, I see they've dropped the rate to 1.01% now for new applicants.