Best savings account?

mattyfez · 14 Apr 2024 at 13:12

churchhawk said:
Just opened a ISA with chip at 5.1%

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?

churchhawk · 14 Apr 2024 at 13:40

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?

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?

413x · 14 Apr 2024 at 14:07

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.

DJMK4 · 14 Apr 2024 at 15:17

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 ?

mattyfez · 14 Apr 2024 at 15:20

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 ?

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.

ChrisD. · 14 Apr 2024 at 16:12

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.

~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?

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.

DJMK4 · 14 Apr 2024 at 16:38

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.

Ok thanks. So S&S ISA for long term , I'll have a look for Damien talks money

tom_e · 14 Apr 2024 at 17:16

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?

Pending updates daily then it's paid on the 4th (?) working day of the month

tangey · 15 Apr 2024 at 13:01

Ulster bank 5.2% for £5K+

kai · 15 Apr 2024 at 14:47

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.

ShiWarrior · 15 Apr 2024 at 15:38

kai said:
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.

nationwide is 4.5%
Sainsbury 4.6%
but that's not a lot in it really

ChrisD. · 15 Apr 2024 at 15:57

tangey said:
Ulster bank 5.2% for £5K+

Interest is paid annually though which might put some off.

200sols · 15 Apr 2024 at 16:14

With 5.1+ available, why are people settling for 4.3% on fixes?

Zatoichi.uK · 15 Apr 2024 at 16:28

Im waiting for May 20th for the Santander rate cut then assessing. Hopefully decent ones about still.

Journey · 15 Apr 2024 at 17:46

Zatoichi.uK said:
Im waiting for May 20th for the Santander rate cut then assessing. Hopefully decent ones about still.

Just open a Post Office one now, and lock in the rate for 12 months well 11 months if you wait until 20th May, just put in a £100 or something, then move the rest across at your desired date.

Raymond Lin · 15 Apr 2024 at 18:51

Chase has 5.1% until November in their Boosted Account.

Raymond Lin · 15 Apr 2024 at 19:00

Bah, just opened an Post Office account, didn't take a screenshot and went straight to the next page where it ask for ID.....and I have no idea lol

Does it send you an email with these details on? (or have to wait until office hours and call them...how old school)

ChrisD. · 15 Apr 2024 at 20:50

Raymond Lin said:
Bah, just opened an Post Office account, didn't take a screenshot and went straight to the next page where it ask for ID.....and I have no idea lol

Does it send you an email with these details on? (or have to wait until office hours and call them...how old school)

They'll blame it on a ~~computer system error~~ you.

Raymond Lin · 15 Apr 2024 at 21:05

ChrisD. said:
They'll blame it on a ~~computer system error~~ you.

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. .

dlockers · 15 Apr 2024 at 21:21

ChrisD. said:
They'll blame it on a ~~computer system error~~ you.

lol

--

My wife had a Post Office loan once and had to wait like...2 weeks for the letter with anything useful on.