Best savings account?

mattyfez · 3 Apr 2024 at 14:06

DJMK4 said:
Ok so If I earn over £500 interest per year is taxable at 40%

The interest is taxable, so if you earn £600 interest, you'll be liable for £40 tax.

mattyfez · 3 Apr 2024 at 14:09

One question, say you have to declare taxable interest one year, does that mean you'll have to do a declaration every year even if you are below that taxable threshold

Freakbro · 3 Apr 2024 at 14:10

Ecology Building Society emailed me recently to say they were putting my interest rate up to 4.25% from 3.75%, which was a surprise since most other companies have been reducing rates lately!

ddoubleep · 11 Apr 2024 at 10:50

Anyone using Trading 212 for a long time? Looking to open a S&S ISA with them and also enticed by their cash rate of 5.2% and just seeking opinion for long term hold with them vs the established players like Vanguard and Co.

413x · 11 Apr 2024 at 10:54

ddoubleep said:
Anyone using Trading 212 for a long time? Looking to open a S&S ISA with them and also enticed by their cash rate of 5.2% and just seeking opinion for long term hold with them vs the established players like Vanguard and Co.

I use them. But it's all I've ever used.

I think they have a new customer cash reward thing too at the moment?

There are also refferal codes... Just saying!

Disco_P · 11 Apr 2024 at 10:59

Also use T212, but currently only for 1p a day interest and just to poke around.

I get the impression it's a bit more DIY, lower fee platform with a social media section of the app (that can be completely ignored)

Zatoichi.uK · 11 Apr 2024 at 11:20

ddoubleep said:
Anyone using Trading 212 for a long time? Looking to open a S&S ISA with them and also enticed by their cash rate of 5.2% and just seeking opinion for long term hold with them vs the established players like Vanguard and Co.

I need to look into this too. I currently have a S&S isa with Vanguard with around 22k and the account fee is 0.15% pa so only around £30pa. There's a fee for the ISA too but its minimal. I don't imagine moving to T212 would save me much at this stage but could become a factor later.

slinxy · 11 Apr 2024 at 15:39

ddoubleep said:
Anyone using Trading 212 for a long time? Looking to open a S&S ISA with them and also enticed by their cash rate of 5.2% and just seeking opinion for long term hold with them vs the established players like Vanguard and Co.

I've just opened the ISA as I had my stocks and shares ISA with Vanguard but the new rules allow me to pay into more than one at the moment, and I'm slowly moving my assest from my trading account to my isa account but I've been using the trading account for a while now.

The cash rate I think; is money market related if it's the same as the normal trading account... it the terms that they will invest the cash for you into bonds, foreign debt and saving accounts. If they put it in a savings account and you already have 85k with that bank, the money will not be protected.

edit: yub it is... https://helpcentre.trading212.com/hc/en-us/articles/15475153380637-Higher-interest-rates-on-cash

~Mike~ · 12 Apr 2024 at 11:38

There's a T212 Cash ISA coming in May 5.2% variable with full FSCS protection - money held in client money bank accounts not using QMMFs like in the S&S ISA

The 212 Cash ISA is coming in May

Combine the benefits of high interest, no fees, and tax relief in one simple account - The 212 Cash ISA. Launching in May.

community.trading212.com

Disco_P · 12 Apr 2024 at 11:50

~Mike~ said:
There's a T212 Cash ISA coming in May 5.2% variable with full FSCS protection - money held in client money bank accounts not using QMMFs like in the S&S ISA

The 212 Cash ISA is coming in May

Combine the benefits of high interest, no fees, and tax relief in one simple account - The 212 Cash ISA. Launching in May.

community.trading212.com

Siiiiiccckkkk

ChrisD. · 13 Apr 2024 at 08:48

From a buy and keep perspective with Fidelity, would OEICs or ETFs be better? On ETFs you can directly buy Vanguard funds.

dlockers · 13 Apr 2024 at 09:24

ChrisD. said:
From a buy and keep perspective with Fidelity, would OEICs or ETFs be better? On ETFs you can directly buy Vanguard funds.

Iirc the main difference is that ETFs are priced constantly vs. oeics which is twice a day. For a long term hold it doesn't really matter? I don't know exactly tho.

LiGhTfasT · 13 Apr 2024 at 09:40

It looks like Barclays rainy day saver and chase boosted saver look best bets after Santander drops its rate next month?

Journey · 13 Apr 2024 at 09:43

LiGhTfasT said:
It looks like Barclays rainy day saver and chase boosted saver look best bets after Santander drops its rate next month?

Contentious right now, but the Post Office, if you have more than £5k

JunkBot · 13 Apr 2024 at 16:47

Journey said:
Contentious right now, but the Post Office, if you have more than £5k

Opened an account yesterday in preparation for the Santander reduction.

413x · 13 Apr 2024 at 17:00

Incoming noob question as I haven't done it before.
If you use t212 cash isa (ie deposit 100) and then move funds (same 100) from cash isa to S&S isa does that count as using 200 of your isa allowance?

FNG · 13 Apr 2024 at 17:13

No, transfers from one ISA to another do not count towards your yearly total.

ShiWarrior · 13 Apr 2024 at 21:48

FNG said:
No, transfers from one ISA to another do not count towards your yearly total.

As long as its transferred correctly

CaptainRAVE · 14 Apr 2024 at 12:57

Having mostly completed my gaming room I need to get back to saving (and to refill my Barclays Rainy Day account)

churchhawk · 14 Apr 2024 at 13:06

Just opened a ISA with chip at 5.1%