Instant access savings accounts vs current accounts?

That was painless enough. Signed up to Santander and account was open 1-minute later. I used to be a Santander customer around 10 years ago so it allocated the same login details to this account.
 
dLockers said:
This is broadly the only difference.

The key thing to consider is if you are going to start putting away big money then look for an ISA as you are only allowed to earn £500/year in interest tax free from a current account or non-ISA savings account.
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Don't think current account interest is included in the government calculation.
 
dLockers said:
It definitely is. The only grey area is whether the interest earned should be declared as income as it can affect your adjusted net.
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The cap is £1000 a year isn't it?

So that needs £20,000 in savings at 5%...I don't have that. If I get to that point I would put anything over into an ISA. That's a good problem to have, wish i have that problem lol
 
Raymond Lin said:
The cap is £1000 a year isn't it?

So that needs £20,000 in savings at 5%...I don't have that. If I get to that point I would put anything over into an ISA. That's a good problem to have, wish i have that problem lol
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£1k for basic rate, £500 for higher rate.

You're right RE: numbers but just consider when you will hit that to maximize ISA allowances as then it is all tax free.
 
Was just looking at this on the way to work. Opened a Chase account a few months ago, only 1.5% but better than the fraction of that I had with my TSB account. Might as well open a Santander :).
 
doodah said:
Was just looking at this on the way to work. Opened a Chase account a few months ago, only 1.5% but better than the fraction of that I had with my TSB account. Might as well open a Santander :).
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Just in the process of moving mine from Chase to Santander as well, seems like a no brainer for a few mouse clicks. Zopa and Shawbrook have both recently contacted me to say they are upping rates but still not to Santander's level. I wonder how many accounts I'm going to cycle through in this period!
 
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