Monzo/Starling Banking/Revolut

LiE · Monday at 15:33

beachBOYken said:
Any suggestions?

I looked at Chase with the boosted rate, but I think that’s a no go as I was previous account holder, and they don’t allow rejoining from what I read.

All my savings are in a T212 cash ISA at 3.85%.

beachBOYken · Monday at 15:44

LiE said:
All my savings are in a T212 cash ISA at 3.85%.

Not bad, I will have to check my isa allowance for this year.

I’ve always looked and thought T212 looks confusing with all the investment side of it.

Is it easy to transfer in and out?

Nabinium · Monday at 15:49

beachBOYken said:
Is it easy to transfer in and out?

Yep, I also have savings in a T212 cash ISA. Instant deposits and withdrawals anytime.

I was a bit confused too when I opened one around this time last year, but it's separate to their investment stuff.

https://www.trading212.com/isa?cash-isa=

beachBOYken · Monday at 15:54

Nabinium said:
Yep, I also have savings in a T212 cash ISA. Instant deposits and withdrawals anytime.

I was a bit confused too when I opened one around this time last year, but it's separate to their investment stuff.

https://www.trading212.com/isa?cash-isa=

Nice, good to see you can withdraw if rate drops.

michty_me · Monday at 16:18

I'm glad this chat has kicked off about savings accounts as Im just in the process of selling off a second property and was a little unsure how best to deal with the remaining cash once home improvements etc have been paid for in my current house.
I'm just a little unsure how best to deal with this money and get a decent enough return on it.

LiE · Monday at 16:25

Always max your ISA first, to avoid being taxed on your interest.

beachBOYken · Monday at 16:46

Those with T212 cash isa, where does the monthly interest get paid?

I set up it up and got the newbie bonus so getting 4.51% currently.

LiE · Monday at 16:52

beachBOYken said:
Those with T212 cash isa, where does the monthly interest get paid?

I set up it up and got the newbie bonus so getting 4.51% currently.

Into your isa. It accumulates in the month then gets paid a few days into the following month.

beachBOYken · Monday at 16:58

LiE said:
Into your isa. It accumulates in the month then gets paid a few days into the following month.

Ah ok, so just a case of withdrawing the interest each month. Thanks

Happy I switched now.

robj20 · Monday at 17:00

LeeUK said:
They still won't let me open a savings account with them even though I've been banking with them as my main bank since 2017.

I gave up trying or asking them why it wouldn't let me. With Chase now no such issues even as a new customer.

LiE · Monday at 17:19

beachBOYken said:
Ah ok, so just a case of withdrawing the interest each month. Thanks

Happy I switched now.

Or keep it in the ISA and earn interest on your interest :cool:

beachBOYken · Monday at 17:23

LiE said:
Or keep it in the ISA and earn interest on your interest

True.
I closed my Starling saver, keeping the current account though, as I like virtual cards you can create, I like to use these for say a subscription service.

LiE · Monday at 17:31

beachBOYken said:
True.
I closed my Starling saver, keeping the current account though, as I like virtual cards you can create, I like to use these for say a subscription service.

Starling for me are the best bank for regular banking.

Nabinium · Monday at 17:41

LiE said:
Starling for me are the best bank for regular banking.

I use Starling for regular banking too, but haven't bothered with their savings accounts tbh.

michty_me · Monday at 17:51

LiE said:
Always max your ISA first, to avoid being taxed on your interest.

Thanks, looking at their website, I assume cash ISA and stock & share ISA are classed as two ISAs? Or is the max I can put in £20k across both?

LiE · Monday at 17:55

michty_me said:
Thanks, looking at their website, I assume cash ISA and stock & share ISA are classed as two ISAs? Or is the max I can put in £20k across both?

Your allowance is shared between the 2. You can easily move between the 2 in the app.

Kainz · Monday at 18:08

beachBOYken said:
Starling dropping the their easy saver rate from 3.75% AER to 3.0% AER, where did that come from!

Yep, got the email earlier today. I'm shifting my money as that is one hell of a drop.

LiE · Monday at 18:15

Kainz said:
Yep, got the email earlier today. I'm shifting my money as that is one hell of a drop.

I closed mine as well. A small part of me hopes some KPI dashboard at Starling goes red as mass savings accounts are closed

that’ll learn them.

michty_me · Monday at 18:26

LiE said:
Your allowance is shared between the 2. You can easily move between the 2 in the app.

Thanks. I'm really needing to look at best places for investing this cash or the rest of it anyway.

beachBOYken · Monday at 18:26

Kainz said:
Yep, got the email earlier today. I'm shifting my money as that is one hell of a drop.

Yeah it is, especially after the last announcement from them via email that they were holding their rates despite the Bank of England rate drop, not that long ago. As above I moved mine to T212, using promo code MSE got me 4.51% newbie rate for the year, but obviously it's variable so things can change.