# best savings rate - lump sum but only 11 mths



## Gordanus (2 Nov 2009)

Hi, 
I want to put some money aside for next years' tax; so I can only deposit it for 11 months max. (Will have to go to Revenue by 1st Oct 2010).  Can I get a decent deposit rate for this or do they only go to 12 month accounts? Thanks


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## Tintagel (2 Nov 2009)

Would 9 months do?


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## Lightning (2 Nov 2009)

How much are you looking to deposit?

Investec offer 3.52% for 9 months. 



> *Best Buys - Highest Term Deposit Rates*
> 
> *6 Months* - Irish Nationwide - *3.33%*
> *1 Year* - Anglo Irish Bank - *3.60%*


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## pudds (2 Nov 2009)

I've just xferred 10k into Halifax flexi saver, @3.75% for 1st year, but you can withdraw anytime without penalty.


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## OPTIMUM (4 Nov 2009)

just keep on eye on the rate earned as its variable, I would expect that rate to fall in line with banks reducing costs, especially those part of UK effectively nationalised financial groups


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## WaterSprite (4 Nov 2009)

If you register for ROS in the meantime, you only have to pay by Nov 16th so would get the full year if you invest now.  Not sure why it has to go to Rev by Oct 1st (as opposed to 31st) but I could easily be missing something.


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## justforgroup (5 Nov 2009)

DIRT will be going up in the budget too


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## Gordanus (9 Nov 2009)

Yeah, you're right, it's the 31st Oct it has to be with the Rev Comm - I just tend to be a bit over-conscientious!  Thanks all - but what is ROS? Bank of Scotland?


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## WaterSprite (9 Nov 2009)

ROS = Revenue Online Service.  If you register and pay via ROS, then you have until Nov 16th each year to pay.


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## Lightning (10 Nov 2009)

justforgroup said:


> DIRT will be going up in the budget too



Hopefully not. I have not read anything about the prospect of it going up. 

Savers have already been hit twice this year, by DIRT hikes, hopefully it won't happen a third time.


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## OPTIMUM (11 Nov 2009)

fungus said:


> Hopefully not. I have not read anything about the prospect of it going up.
> 
> Savers have already been hit twice this year, by DIRT hikes, hopefully it won't happen a third time.


 
One would hope they would at least announce the DIRT is going up from 1.1.2010 to allow savers to earn their interest this year at the current rates. The last change was a major IT risk for banks given they had to amend systems the day after the budget...y2k memories !


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## Lightning (12 Nov 2009)

It would be interesting if they choose January 1st 2010 for another DIRT hike. DIRT is liable on payment date. 

Some banks pay year end interest on December 31st while some pay in early January. Meaning, some savers could get hit with one DIRT rate for their year end interest and some savers could get hit with a different DIRT rate.

We will see what happens on budget day.


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## mudahawn (22 Nov 2009)

Can somebody please explain the interest rate difference between, 3.2%per annum paid April and October, and 3.2% per annum interest paid/credited monthly.


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## Lightning (22 Nov 2009)

mudahawn said:


> Can somebody please explain the interest rate difference between, 3.2%per annum paid April and October, and 3.2% per annum interest paid/credited monthly.



They offer the same rate but interest is paid more frequently with the latter option. 

Monthly interest is a better option especially with the risk that DIRT will go up in the budget.


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