Best savings account?

DJMK4 said:
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.
Click to expand...
I assume he means the £8 "reward" you get for having the account isn't classed as interest for tax purposes.
 
tom_e said:
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.
Click to expand...
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.
 
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.
 
Last edited:
Vern1961 said:
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.
Click to expand...
Cant you manage it online? Everything is online now, the best rates tend to be app only banks as well.
 
Just MSE and opt for the best rate ISA for a 1 year fixed term. Most banks allow transferring between providers during the online process with the new provider; so it is mostly a hassle free experience. I generally find the best providers are the non-high street ones and it only requires a few minutes effort each year to switch. I've not used high street banks for any sort of savings account for years.
 
Mercenary Keyboard Warrior said:
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.
Click to expand...
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.
 
You must log in or register to reply here.
Back
Top Bottom