Best savings account?

With no other earnings you can make significantly more in interest before paying tax, you have the full personal allowance, the full starting rate for savings and the full personal savings allowance. It's about £18500 in such a scenario before needing to pay tax.
 
Semple said:
This seems to be your issue, you want a fixed rate but don't want to commit to locking it away. You need to pick one or the other. If you want immediate access to your money then you need to accept not getting the best rate.

Considering what's going on in the US economy, it sounds like they're about to anchor on the brakes as the high interest is stifling their economy, so I don't see interest rates going back up over 5% as the UK will likely follow suit.

Unless you're needing your 40k imminently, I would look at locking it away at the best fixed rate that's available today.
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I would like to lock money away, but at the moment, i need access to funds

Maybe in a short while ill be able to lock some away, but i need to make a big purchase soon.

I guess i could use funds from my premium bonds instead, but even though the spread out return on bonds isnt super, i still have good months, IE last month on the bonds i won £200, this month on the bonds I won £500, so £700 over 2 months isnt too bad).

With the ISA, i have just reached my 2nd tax year limit. Any more funds i save will now be part used and part going in to a normal savings account, however I dont really want to save over the £500 interest earning on that as I am a higher rate tax payer.


I wont need my whole £40k no, but I will need some of it.



At the moment its probably not worth locking it away to make approx £96-£100 a year difference.
 
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Is trading 212 keeping or lowering the current 5.2% rate? are they lowering it like everyone else is ?


Looking at current fixed rate ISA's there isnt much offering any rates over 4.75% that would even temp me at locking in.
 
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I need to phoen zopa and find out why

Last tax year I saved to the £20k limit

This tax year so far my balance is now £39,550 . So In theory I should have around £450 left of my allowance this year. Zopa is saying I have £900+ left ? How is this ? In theory I should only be able to save £40k in two tax years ?
 
DJMK4 said:
I need to phoen zopa and find out why

Last tax year I saved to the £20k limit

This tax year so far my balance is now £39,550 . So In theory I should have around £450 left of my allowance this year. Zopa is saying I have £900+ left ? How is this ? In theory I should only be able to save £40k in two tax years ?
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Is some of the balance interest?
 
Slam62 said:
Is some of the balance interest?
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Yes I have just spoke to their customer support . It seems.they exclude the interest on the account so even though my raw balance at the moment shows £39520. I can still put in another £920.00 odd.

If you withdraw it gives you a message stating how much you can pay in until the end of the tax year excluded the interest on the account

Some of the interest may have been taken out to use majority left in .


So I should be able to have a full balance in there of £40, 400 ish
 
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Yup if you take out £500 you can also put it back in with the same provider in the same tax year.

Note this does not work across providers, and you should always do an isa transfer rather than withdraw/deposit when changing your ISA provider.
 
HungryHippos said:
Yup if you take out £500 you can also put it back in with the same provider in the same tax year.

Note this does not work across providers, and you should always do an isa transfer rather than withdraw/deposit when changing your ISA provider.
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Yeh I knew about the taking out and putting back in rule..

Didn't know the full info on the rule about interest excluded though .that's now clear

Thanks all
 
DJMK4 said:
Yeh I knew about the taking out and putting back in rule..

Didn't know the full info on the rule about interest excluded though .that's now clear

Thanks all
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Had same from T212, popped up in app.

For a small gamble/test in my invest account I’ve converted a small amount to USD at 5.1% interest but it cost .15% fx rate so technically down already.

Just a gamble that exchange rate moves in my favour. Most of my cash tucked away in T212 cash ISA.

Didn’t realise also you can sell say US shares direct to USD paying zero fx rate on trade. Click the flag and change from UK to US flag.

Of course you still pay .15 fx rate when converted back to GBP but means you don’t have to time sale of stock and exchange back to GBP at same time.

Suppose you can save fx rate on buys too, if you hold USD?

This only works in T212 invest and not ISA.
 
Got an email from 212 also down to 5%
Sticking with chip

Are there any credit cards that would be better than chase 1% on all purchases? Only care about cashback.
 
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Reuben klang said:
Problem with Amex is that it’s only major retailers that accept it.
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It's more common than you'd think, which is why I have Barclaycard too. The "majority" accepts it is fine, since I do my majority of spend on the big retailers.

Fuel, groceries, plane tickets etc, Amex. Link it as the primary payment option to Paypal which makes practically all online shopping by Amex too.
 
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