Is this for new account holders only?
This just popped up for those not brave/stupid enough to YOLO their money in to GME.
My chase saver is maturing and going to a crappy 2.5% in end of October
Best savings account?
- Thread starter Merlin5
- Start date
My chase saver is maturing and going to a crappy 2.5% in end of October
My chase account has the chase current account - £0 - unused
and a chase saver
i believe like normal you need a current account first, but it can be unused.
I'm still just using my regular savers. Especially the Lloyd's one. It's still (I think) 6.25pc and 400 pounds per month. With a reset each year.
I'm also using the slow burner 150 ppm 5k max natwest one. The main perk? It doesn't reset each year this is still 5.5pc
Rates are dropping all over and it's making saving as cash unattractive.
I do like the Lloyds one. It's about to mature which means 5200 will drop into my current account + interest. Yay.
Think interest equates to about 200 pounds.
That's 5400 of free money!
I'm also using the slow burner 150 ppm 5k max natwest one. The main perk? It doesn't reset each year this is still 5.5pc
Rates are dropping all over and it's making saving as cash unattractive.
I do like the Lloyds one. It's about to mature which means 5200 will drop into my current account + interest. Yay.
Think interest equates to about 200 pounds.
That's 5400 of free money!
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RE chase.. 4.5 inc a 2% boost so an underlying rate of 2.5% which is rubbish - just means moving the savings again in 12 months time... It's anoying though, savings accounts are getting like car insurance where you have to switch companies constantly to get decent rates.
I'm not sure it's worth quibbling over 3,4 percent ranges. I never hope much cash so at some point it's too much admin
Same here , the offer is for new customers, looks like I'll start looking elsewhere
For easy access savings
Looking at money supermarket
Ulster Bank (part of NatWest)* – pays 4.5% on balances above £5,000 (made up of a standard variable 1.75% + a 2.75% fixed 12-month bonus). This account closes after a year, when it will be transferred to a different, likely lower-paying account (so diarise then to ditch and switch).
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Soldato
- Joined
- 23 May 2006
- Posts
- 8,567
does that mean it only pays interest on the amount over £5k and you get nowt for 1st £5k or just that you have to go over£5k to get the interest but you get it on the whole lot?
probably a silly question but for instance i have i think it is 5% interest but only on 1st £5k then nothing at all above that.
It's on all the money once you have more than 5k in there
Just minimum needs to be £5k , you'll get all the interest on whatever you put above £5k
Limited-Edition-Saver
Our new instant access savings account comes with a fixed bonus rate on higher balances. See how much interest you'll earn for 12 months. Apply today.
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Just minimum needs to be £5k , you'll get all the interest on whatever you put above £5k
Limited-Edition-Saver
Our new instant access savings account comes with a fixed bonus rate on higher balances. See how much interest you'll earn for 12 months. Apply today.www.ulsterbank.co.uk
That's not how it normally works.
If you put £5001 in, you'll get interest on £5001, not £1.
If you've only got £4999 in there, you won't get any interest.
Yes I know I just meant to get the 4.5% I should have added you need to stay minimum £5k for 4.5% and if you add to it you'll get the additional interest on that Inc the £5k
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Don
- Joined
- 20 Oct 2002
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- 34,746
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- Oxfordshire / Bucks
no need to move everything, just opens an account automatically
i just applied for the savings one
Im totally getting stung by HMRC now
they are trying to tax me more because im a higer rate tax payer, and apparently the amount of tax i owe already has increased by £60 because they have now included my savings interest earnings? between april 2024 and 2025, because i earned £301 worth of interest on my savings??? how is this right ?? they shuoldnt be taxing me on my savings unless i go over the £500 interest earned??
Apparenly i owed tax because of work, i had a bill of £523 to pay, i had the letter 4 months ago, i have been paying it off every month. i have £80 left to pay, now yesterday they sent me a letter stating i now have a had a recalculation and i still owe £142, so they have added extra on there and the reason they said this is because i had earned £301 worth of interest on savings in this same year?
surely i can earn up to £500 of interest without it being taxed on my savings.
they are trying to tax me more because im a higer rate tax payer, and apparently the amount of tax i owe already has increased by £60 because they have now included my savings interest earnings? between april 2024 and 2025, because i earned £301 worth of interest on my savings??? how is this right ?? they shuoldnt be taxing me on my savings unless i go over the £500 interest earned??
Apparenly i owed tax because of work, i had a bill of £523 to pay, i had the letter 4 months ago, i have been paying it off every month. i have £80 left to pay, now yesterday they sent me a letter stating i now have a had a recalculation and i still owe £142, so they have added extra on there and the reason they said this is because i had earned £301 worth of interest on savings in this same year?
surely i can earn up to £500 of interest without it being taxed on my savings.
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Call HMRC, no one here is going to have a clue about your finances.
Im on the phone to them now
Apparently they are saying that even though i earned £301 in savings interest, and its under the £500 PSA allowance, it still counts as income, so im going to be taxed on it ?? :/
The personal savings allowance is completely misleading. However, everywhere i am reading online states that if im under my £500 PSA allowance, i will NOT be taxed on this, so why is HMRC taxing me on £301 interest earned on my savings.
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It still counts as income yes. But the first £500 is taxed in a nil rate band. So you should not be paying tax on it but of course we dont have all your details to know exactly what is going on.
Apparently its because my personal allowance dropped from £12,7xx or what ever it was to £11,271 then to £11,122 , so they are saying i have to pay additional tax, more than what they sent out in the letter in june
iv spent the last 45- mins trying to raise it, they aint having none of it
You cant do anything in this country without being bent over backwards and shafted. Ill just pay the additional.
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Whats the deal with that in regards other Lloyds accounts? I'm wanting to start one of these but last time I looked I needed a normal lloyds account which came with an associated monthly fee. Do you have one of those or have things changed?
Need to find out why your PA has dropped. Normally this is due to underpayment of tax on the previous year but can also be due to copany benefits e.g. Healthcare, Company car etc.