Best savings account?

tangey said:
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.
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Your lucky with Shawbrook then, or I was unlucky as was the other person I know, they took the 20 working days allowed for a cash transfer April 2024.
 
Ulster bank still advertising 5.2% on 5K+ easy access, and still advertising 60 days notice of a rate change.
 
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Raymond Lin said:
I am using the app, even deposited in some money today. Still at 5.1%.
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New email from Chase, they are lowering it even further to 1.25% below base rate in October.

The AER of the Chase saver account is currently 1.15% below the Bank of England base rate. We're changing this percentage difference from 1.15% to 1.25%. This means if the Bank of England rate is 5%, the AER of our saver will be 3.75%. You can find the Bank of England base rate on their website at any time.
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So with the 'boost' it'll be 0.25% below base rate vs 0.15% now.
 
Bit of an ISA limit question as I now pretty much hit my ISA limit for this tax year. How much of a buffer do you keep to stop it topping over ?

Is it safe to say

ISA balance minus - £150 to stop the interest accumulated putting it over your ISA limit. ? Or can your save to thre £20k and the interest earned that you receive will not put you over the limit ?


Not that £150 will make much of a difference to interest anyway.. it's more my OCD :D
 
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DJMK4 said:
Bit of an ISA limit question as I now pretty much hit my ISA limit for this tax year. How much of a buffer do you keep to stop it topping over ?

Is it safe to say

ISA balance minus - £150 to stop the interest accumulated putting it over your ISA limit. ? Or can your save to thre £20k and the interest earned that you receive will not put you over the limit ?


Not that £150 will make much of a difference to interest anyway.. it's more my OCD :D
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The ISA contribution limit applies to your contribution, not any interest subsequently earned.
 
Got the Chase email today, rates are dropping, I've got the boost, so still decent for now, think the drop takes effect October, 3.85% I think it will be, 4.85% with the boost.
 
Chris344 said:
I didn’t realise that once you move the interest from your ISA, it’s taxable.
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Are you sure? Below is what Google says -

"interest earned in an Individual Savings Account (ISA) remains tax-free as long as you withdraw it within the same tax year and you haven't exceeded your annual deposit allowance. Withdrawals from an ISA, including interest, dividends, or cash from selling investments, don't count as taxable income and don't need to be included on a UK tax return. "
 
Bobmunkhouse said:
Are you sure? Below is what Google says -

"interest earned in an Individual Savings Account (ISA) remains tax-free as long as you withdraw it within the same tax year and you haven't exceeded your annual deposit allowance. Withdrawals from an ISA, including interest, dividends, or cash from selling investments, don't count as taxable income and don't need to be included on a UK tax return. "
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200sols said:
If it were taxable on withdrawal cash ISAs would be pointless.
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Is everyone talking about the same thing here? From the point that you take money out of the ISA you lose the tax free protection on it "going forward". That doesn't mean that some sort of "back tax" becomes payable on the interest earned whilst it was in the ISA.
 
Mr Badger said:
Is everyone talking about the same thing here? From the point that you take money out of the ISA you lose the tax free protection on it "going forward". That doesn't mean that some sort of "back tax" becomes payable on the interest earned whilst it was in the ISA.
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That's not what he said though.
 
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