I was thinking that I would break the deposit now and put the funds into my direct saver which is currently earning a higher rate than the 40% reduced rate (3.69%).
Would this result in a slightly higher return, than if I kept the funds in the term deposit?
Why yes, yes it would. But as you're only AN ACCOUNTANT I can forgive you for not working that out for yourself.
Honestly, I read that email through a couple of times, thinking it was a trick question.
We also had a bloke come in today who was granted Power of Attorney over his mum's accounts back in April, but only just thought to notify us. He wanted the bank to put a restraint on his mum's accounts so that she couldn't operate them any more, and he also wanted us to reverse a cash withdrawal that she made last month. I don't understand how he thought the latter was even possible. Anyway, explained to him that we can't stop his mum from using the account; if she's mentally incompetent then he needs to get a legal guardianship through the courts in order to prevent her from withdrawing. Otherwise, it's her money to do with as she pleases.
He then produced a letter which advised the bank that his mother had dementia and was in no fit state to manage her own affairs; trouble was, he had both written and signed it. What was he thinking?!
Next he tried to appoint his mate to look after his accounts if anything happened to him. Sir, it does not work that way. If you want someone to manage your estate after you've exited this vale of tears, appoint them as executor of your will. And if you want him to have access to your accounts now, give them Power of Attorney.