Best savings account?

bigmike20vt said:
i have an ISA related question and wondering if anyone has done similar.

over the past 15 years and the next 5-10 years i have been saving as much as i can and putting into ISAs / high interest savings accounts, my long term goal ultimately is to have 5 different cash isas all with similar amounts in (because tax and risk free), each one with 5 year lock in periods to try to maximise my interest. At the moment all the interest is going back into the ISAs My ultimate goal is to have one 5 year isa mature each year, and then lock it down again for another 5 years tho the interest i will skim off & put towards living off - if i take early retirement.

however at the moment i have 3 different pots and they have wildly different amounts in, one i would like to bring down. is it easy to do a partial ISA transfer, so lets say for arguments sake i had £80k in one, take 30k out of it and transfer into another ISA (but not withdrawing and depositing as that would use my allowance)
in the past i have only ever done complete transfers.

thanks.
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It depends on the provider. Some allow partials some don't.
You can always move them around anyway so if one is over weight just at some point move in to a provider that allows partial transfers out in order to split it, and then you can move them again.
uscool said:
I dont understand the decision if they ever competitive again they just end up with less people because they are blocked from using them again
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Thats fairly unbelievable by chip, sounds like they have a chip on their shoulder ;) about something.

Did it say in the original terms if you transferred out you would be blocked in future?
 
Mercenary Keyboard Warrior said:
Thats fairly unbelievable by chip, sounds like they have a chip on their shoulder ;) about something.

Did it say in the original terms if you transferred out you would be blocked in future?
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Its not on the main website at all it's impossible to find from what I can tell. You have to specifically ask Google who then points to multiple threads and eventually a link that isn't even on a getchip URL.

So looks like they actively hide it from people signing up as its not said anywhere.

Only link I could find was on money saving expert forums

The Chip Cash ISA FAQs | Chip Help Centre

intercom.help intercom.help

With multiple people saying they don't block your account but they won't allow another cash ISA after transferring out. Any interest up until the day is also transferred out at the same time. Anti-competitive if anything and contradicts what they say on the main website about no penalties or restrictions.
 
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MatsyLR said:
Its not on the main website at all it's impossible to find from what I can tell. You have to specifically ask Google who then points to multiple threads and eventually a link that isn't even on a getchip URL.

So looks like they actively hide it from people signing up as its not said anywhere.

Only link I could find was on money saving expert forums

The Chip Cash ISA FAQs | Chip Help Centre

intercom.help intercom.help

With multiple people saying they don't block your account but they won't allow another cash ISA after transferring out. Any interest up until the day is also transferred out at the same time. Anti-competitive if anything and contradicts what they say on the main website about no penalties or restrictions.
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Yeah I have heard of some minor awkwardness from some providers but thats downright daft IMO

I do wonder if anyone will refer them to the ombudsman as they may have something to say about that message.
Its always within their power not to take a client or withdraw services from one (unless your Farage of course) but its something I have never seen to say you cannot have a similar thing in the future.
 
Mercenary Keyboard Warrior said:
Yeah I have heard of some minor awkwardness from some providers but thats downright daft IMO

I do wonder if anyone will refer them to the ombudsman as they may have something to say about that message.
Its always within their power not to take a client or withdraw services from one (unless your Farage of course) but its something I have never seen to say you cannot have a similar thing in the future.
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I've asked them on live chat for an explanation etc no response since yesterday. Says 2wd reply, I imagine they have many people transferring out haha. 212 replied within a few min so.
 
I had a chunk in a 5% with Santander. I also put a chunk in an investment isa just over a year ago.

One has returned 5%
The other has returned 53.5%

I appreciate that’s not sustainable, nor is it risk free but damn!
 
Interesting to see these comments about Chip. I declined to open an account with them because I felt their app and basic terms were overly intrusive and exploitive.

They wanted unneccessarily detailed knowledge of the goings on in my current account.
 
Could someone better in the know than I am, please do me a quick understanding/maths check? I may have had an epiphany/d'oh moment :D

I'm a higher rate tax payer (42% in Scotland). Figures below chosen for simplicity.

If I put £100 in a savings account (non-ISA) for a year at 5%, then after a year I'd have £105.

But I'd pay tax on that £5, meaning in reality I'd have an additional £2.90/real interest rate would be 2.9%, not 5%.

So, I'd be better off having an ISA (never really bothered with them in the past) at say 4.5% where I'd have £104.50 at the end of the year, instead of £102.90.

I'm never in a million years going to be able to save anywhere near £20k a year.

Does that seem about right?

Cheers,

FB..
 
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EdGey said:
Interesting to see these comments about Chip. I declined to open an account with them because I felt their app and basic terms were overly intrusive and exploitive.

They wanted unneccessarily detailed knowledge of the goings on in my current account.
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They're regulated and not allowed to share your data with third parties.
 
@FBi7 Worth noting that the position we're in where cash isas make as much as they do vs standard interest bearing accounts is quite odd. This, combined with decreasing interest tax caps and the fact that you can build your isa bank up and eventually turn any cash isa in to an S&S one for tax free growing stocks and shares is a no brainier for me at the moment.

:edit: but then again so is the mad tax relief on pensions and the halfway house of LISAs. Too many opportunities, making the decision on which to place money in to can be super tricky.
 
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FBi7 said:
Could someone better in the know than I am, please do me a quick understanding/maths check? I may have had an epiphany/d'oh moment :D

I'm a higher rate tax payer (42% in Scotland). Figures below chosen for simplicity.

If I put £100 in a savings account (non-ISA) for a year at 5%, then after a year I'd have £105.

But I'd pay tax on that £5, meaning in reality I'd have an additional £2.90/real interest rate would be 2.9%, not 5%.

So, I'd be better off having an ISA (never really bothered with them in the past) at say 4.5% where I'd have £104.50 at the end of the year, instead of £102.90.

I'm never in a million years going to be able to save anywhere near £20k a year.

Does that seem about right?

Cheers,

FB..
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Yes. Simply you need to rank interest after whatever your marginal tax rate is.
 
MatsyLR said:
Got this from chip. Enough reason to abandon them entirely to be honest as its just petty

Screenshot-20241111-112325-Gmail.png

I get there will be fees or whatever to them but to block future ISA options? Petty. Keep up with the market leaders if you want to keep customers.
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What an odd condition, I have found the T&C's on there website under the Policies & Important documents page here.

ClearBank Terms (Chip Cash ISA) pdf file

Taking money out of your account
You can only take money out of your account and send it back to your nominated account. You can
do this through the Chip app, but the money you take out will no longer benefit from a preferential
tax treatment. Once you’ve told us to make a payment you can’t change or cancel this. Your
instruction will be processed immediately, but the funds will usually be received into your nominated
account within 2 hours.
Your account is a flexible cash ISA. This means that you can take money out of your account and
replace it in the same tax year without it counting towards your annual ISA allowance.
You can also transfer out all of your ISA balance to an ISA belonging to you with another ISA
provider. To do this you should contact your ISA provider to arrange the transfer, subject to their
requirements. They’ll then contact Chip, and the transfer can take up to 15 working days to complete
(or 30 calendar days if it’s a transfer to a non-cash ISA). We do not offer partial transfers out. Once a
transfer out request has been successfully processed, Chip will close your cash ISA and currently
you will be unable to open another one with Chip in the future. You can open another ISA with a
different ISA provider that is not Chip, and this will not impact your tax relief benefit.
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Is does say 'currently' so maybe there is some issue at the moment as Chip are using ClearBank and it will be available later on?
 
I could understand maybe one cash ISA in a tax year then it resets in April for example but to completely block is bizarre. There are people saying it's a limitation of some kind on mse just strange most others don't have the rule.

Should be very clear when signing up though
 
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Does seem very strange... I'm thinking about taking my money out of a chip cash ISA to chase a better rate...

I guess it must be a technical limitation of some sort as why would they care if you are a returning customer... Money for them to invest is the same as any other money as far as financial institutions are concerned...

If you are a bad or undesirable customer that's one thing but it doesn't make sense to block returning customers?
 
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