Best savings account?

[DJMK4]

Used Zopa for a while, really like its simplicity and decent rates. Most of my family now use it too.

I started zopa ISA 2nd December 2023 at 5.08%, maxed out and the new tax year is kicked in they have the 5.08% rate until next year

 

[200sols]

I started zopa ISA 2nd December 2023 at 5.08%, maxed out and the new tax year is kicked in they have the 5.08% rate until next year

I'm sure we've already been over that, it's variable and only the bonus rate of 0.5% was fixed until next year.

 

[DJMK4]

I'm sure we've already been over that, it's variable and only the bonus rate of 0.5% was fixed until next year.

I'll see where we are later on in the year

 

[mattyfez]

cash ISA are paying 4.9%

So unless you've maxxed out your tax free allowance for the year, then an instant /flexible cash ISA is basicaly a no brainer?

 

[ci_newman]

cash ISA are paying 4.9%

So unless you've maxxed out your tax free allowance for the year, then an instant /flexible cash ISA is basicaly a no brainer?

Yes

 

[200sols]

cash ISA are paying 4.9%

So unless you've maxxed out your tax free allowance for the year, then an instant /flexible cash ISA is basicaly a no brainer?

Yes if you pay tax on savings and dont want to put it into longer term investments.

 

[Deleted User 298457]

Yes if you pay tax on savings and dont want to put it into longer term investments.

Even if you don't there isn't really a downside tho?

 

[200sols]

Even if you don't there isn't really a downside tho?

Not really much downside, slightly higher fixed rates are available outside of ISAs is about it. As always depends on ones circumstances, investing for the long term and holding cash elsewhere in a tax efficient way works for me.

 

[Deleted User 298457]

Yeah fair - my ISA has actually got me into a savings trap now. I had £8k in there as a float (0% CC/tax bill from last year) but I am loathed to touch it now I have a new allowance

 

[200sols]

The thing with ISAs is once the money is inside I never want to take it out until later when I can draw a tax free income from a large pot.

 

[413x]

I hate taking money out of my. Isa despite it being there for a rainy day 9r for help with moving house etc.

I've so far only really taken out of it when I started my SIPP.

 

[darkgen]

Looking to renew fixed (not ISA) and stunned to see they now do 3 and 6 month terms with better interest than 9 or 12 months. Seems like the plethora of "new" banks are really competing to get your money. Looking at Atom for a 6m fix at 5.25%.

 

[slinxy]

The thing with ISAs is once the money is inside I never want to take it out until later when I can draw a tax free income from a large pot.

All ISAs are tax free withdraws, as you already paid the tax on them.
unless you're referring to some of the bonuses like on a lifetime ISA?

 

[200sols]

All ISAs are tax free withdraws, as you already paid the tax on them.
unless you're referring to some of the bonuses like on a lifetime ISA?

No, as I said I want to build a large pot. Taking money out means I lose that allowance.

 

[*Chris]

Looking to renew fixed (not ISA) and stunned to see they now do 3 and 6 month terms with better interest than 9 or 12 months. Seems like the plethora of "new" banks are really competing to get your money. Looking at Atom for a 6m fix at 5.25%.

It's also because short term rates are higher than longer term rates at the moment (expectation for rates to fall).

 

[ShiWarrior]

virgin money has just launched a 10% saving account

but its only upto £1000

but as you need one of their current accounts (one is 2%) you actually get 12%

Switch Bank Accounts - Current Account Switch | Virgin Money UK

Credit cards, Mortgages, Savings, ISAs, Investments and Insurance – Our quest to make banking better starts here

uk.virginmoney.com

Virgin Money offers 12% interest on savings in 'brand-new' offer

Qualifying customers who switch to one of Virgin Money’s current accounts will benefit from the new 10 per cent bonus interest rate

www.gbnews.com

 

[HungryHippos]

That's actually kind of meh as essentially it's a £100 bonus for switching but with strings attached.

I switched to Nationwide and got £150 for doing the switch properly (all stuff moved over from HSBC).

I also got 5% interest for a year on the Flex current AC and access to the 8% regular saver (£200 pcm).

 

[Deleted User 298457]

That's actually kind of meh as essentially it's a £100 bonus for switching but with strings attached.

I switched to Nationwide and got £150 for doing the switch properly (all stuff moved over from HSBC).

I also got 5% interest for a year on the Flex current AC and access to the 8% regular saver (£200 pcm).

Was going to say the same thing but I guess if you've exhausted all the offers it's still a "free" hundy.

 

[visibleman]

Sod it, I will let the account closed in a month. So much friction to try to give them money. A system that require a telephone call to get login details is so last century too...they ask me to write in...

I don't think you're missing much and i can't say i'm overly impressed so far as it all feels a bit archaic and bodged together which is surprising given it's supposedly backed by the BOI.
In the end i did have to call them and request account confirmation, as after 10 days i still hadn't had an email or letter - customer services said it probably got mislaid somewhere in transit which doesn't particularly fill me with much confidence having another set of account details floating around in the ether.

 

[leoncuprar]

Initiated my first ever Cash ISA transfer the other week, April16th to be precise and its still not complete yet.. do these transfers normally take this long in your experience ?
I could understand it for a S&S isa but I expected Cash to be much quicker...