Best savings account?

mattyfez said:
Depends on your overall portfolio and risk appetite...

Currrently I have :
50k in PB
40 easy access flexible cash ISA 4.74%
100K in a good savings account @4.87%
100k in a vanguard global equity fund 60/40

I think I'll probably pull 20k out of my premium bonds next april and put it into my ISA, or i might pull that 20k from my savings account, i'll do the maths closer to the time.

And of course will have to see what happens in the autumn budget from the government
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That's my entire point. Low risk tolerance is very damaging long term. Not risking up when you are young enough is actually the riskiest option of them all.
 
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mattyfez said:
So you have done slightly better than you should have, with average luck.

My cash ISA is paying 4.8% currently.

If interest rates drop then premium bonds would become mathematically a more sensible choice, but you can only hold a max of 50k on them.

With an ISA you can add 20k per year and have a guaranteed profit.

For example I invested 40k in a cash ISA, 20k at the end of March and another 20k at the start of April...
In 7 months I've made approximately £1030.00 but that's guaranteed tax free income.

So if we exrapolate that, my ISA has out-perfomed your PB over a 12 month period, as your holdng 50k in your PB and I'm 'only' holding 40k in my ISA.
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Yep my cash ISA is also paying 4.8% -I have around 40k in the ISA at the moment

The last 3 months of my Premium bonds however have out performed the ISA. but i guess it balances out throughout the year.
 
Aye it would mean people who want to talk about what accounts they've got, which aren't currently available or flexing about their wealth can go into their own threads and this could be more about what it was meant to be - highlighting good accounts that are available.
 
Interesting discussion on LBC, re the impending budget, currently regarding personal ISAs (cash and stocks & shares) and potentially introducing thresholds, caps or cut-offs on certain amounts (e.g. 100k) and then charging anything above based on personal allowance thresholds.

Yikes, That would certainly put the cat among the pigeons.
 
It will be interesting to see what the budget brings...
Limiting ISA etc to 100k is just tinkering around the edges though.. The real tax revenue is being lost from the likes of Meta, Amazon, Google and Twitter etc..

Taxing them properly would be worth tens of billions per year each to the UK treasury.

But they are too big to go after.
 
mattyfez said:
The real tax revenue is being lost from the likes of Meta, Amazon, Google and Twitter etc..

Taxing them properly would be worth tens of billions per year each to the UK treasury.

But they are too big to go after.
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I think you'll find the real tax revenue being lost is from the likes of the SME's/Self Employed. The cash in hand VAT dodgers, dodgy personal receipts reducing profits types etc

Each one of them thinks that it's only a little bit and it doesn't matter, its just that there are so many of them (like virtually all of them!) and they make up the bulk of the country's transactions, that all those little bits lead to eye watering sums being evaded.

But they are too many to go after.

Looking here https://www.gov.uk/government/statistics/measuring-tax-gaps/1-tax-gaps-summary

By far the biggest part of the 'tax gap' (the difference between the theoretical maximum tax take and the actual tax take - which is currently 4.8%) comes from Small Business.

Breakdown of the 4.8% Tax Gap

Small Business - 60%
Criminals - 9%
Large Business - 11%
Mid Sized Business - 11%
Individuals - 5%
Wealthy - 5%
 
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Freakbro said:
I think you'll find the real tax revenue being lost is from the likes of the SME's/Self Employed. The cash in hand VAT dodgers, dodgy personal receipts reducing profits types etc

Each one of them thinks that it's only a little bit and it doesn't matter, its just that there are so many of them (like virtually all of them!) and they make up the bulk of the country's transactions, that all those little bits lead to eye watering sums being evaded.

But they are too many to go after.

Looking here https://www.gov.uk/government/statistics/measuring-tax-gaps/1-tax-gaps-summary

By far the biggest part of the 'tax gap' (the difference between the theoretical maximum tax take and the actual tax take - which is currently 4.8%) comes from Small Business.

Breakdown of the 4.8% Tax Gap

Small Business - 60%
Criminals - 9%
Large Business - 11%
Mid Sized Business - 11%
Individuals - 5%
Wealthy - 5%
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Lol.. please remind me... how much tax did google pay to the uk gov last tax year?
How much did amazon pay?
How much did Meta pay?
How much did 'X/twitter' pay?
 
mattyfez said:
Lol.. please remind me... how much tax did google pay to the uk gov last tax year?
How much did amazon pay?
How much did Meta pay?
How much did 'X/twitter' pay?
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As much as legally required. It’s really not comparable to people evading tax, which let’s be clear is what happens every day up and down the country by so called ordinary people.
 
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