Best savings account?

oggiet said:
Chip has terrible reviews on Play store :confused:
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It's mostly because the users can't read.

There is a monthly paid feature that auto saves for you, it asks you whether you want it once and you just say no. Or people don't understand open banking connections which they use for user authentication.

I used them for 6+ months, they were flawless for that time.
 
Disco_P said:
It's mostly because the users can't read.

There is a monthly paid feature that auto saves for you, it asks you whether you want it once and you just say no. Or people don't understand open banking connections which they use for user authentication.

I used them for 6+ months, they were flawless for that time.
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Thank you, that makes sense :)
 
the rates don't offically kick in till october the 16th.... just got an email from the bank saying mine is dropping from 5.15% to 4.9% on that day...
It's one that tracks the BoE rate -0.1%. if I had a 100k in there it would be the same rate as the BoE, but then I will be paying tax on the interest anyway..
 
ISA noob here, can someone help me understand.

If you have an easy access ISA that pays interest p.a (rather than monthly/daily) and you withdraw all the funds before the annual interest payout, do you lose the interest earned?

Would you need to close the account to retain the gained interest rather than withdrawing the money? What happens when you close an ISA, do you just allocate an account for the money to be moved to?
 
famas said:
ISA noob here, can someone help me understand.

If you have an easy access ISA that pays interest p.a (rather than monthly/daily) and you withdraw all the funds before the annual interest payout, do you lose the interest earned?

Would you need to close the account to retain the gained interest rather than withdrawing the money? What happens when you close an ISA, do you just allocate an account for the money to be moved to?
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When you withdraw all assuming thats what you mean then they will calc interest and pay it to you.
Don't withdraw if your sending the money elsewhere to another ISA though, well unless its a small amount and you can't top up.
 
yeah, dont withdraw and then put into another ISA
you want to "transfer" to maintain the 20K , so if you withdraw say 10K and put the 10K back in , your allocation for the year has gone, but if you "transfer" then its 10K, so you have 10K left of the current tax year to put 10K into an ISA
 
Thanks for the replies chaps, my current fixed ISA has recently matured, and I'm hoping for a house purchase at some point in the near future, (not a first time buyer) I didn't want to transfer into another fixed term in case I need to access the money in a hurry.

Like I say I'm not too clued-up on it all and normally play it safe with big name banks, I see trading 212 are offering a good deal on an easy access cash ISA at the moment, but tbh I've hot heard of them before, and I wonder how easily and quickly a transfer in/out would be, also not keen on the idea of not being able to call someone if there is a problem.

I see YBS and virgin have higher than average rates on their easy access ISA, but the interest is paid p.a hence my initial question.

Or is there something else I should be looking at?
 
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famas said:
Thanks for the replies chaps, my current fixed ISA has recently matured, and I'm hoping for a house purchase at some point in the near future, (not a first time buyer) I didn't want to transfer into another fixed term in case I need to access the money in a hurry.

Like I say I'm not too clued-up on it all and normally play it safe with big name banks, I see trading 212 are offering a good deal on an easy access cash ISA at the moment, but tbh I've hot heard of them before, and I wonder how easily and quickly a transfer in/out would be, also not keen on the idea of not being able to call someone if there is a problem.

I see YBS and virgin have higher than average rates on their easy access ISA, but the interest is paid p.a hence my initial question.

Or is there something else I should be looking at?
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How much $?
 
Can ISA's be transferred to another provider? so say you have £39,500 in an ISA pot, can you transfer this sum to another provider without getting penalised? (IE hop on to a provider that is the same type, higher rate, no penalties for withdrawing, monthly interest blah blah ?


Looking at the interest 5.08% vs 4.80%

If you have £39,500 in your ISA -

If your interest rate is 5.08% , then 5.08% of £39,500 is £2006.6 - divide this by 12 (which is 12 months) that is £167 per month interest



If you have £39,500 in your ISA

If your interest rate is 4.80%, then 4.80% of £39,500 is £1896 - divide this by 12 (which is 12 months) that is £158 per month interest?



So that is around £8-9 less interest per month lost or around £96 per year.


I guess it isn't a huge amount of difference no ?
 
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DJMK4 said:
Can ISA's be transferred to another provider? so say you have £39,500 in an ISA pot, can you transfer this sum to another provider without getting penalised? (IE hop on to a provider that is the same type, higher rate, no penalties for withdrawing, monthly interest blah blah ?


Looking at the interest 5.08% vs 4.80%

If you have £39,500 in your ISA -

If your interest rate is 5.08% , then 5.08% of £39,500 is £2006.6 - divide this by 12 (which is 12 months) that is £167 per month interest



If you have £39,500 in your ISA

If your interest rate is 4.80%, then 4.80% of £39,500 is £1896 - divide this by 12 (which is 12 months) that is £158 per month interest?



So that is around £8-9 less interest per month lost or around £96 per year.


I guess it isn't a huge amount of difference no ?
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Yes you trigger the transfer process. Which is almost always from the new provider, give them the info of your old provider and they do it for you.
Expect it to take around a month however.
 
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