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.
Best savings account?
- Thread starter Merlin5
- Start date
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.
Man of Honour
I assume he means the £8 "reward" you get for having the account isn't classed as interest for tax purposes.
Soldato
- Joined
- 13 Sep 2005
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Chase dropping from 4.1% to 3.85% from Thursday.
Soldato
Expect a drop every time BoE drops its rates
Caporegime
Preempting DJ's question.
"And when will do they that? And how many times?"
When they tell us and until they are done. Any more questions?
Soldato
Where do you think the money comes from?
Underboss
Trees. We all know money grows on trees
My investment
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.
Its not an investment. Mortgage rates are more in sync with swap rates and gilt yields than savings rates but there is big correlation.
Soldato
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.
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Cant you manage it online? Everything is online now, the best rates tend to be app only banks as well.
Soldato
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.
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.
Soldato
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%.
Soldato
- Joined
- 13 Sep 2005
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Yep I forgot the 4.1% was based on the base rate so thought I was good until Jan. Ah well.