IT Capacity issue due to everyone transferring their ISAs to them?
Best savings account?
- Thread starter Merlin5
- Start date
IT Capacity issue due to everyone transferring their ISAs to them?
Soldato
My Santandar ISA matured at the start of the month, I already have a fixed term ISA with SecureTrustBank and use Trading212 to pay my "mortgage" into each month, so decided to go with MoneyBox to transfer the Santandar into. Very easy to setup, has a nice app and like T212 you get interest added in daily.
Given the rate is the same on the Cash ISA and uninvested cash in the S&S ISA, might as well put it in the cash ISA.
I've just punted mine across. Takes two secs (Manage Funds -> Move Funds), and doesn't mess with your ISA allowances.
Got my 170 cash from my lloyds regular saver this month and opened a new one instantly.
Still at 6.25pc (fixed for a and 400 a month for 12 months.
So should be another 170 quid next year.
Also next year my 3 year fixed bond at 4.75 matures. So in 12 months should be a nice bumper haul.
But as I use 12 month 0pc spending credit cards that money is allocated to paying one of those off next year.
Still at 6.25pc (fixed for a and 400 a month for 12 months.
So should be another 170 quid next year.
Also next year my 3 year fixed bond at 4.75 matures. So in 12 months should be a nice bumper haul.
But as I use 12 month 0pc spending credit cards that money is allocated to paying one of those off next year.
Soldato
Yeah just gets annoying to keep moving backwards and forwards if your trading a bit.
Ive started moving mine a bit more again as I found some days the interest on cash in the S&S side seemed lower than I would have expected.
I also keep less than 500 loose in my S&S and rest in cash isa for same reason.
Billy big ******s over here throwing numbers around
Billy big ******s over here throwing numbers around
170..I certainly won't go spending it all at once!
Associate
Does Zopa compound the interest earned daily, even though it is paid monthly?
Yes it should be daily. Which product are you talking about . The ISA pot currently on 4.55%?
I **think** it's pretty standard to calculate daily, but only pay monthly, presumably for logistical/technical reasons... it would be a complete pain in the bum to actually pay the interest daily if you have millions of customers?
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Pretty sure they have compooters for that
Of course, but compoote power costs money... say you have 100 customers, thats 100 operations per day, or 3000 operations per month, give or take.
Pay it monthly and you can bring down that processing overhead back to 100.
It's a huge difference when you scale that up to millions of customers, and that's not including overheads when people switch from provider A to provider B.
Also.. it's a bit silly to be 'paid' interest daily...as long as it's calculated correctly, monthly is much better...
Example A:
I've got £41,191.74 in my cash ISA @4.58% apr.
I've got a pending payment for the last month (NOV) of £158.23
£158.23 divided by 30 (for arguments sake) = £5.27 Per day.
Would you really care to be notified of that & paid on a daily basis? I mean, maybe some people would, but it's kinda pointless for a savings account.
Imagine your phone beeping evey morning to tell you youve just earned £5 interest.. pretty pointless and annoying for the customer, and a waste of resources for the bank.
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Associate
Great
yes, I'm referring to a boosted iSA 95 dayWhat does that even mean?
Associate
You can turn your pot into a boosted saver.
I'm still non the wiser... what the chuff is a boosted saver? a temporary high interest rate?
You get higher interest by sacrificing flexibility on the withdraw.
Hi all. I'm a higher rate tax payer. On my zopa account I have my ISA which is On its second year maxed .my premium bonds is maxed..
I have the normal savings account with zopa (non ISA). Which has £15k in and shows about £117 interest earned.
As far as I'm aware when it hits £500 interest earned. This is when I start paying tax I believe which is what I want to avoid. As I don't know how much tax it will be and how it is paid ?
I guess I'd have to shift money out of this savings account to something else just before £500 interest earned ? I also assume the counter resets in April?
I have the normal savings account with zopa (non ISA). Which has £15k in and shows about £117 interest earned.
As far as I'm aware when it hits £500 interest earned. This is when I start paying tax I believe which is what I want to avoid. As I don't know how much tax it will be and how it is paid ?
I guess I'd have to shift money out of this savings account to something else just before £500 interest earned ? I also assume the counter resets in April?
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