Best savings account?

churchhawk said:
Just opened a ISA with chip at 5.1%
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I've moved my savings over to that chip account..20k mid way through march and another 20k on april 6th...I'm a bit confused about the interest payments though.

I got 46.35 interest for march as it it was only half a month, then it said pending for April, £40.something, now it's saying £60.something pending...so i guess they update it every few days even though it's paid monthly?

Just a bit concerned as 5.1% of 40k should be £2040, divided by 12 so monthly interest should be £170?
 
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mattyfez said:
I've moved my savings over to that chip account..20k mid way through march and another 20k on april 6th...I'm a bit confused about the interest payments though.

I got 46.35 interest for march as it it was only half a month, then it said pending for April, £40.something, now it's saying £60.something pending...so i guess they update it every few days even though it's paid monthly?

Just a bit concerned as 5.1% of 40k should be £2040, divided by 12 so monthly interest should be £170?
Click to expand...

I have only just opened my ISA with them but my savings account I've had with them for about a year now and yes the interest is calculated daily so maybe its the same with the ISA accounts?
 
I just need to check my S&S isa with t212 qualifies for the 5.2pc cash rate.

If so I won't need to worry about transferring as can use same isa for both.
 
How much money are people making from stocks and shares Isa ? I assume.is not like a monthly interest thing but if markets are good you can make money out of.

Ie if I was to put 10k in to a S&S ISA where would I be in 6 or 12 months?

Can you save it along side your existing cash ISA? Or will it contribute towards the limit I have with the cash ISA ?
 
DJMK4 said:
How much money are people making from stocks and shares Isa ? I assume.is not like a monthly interest thing but if markets are good you can make money out of.

Ie if I was to put 10k in to a S&S ISA where would I be in 6 or 12 months?

Can you save it along side your existing cash ISA? Or will it contribute towards the limit I have with the cash ISA ?
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It contributes to the 20k per year limit, you cant put more than 20k per year into ISAS, you can have 20 ISAs and put 1k per year in each if you really wanted to but that would be silly. in a new tax year you can put another 20k in.
 
DJMK4 said:
How much money are people making from stocks and shares Isa ? I assume.is not like a monthly interest thing but if markets are good you can make money out of.
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~25% on most for the past year.
DJMK4 said:
Ie if I was to put 10k in to a S&S ISA where would I be in 6 or 12 months?
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No one knows. You need to forget about short term gain with the stock market, it's all about long term gain. If you want a guaranteed gain over a set period then get a ISA and forget about S&S.

Most of the time you can choose between an accumulator where the interest is reinvested which can contribute to compound interest, the other option being to distribute, you can have it paid into your cash account and invest elsewhere or withdraw. There's a bit more to it than that, look up Damien Talks Money on YouTube, he does some great content on it.
 
ChrisD. said:
~25% on most for the past year.

No one knows. You need to forget about short term gain with the stock market, it's all about long term gain. If you want a guaranteed gain over a set period then get a ISA and forget about S&S.

Most of the time you can choose between an accumulator where the interest is reinvested which can contribute to compound interest, the other option being to distribute, you can have it paid into your cash account and invest elsewhere or withdraw. There's a bit more to it than that, look up Damien Talks Money on YouTube, he does some great content on it.
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Ok thanks. So S&S ISA for long term , I'll have a look for Damien talks money
 
mattyfez said:
I've moved my savings over to that chip account..20k mid way through march and another 20k on april 6th...I'm a bit confused about the interest payments though.

I got 46.35 interest for march as it it was only half a month, then it said pending for April, £40.something, now it's saying £60.something pending...so i guess they update it every few days even though it's paid monthly?

Just a bit concerned as 5.1% of 40k should be £2040, divided by 12 so monthly interest should be £170?
Click to expand...
Pending updates daily then it's paid on the 4th (?) working day of the month
 
Just opened a 1 year fixed with Halifax; I didn't really know this was a thing, but they offered the same rate with paid monthly interest into an account of choice.

4.3 % gross interest rate; not amazing but a decent return fee for letting it sit.
 
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ChrisD. said:
They'll blame it on a computer system error you.
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I just got an email reminding me to deposit something before 15th of May, with no reference to my account number or log in ID name.

At least that confirmed I did open the account, I was second guessing whether I actually did or not since the page after opening the account and went straight into the log in page pretty quickly. .
 
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