It isn't interest AFAIK
What do you mean ?
Your Personal Savings Allowance (PSA) is the total amount of interest you can earn each year across all of your bank accounts (except ISAs) without paying tax.
It isn't interest AFAIK
I assume he means the £8 "reward" you get for having the account isn't classed as interest for tax purposes.What do you mean ?
Your Personal Savings Allowance (PSA) is the total amount of interest you can earn each year across all of your bank accounts (except ISAs) without paying tax.
I assume he means the £8 "reward" you get for having the account isn't classed as interest for tax purposes.
Expect a drop every time BoE drops its ratesHow many drops are projected coming up ? is it just the one drop likely ?
Preempting DJ's question.Expect a drop every time BoE drops its rates
Preempting DJ's question.
"And when will do they that? And how many times?"
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When they tell us and until they are done. Any more questions?
Where do you think the money comes from?Yes, why do they not support savers more? why do they only increase savings interest rates when mortgage rates are going to pot.
They really should think about rewarding savers more
Where do you think the money comes from?
Where do you think the money comes from?
If my calculations are correct, you pay in £250 every month for a year and you'd earn £135.13 in interest. If you paid it into another savings account at say 5.1% you'd earn £69.50 in interest. You'd make about £65 from switching, it's still easy money I suppose but not as good as it first appears.It's free money at the end of the day, only work on your part is to tell them you want to move it. Seems like an easy way to earn £100ish.
Its not an investment. Mortgage rates are more in sync with swap rates and gilt yields than savings rates but there is big correlation.My investment
Cant you manage it online? Everything is online now, the best rates tend to be app only banks as well.Very hard to get the banks interested in Savings. I had a higher rate ISA come to an end in the TSB a couple of weeks ago which automatically drops to a standard rate ISA something like 1.4%, probably less now. Popped in the Swindon Branch and the (few) staff couldn't have been less interested. No one available to sort out getting it back into a higher rate limited access account. You can't make an appointment in branch anymore just take pot luck if someone is free. The TSB site does not allow you to open a new higher rate ISA with funds from the existing one. Oh but they do video conferencing on a phone. No thank you. So at the moment the money is sat there, not on a beach earning 1% (Die Hard fans will get the reference) while I think about what to do. Going to need £500 or £600 for the PC Win 11 upgrade anyway but really annoyed it is so hard to sort out.
My recent experience is very variable. It took just over a month to transfer a cash ISA from charles stanley to IG.com. It took 3 days to transfer a cash isa from shawbrook to IG.com.ISA transfers take a while, around a month with most lenders, the old one will just go slow.
Who are you with with your current ISA, I would just switch to a variable rate with them unless their rates are absolutely terrible.
I noticed my Chase boosted savings account is also down to 4.85% from 5.1%.Chase dropping from 4.1% to 3.85% from Thursday.
Yep I forgot the 4.1% was based on the base rate so thought I was good until Jan. Ah well.Had an email from the Post Office giving notice that their savings account will drop from 5.06% to 4.96% from the 29th August.
I noticed my Chase boosted savings account is also down to 4.85% from 5.1%.