Best savings account?

El Jimben · 9 Mar 2024 at 15:47

Zatoichi.uK said:
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 easy-access savings account again – should you switch?

Santander has cut the rate on its popular easy-access savings account from 5.2% to 4% – but you can easily beat this by switching elsewhere.

www.moneysavingexpert.com

Pretty lame that the original rate won't have seen out a year before dropping, especially when the base rate hasn't come down yet either :rolleyes:

200sols · 9 Mar 2024 at 16:32

Chabsy said:
How does the collective mind feel about stocks and shares.

Good.

Chabsy · 9 Mar 2024 at 17:43

200sols said:
Good.

And fairly safe if I stick to low risk shares?

SmokeKingGun · 9 Mar 2024 at 17:43

El Jimben said:
Pretty lame that the original rate won't have seen out a year before dropping, especially when the base rate hasn't come down yet either

Really was a limited edition wasn’t it.

In same boat was going to add more to it aswell when fixed bond expired end of April.

I took yearly APR payment aswell so I’m going to have to wait until 5th September I think until I close it.

So around 8 months at 5.2% and 4 months at 4.2%

Now got a difficult decision as T212 do 5.2% on unallocated cash but uninvested cash not covered by FSCS

JunkBot · 9 Mar 2024 at 20:23

SmokeKingGun said:
Really was a limited edition wasn’t it.

In same boat was going to add more to it aswell when fixed bond expired end of April.

I took yearly APR payment aswell so I’m going to have to wait until 5th September I think until I close it.

So around 8 months at 5.2% and 4 months at 4.2%

Now got a difficult decision as T212 do 5.2% on unallocated cash but uninvested cash not covered by FSCS

You don’t have to wait the year out, I’m sure you would receive any interest you have accrued.

Also in the same boat and considering T212, although I opted for the monthly interest.

mid_gen · 9 Mar 2024 at 20:58

Chabsy said:
And fairly safe if I stick to low risk shares?

Even if you stick to index trackers, you could well end up losing money in the short term. Over a 5+ year window, you'd be very unlucky to be down. It's not something to dabble in unless you do some research.

Raymond Lin · 9 Mar 2024 at 20:59

Got the email from Santander about the rate drop to 4.2% on 20th May.

platinum87 · 9 Mar 2024 at 21:38

Chabsy said:
And fairly safe if I stick to low risk shares?

You should not be buying individual shares, you should buy index funds/ETF's.

Risk is much more complicated of a word in this context, for investments risk is interchangeable for volatility focusing on the short term.

The most ideal situation is, you invest some amount per month or per quarter into an index fund, for an indefinite time period.

Slackworth · 10 Mar 2024 at 10:05

Raymond Lin said:
Got the email from Santander about the rate drop to 4.2% on 20th May.

I had it this morning as well. Got till 20th May so will maximise it till then and look elsewhere assuming BR doesn't drop between now and then.

Pretty disappointing considering BR remains unchanged but good whilst it lasted.

jaybee · 10 Mar 2024 at 18:57

I also got the Santander email today. Not surprised but still disappointing.

Disco_P · 10 Mar 2024 at 21:23

As above, still got 2 months of the higher rate. Will make a decision then. Fortunately I snapped up a few regular saver accounts at higher rates when they were available.

ShiWarrior · 15 Mar 2024 at 12:58

Loyalty Saver | Easy access savings account | Ulster Bank

Want to grow more savings for your future? Discover Ulster Bank's Loyalty Saver. It's our easy access savings account, for regular or lump sum savings. Learn more and apply today.

www.ulsterbank.co.uk

Easy access savings account, 5.2%

Need their bank account though (just get one I guess)

Or

A few here around 5.1%

Top savings accounts

Find the best interest rate savings accounts & maximise your returns with Martin Lewis' guide.

www.moneysavingexpert.com

Mekrel · 15 Mar 2024 at 13:16

Did anyone get the Chase email regarding the fact they're going to index their saving rate versus the BoE rate? Previously they were basing it off their own variable base rate. It'll stay at 4.1% for the time being as the index is -1.15%pts below BoE (at 5.25%).

The cynical side of me says that's ideal timing for them to now follow BoE, with changes happening 5 days later after any rate changes. They were one of the slowest to raise saving rates when BoE base was increasing.

beachBOYken · 15 Mar 2024 at 13:17

Mekrel said:
Did anyone get the Chase email regarding the fact they're going to index their saving rate versus the BoE rate? Previously they were basing it off their own variable base rate. It'll stay at 4.1% for the time being as the index is -1.15%pts below BoE (at 5.25%).

The cynical side of me says that's ideal timing for them to now follow BoE, with changes happening 5 days later after any rate changes. They were one of the slowest to raise saving rates when BoE base was increasing.

Yeah got that the other day, I will just move my money if the rate goes down.

Disco_P · 15 Mar 2024 at 13:50

ShiWarrior said:
Loyalty Saver | Easy access savings account | Ulster Bank

Want to grow more savings for your future? Discover Ulster Bank's Loyalty Saver. It's our easy access savings account, for regular or lump sum savings. Learn more and apply today.

www.ulsterbank.co.uk

Easy access savings account, 5.2%

Need their bank account though (just get one I guess)

Or

A few here around 5.1%

Top savings accounts

Find the best interest rate savings accounts & maximise your returns with Martin Lewis' guide.

www.moneysavingexpert.com

There is a £200 switching bonus active for Ulster atm, pretty easy to get the bonus too. It says you can't get if you've had money from RBS, Natwest or Ulster previously but it doesn't seem to always be the case. i.e. people getting the bonus multiple times.

slinxy · 15 Mar 2024 at 14:15

Chabsy said:
And fairly safe if I stick to low risk shares?

High risks should equal high rewards, low risk normally returns low rewards.. it depends on your risk appetite.

This is how a rank them...

Under the mattress, please tell me where you live... lol
Saving accounts, zero risk but inflation will eat away at the value.
Premium bonds, low risk you may "win" enough to beat inflation you may not.
Other bonds, gilts or treasury, low risk.. do the maths in how much you expect to return and if you think inflantion will go up or down.
Market trackers, low to medium, it's alpha but it may not beat inflation in the short term.
employee share schemes, low to medium.. good chance to get discounted shares that may have a back out plan that only means you lose out to inflation or opportunity costs.
invidual company shares, medium to high... good luck doing research, big (large cap) companys don't tend to increase or drop that much, unless there's lots of hype or bad news, small companies can 100x but you can lose all your money next day.
Commodities, medium to super high... depends what you are buying frozen OJ or bitcoins or NFTs (if your stupid?! lol)

It's about spreading across as many assets as possible and allocating the correct percentage of your cash into the each one you want your finger in to the level of your risk appetite.

Chabsy · 15 Mar 2024 at 14:36

slinxy said:
High risks should equal high rewards, low risk normally returns low rewards.. it depends on your risk appetite.

This is how a rank them...

Under the mattress, please tell me where you live... lol
Saving accounts, zero risk but inflation will eat away at the value.
Premium bonds, low risk you may "win" enough to beat inflation you may not.
Other bonds, gilts or treasury, low risk.. do the maths in how much you expect to return and if you think inflantion will go up or down.
Market trackers, low to medium, it's alpha but it may not beat inflation in the short term.
employee share schemes, low to medium.. good chance to get discounted shares that may have a back out plan that only means you lose out to inflation or opportunity costs.
invidual company shares, medium to high... good luck doing research, big (large cap) companys don't tend to increase or drop that much, unless there's lots of hype or bad news, small companies can 100x but you can lose all your money next day.
Commodities, medium to super high... depends what you are buying frozen OJ or bitcoins or NFTs (if your stupid?! lol)

It's about spreading across as many assets as possible and allocating the correct percentage of your cash into the each one you want your finger in to the level of your risk appetite.

I have a couple of low risk isa and premium bonds, they are returning between 4.75% and 5.1. I would like to see about 9% And I think a lot of the high street stocks and shares isa are historically reporting this return.

slinxy · 15 Mar 2024 at 14:57

Chabsy said:
I have a couple of low risk isa and premium bonds, they are returning between 4.75% and 5.1. I would like to see about 9% And I think a lot of the high street stocks and shares isa are historically reporting this return.

9% overrall is the average for the S&P500, this doesn't mean that you will get 9% every year but over a lenghty period it has returned 9%.

You could invest your money now in the S&P500 and the acclaimed AI bubble could bust which would result in you losing money.
stocks and shares are a beast of their own.. it should be based on how well the company is doing or forcasted to be doing in the future but mainly based on how well traders "think" the company is doing or how well they "expect" the company to be doing in the future.

I've averaging over 10% at the moment across trackers and invidual stocks and shares not including my employee shares as they not matured yet..

roccles · 17 Mar 2024 at 19:25

I have a Stocks and Shares ISA with HL. For the next financial year could I open a new stocks and shares ISA with another company as long as I pay no new money into my current HL one? If so could I still buy an sell within the current one just not add new money to it

Whitewater · 17 Mar 2024 at 19:33

roccles said:
I have a Stocks and Shares ISA with HL. For the next financial year could I open a new stocks and shares ISA with another company as long as I pay no new money into my current HL one? If so could I still buy an sell within the current one just not add new money to it

If my limited understanding is correct the new rules (April 24) allow multiple ISAs to be paid into in the same year as long as the total paid into all ISAs doesn’t exceed the annual limit, but I believe your example would also be acceptable under the current rules - if they weren’t changing in April

I don’t think buying and selling within an ISA counts towards the limit.

I’m not a financial advisor and this is not financial advice (I have watched a few YouTube videos).