Best savings account?

Chabsy said:
Uninvested balances in 212 are not always protected.
m.youtube.com

Is Trading 212's 'Interest on Cash' Protected by FSCS?

Trading 212 are currently offering large interest on unused cash inside your Stocks & Shares ISA or 'Invest' account. This option is called 'Earn interest on...
m.youtube.com m.youtube.com
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Chabsy said:
You are right that cash isas are. I have use my allowance this year.
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Yes the top comment on that video is: "This information only applies to two of Trading 212's account types: Stocks & Shares ISA and 'Invest' accounts, it does not apply to their new Cash ISA."

The Cash ISA is safu.

The others are probably safe via QMMF's as well to be fair. The only time anyone lost money in MMF's was back in 2008 and apparently it was a total loss, but a few % was lost. QMMF's were then made which are made to be safer than the MMF's that people lost money on back then.

I'm fine with some money in the QMMF's but wouldn't stake my entire net worth on it.
 
I took out a Santander easy-access savings account with a rate of 5.2% which I believe some on here did also. It has since dropped to 4.2%.

I asked for the interest to be paid after the 1 year term was up. Does that mean it will calculate the 5.2% until the rate drop and then carry on with 4.2% and merge the interest at the end?

I wish to take some money out and put into an ISA. Does that mean it will carry on paying interest on the amount I am taking out until that point or do I lose it all?

The remaining amount I guess carries on with the 4.2%.

A bit confused as usually only do fixed rate accounts.
 
Slam62 said:
I would think and the end of 1 year you will receive interest payment partly at 5.2% and partly at 4.2%.
Obviously once money is taken out you lose the interest on it, but any money in the account will carry on getting 4.2%.
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But until the money is taken out would it not gain any interest from account opening in Sept 23 - to the point I take it out?
 
ddoubleep said:
But until the money is taken out would it not gain any interest from account opening in Sept 23 - to the point I take it out?
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It's an easy access account so the interest will be worked out daily on what is currently in the account and what the rate is. It is all added up and paid out after the year so what you do now wont effect anything you have already earnt.
 
ddoubleep said:
I took out a Santander easy-access savings account with a rate of 5.2% which I believe some on here did also. It has since dropped to 4.2%.

I asked for the interest to be paid after the 1 year term was up. Does that mean it will calculate the 5.2% until the rate drop and then carry on with 4.2% and merge the interest at the end?

I wish to take some money out and put into an ISA. Does that mean it will carry on paying interest on the amount I am taking out until that point or do I lose it all?

The remaining amount I guess carries on with the 4.2%.

A bit confused as usually only do fixed rate accounts.
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The tldr is interest is calculated daily, paid yearly.

So 5.2%/365 a day until the interest drop, then 4.2%/365 a day after that. It's based on the amount of money in the account on that day so if you withdraw your money, you only get interest on the remaining balance (otherwise we'd all be getting mega rich off phantom savings).

Personally I'd close the account and move everything to a higher rate account as 4.2% isn't competitive. Closing the account should trigger early payment of the interest (check this is true in the t&c's)
 
im sure there was talk about credit score somewhere (dunno if it was in here on another thread)

but i am currently checking mine through MSE club (free)

all my sort searches are by Insurance companies (surprise to surprise)


mainly these ones :

Lexisnexis
Aviva Insurance Limited
Aviva Insurance Limited (Affordability)
Lexisnexis (Ln) - Insurance Services

got a ton from the first one

i know i know, they sell my data to insurance companies (*************) :mad:

ive got 8/10

all excellent, so im happy
 
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SO a little OT...but not completely.

Amongst other accounts I have an easy access account with shawbrook that pays interest monthly. In May they generated an interest statement for the 2023-2024 tax year. I gave it to my accountant. Couple of weeks ago they generated another statement for the same period, and this time it was £6.x less. I asked them which one was correct and they advised that they had worked out the interest incorrect the first time.

Firstly...a bank can't work out interest ???

Anyhow, looking thru the monthly interest that was applied, I noted that there was interest applied on the 5th of April which exactly matched the difference. Now 5th of April is within the 2023-2024 tax year so why was later decided not to applie it to the 2023-2024 year ? If they had not generated the interest statement I would have certainly added it to that year when submitting to the accountant. I can only assume that although the heading is "completed transactions", they have decided that the interest was not cleared funds until the following day, although there is nothing on the statement to suggest that is the case.

Thought it a bit weird.
 
tangey said:
Firstly...a bank can't work out interest ???
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I had a loan with Nationwide a few years back and they sent me a letter saying they had some issues with calculating interest or notifying me about interest or something like that, as a result of their issue the wrote off the interest during that window which meant my loan finished a couple of months earlier than it would have.
 
Almost reaching my 5.08% account ISA limit for this tax year although the overflow some will go in the standard savings account with zopa at. 4.xx% now but I need to make a purchase of something
 
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Disco_P said:
It's 5.2% AER with interest paid daily, flexible, easy access and protected with FSCS coverage.
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Is it really that coverage though? Their site isn't clear or maybe I am reading it wrong. Their Cash ISA offers the 5.2% (that's limited to 20k per year, right?).... but FSCS coverage implies £85,000 coverage. Or is it referring to over a number of years, money in the cash isa can get 5.2% and that is covered up to £85,000?
 
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