Best savings account?

[Disco_P]

Quick question I hope someone can help me answer. I've got a help to buy ISA with around £15k in. I've already purchased a house so it won't be used for that. The interest rate in this ISA is now lower than others. Only thing stopping me switching is I think a help to buy isa is "special" as that can be transferred to a LISA where as other ISAs can't? Are LISAs any good - no one seems to really talk about them? Or should I just transfer my HTBISA to a standard ISA and be done with it?

LISA would only be useful if you were buying a first home (you aren't) or saving for retirement. Imo the penalty for withdrawing (you will get 6.25% less than what you've deposited if you withdraw for anything other than a first home, over 60 or have a terminal illness).

I'd just do an ISA transfer into a regular ISA, H2B aren't actually very special apart from the monthly deposit limit and the 25% bonus on buying a first home. Just make sure to do an ISA transfer to not use any of your ISA allowance - unless that doesn't matter to you.

 

[ChrisD.]

£1,500 from April but yes you can still do the in out dance

TBH with the way the Monzo UI has been going I've been considering moving everything over to Chase anyway.

 

[ChrisD.]

LISA would only be useful if you were buying a first home (you aren't) or saving for retirement.

I regret not opening a LISA prior to my 40th, it's an excellent tax efficient way to have a another pot of money prior to retirement if you aren't planning on retiring at 60.

 

[mattyfez]

It means you can get sub 5% return from the poor UK market. Probably better off investing in the S&P 500 outside of an ISA and pay the CGT.

Hahah...yeah I guess the interest would have to be very good to make it worth while, and the chances of that if it's only invested in UK market....

 

[ChrisD.]

Hahah...yeah I guess the interest would have to be very good to make it worth while, and the chances of that if it's only invested in UK market....

3.8% in 2023... which was its best performance in 3 years.

 

[ShiWarrior]

Definitely looks like a No to opening the Chip ISA...but if you're provider said yes you can, maybe it is a split ISA with your provider and you can open a new cash ISA with them? (in this tax year)

You might need to chat to them a third time

And like I say, this all goes away next month once you are into the 24/25 tax year

hi

well, i asked them

and what do you make of this ? im a little confused if its 20,000 a year or not

 

[Freakbro]

hi

well, i asked them

and what do you make of this ? im a little confused if its 20,000 a year or not

Check this link out, it explains it

What type of ISA should I get?

How much can I put in a cash ISA? Which type of ISA should I pick in 2021/22 and how can I split the allowance? Our guide has everything you need to know about ISAs.

www.moneysavingexpert.com

There are 5 different types of ISA, cash, stocks & shares, lifetime and 2 others.

Currently the rules are you can open 1 each of the 5 types, but your overall limit you can put in is £20k, either all in 1 type or spread over multiple ones.

Your HtB ISA is classed as a cash ISA and as such you can't open another cash ISA* because you have contributed to it in this current tax year. But you do have £17.6k allowance left to put into any of the other types. With your current provider or a different one.

*The exception to this (there's always an exception!) seems to be if your HtB was a 'split' ISA (the earlier info said only certain providers offered those - Nationwides "portfolio" ISA being one example), but I don't know anything else about that. It would seem logical they'd all have to be done with the same provider. From the conversation you linked, they said you can only have 1 of each type, so doesn't sound like yours would be. I've had ISAs for years and not come across that before.

 

[ShiWarrior]

thanks for your help
lets hope in April i can

 

[ddoubleep]

For those with a Fidelity Investment ISA, which accumulation funds of theirs offer the best fees for tracking S&P 500 and FTSE All World?

These of any use to you?

Fidelity Index World Fund P Accumulation Key Statistics | GB00BJS8SJ34 | Fidelity

Key statistics for Fidelity Index World Fund P Accumulation (GB00BJS8SJ34) plus portfolio overview, latest price and performance data, expert insights and more

www.fidelity.co.uk

0.10% with discount

Fidelity Index US Fund P Accumulation Key Statistics | GB00BJS8SH10 | Fidelity

Key statistics for Fidelity Index US Fund P Accumulation (GB00BJS8SH10) plus portfolio overview, latest price and performance data, expert insights and more

www.fidelity.co.uk

0.06%

 

[ddoubleep]

Do most of you keep your S&S ISA with your SIPP provider?
My SIPP is with Vanguard and would like to open a new S&S ISA for the forthcoming tax year for a VUAG or US Total Index hold and keep my SIPP as the All World for different goals.
Seen Trading 212 and InvestEngine pop up on various videos and their low fees.

 

[Zatoichi.uK]

Looks like Santander is dropping their 5.2 to 4.2 in May. Knew it was coming ah well....

 

[Raymond Lin]

Looks like Santander is dropping their 5.2 to 4.2 in May. Knew it was coming ah well....

Oh...Chase is at 4.1%.

I guess Barclays Raining Day at 5% will be the best but that is a £5k max.

Can only put £200 into Nationalwide per month for the 8%.

 

[MatsyLR]

Chip is 4.84% (regular savings)

 

[Raymond Lin]

Chip is 4.84% (regular savings)

I totally forgot about them!

 

[tangey]

For existing clients, Skipton has a 5.5% saver, max £3K, the £3K can be put in in one go. Also for existing clients have a 7.5% regular saver, Max £250 a month

 

[Finners]

Looks like Santander is dropping their 5.2 to 4.2 in May. Knew it was coming ah well....

Where have you seen this? I have that account and haven't been contacted by Santander yet

 

[Zatoichi.uK]

Where have you seen this? I have that account and haven't been contacted by Santander yet

Me neither it was a new article I saw on Google news. It's mentioned here from a quick look.

Santander cuts rate on popular 5.2% easy-access savings account – should you switch?

Santander has cut the rate on its popular easy-access savings account from 5.2% to 4.2% – but you can easily beat this by switching elsewhere.

www.moneysavingexpert.com

 

[mattyfez]

Quick ISA question if I'm looking to open one before april with 20k, and put another 20k in april...

Im lookin at chip or moneybox from here: https://savingschampion.co.uk/best-buys/personal/easy-access-cash-isas

The chip one looks better as its 'flexible' but says no transfers in.. does that just refer to transfering in from another existing ISA? i.e. I can transfer in money from say my current account?

I'll be paying in 2 lump sums, 20k ASAP and another 20k in teh new tax year rather than paying in monthly..

 

[Disco_P]

Quick ISA question if I'm looking to open one before april with 20k, and put another 20k in april...

Im lookin at chip or moneybox from here: https://savingschampion.co.uk/best-buys/personal/easy-access-cash-isas

The chip one looks better as its 'flexible' but says no transfers in.. does that just refer to transfering in from another existing ISA? i.e. I can transfer in money from say my current account?

I'll be paying in 2 lump sums, 20k ASAP and another 20k in teh new tax year rather than paying in monthly..

Yes, transfer generally refers to ISA to ISA tranfer which allows moving money around without impacting your 20K allowance.

You can open, add 20K before April 5th and then 20K after with either account.

 

[Chabsy]

How does the collective mind feel about stocks and shares.