Best savings account?

[Raymond Lin]

Then use the other method, it's how I move money between Chase and T212

The one that takes up to a couple of days?

 

[Tefal]

How do you find out the actual account and sort code for T212?

Go to add funds bank transfer.

You'll then have thier account details listed and a reference number for yoh to enter to have it directed to your account. This also works for standing orders

 

[Raymond Lin]

Go to add funds bank transfer.

You'll then have thier account details listed and a reference number for yoh to enter to have it directed to your account. This also works for standing orders

This page right? This page is where I put in the Chase details withdraw from the Chase account?

It seems backwards to me, instead of go to Chase account and put in T212 account details and then send.

 

[Tefal]

This page right? This page is where I put in the Chase details withdraw from the Chase account?

It seems backwards to me, instead of go to Chase account and put in T212 account details and then send.

Yes it's slightly odd that you have to add the account for a "pull" rather than a "push" as it where but it then functions like any other bill rather than a transfer.nut you can make aditional payments at will through the same mechanism to avoid fees I've personally found it near instant with santadare and with hsbc

Edit: sorry imay be wrong once you've added your details you will get the t212 details and a reference number I've just compared new account to existing, to make a transfer.

One nice new feature thought is you can move money within ISAs so you can transfer between stocks and savings without affecting your limit for the year. Not sure if that's relevant for you but it is an option.

 

[englishpremier]

I have a T212 cash isa, considering throwing another chunk in but I like having a decent amount in my standard account...how hard is it to withdraw from T212 as I've read a few bad reviews...

Pretty quick and easy, but it's aways via methods you've used to pay in the past. So it's good to pay in via a variety of cards so you have options in the future. It can take up to 3 days and they do weird amounts like a £10k withdrawal will be something like payments of £1690, £6367, and £1943.

 

[mattyfez]

very strange... I mean I don't care if a savings transfer is instant, or takes a week... I **presume** the interest and/or cash gains are realised at the moment of transfer, so if it takes 3 days to transfer, you'd still get 3 days gains bundled in from the previous account?

It's the general lack of transparency that annoys me.

If theres's no transparency, one has to take the default position that there's something rotten in denmark.

 

[MatsyLR]

very strange... I mean I don't care if a savings transfer is instant, or takes a week... I **presume** the interest and/or cash gains are realised at the moment of transfer, so if it takes 3 days to transfer, you'd still get 3 days gains bundled in from the previous account?

It's the general lack of transparency that annoys me.

If theres's no transparency, one has to take the default position that there's something rotten in denmark.

The money disappears straight away so I doubt you get interest on it.

 

[mattyfez]

The money disappears straight away so I doubt you get interest on it.

so you make an actual loss on transfer?

If a transfer takes 24hrs, you lose one day of gains, if it takes 5 days you lose 5 days gains? Is that what you are saying?

 

[MatsyLR]

so you make an actual loss on transfer?

If a transfer takes 24hrs, you lose one day of gains, if it takes 5 days you lose 5 days gains? Is that what you are saying?

Haven't tested it just the money disappears straight away once you start a transfer

 

[FBi7]

It’s a pleasure to have you here.

Wish we could say the same.

 

[mattyfez]

I guess I missed the opportunity of a lifetime from the now banned crypto-scammer!

 

[helpimcrap]

Hmmm I'm wondering what's going to happen. I have ISAs, but I also have a savings account with my bank. When I sold my house I put it all in there whilst waiting to transfer to my new house. I accrued over £1000 in interest this month.

What happens? From what I can see if I accrue over £1000 in interest in a year my tax code changes next year to pay the tax due on the excess to the £1000?

Is that right? I wasn't even thinking about interest, I was just trying not to spend it.

 

[Deleted User 298457]

Hmmm I'm wondering what's going to happen. I have ISAs, but I also have a savings account with my bank. When I sold my house I put it all in there whilst waiting to transfer to my new house. I accrued over £1000 in interest this month.

What happens? From what I can see if I accrue over £1000 in interest in a year my tax code changes next year to pay the tax due on the excess to the £1000?

Is that right? I wasn't even thinking about interest, I was just trying not to spend it.

You're still up even if you pay tax so don't sweat it. Just put the cash aside before spanking it on something and then when your tax code is adjusted you can draw from what you've put aside.

 

[beachBOYken]

Hmmm I'm wondering what's going to happen. I have ISAs, but I also have a savings account with my bank. When I sold my house I put it all in there whilst waiting to transfer to my new house. I accrued over £1000 in interest this month.

What happens? From what I can see if I accrue over £1000 in interest in a year my tax code changes next year to pay the tax due on the excess to the £1000?

Is that right? I wasn't even thinking about interest, I was just trying not to spend it.

From my experience they won’t just change your tax code, they will send you a letter eventually saying what you owe, and basically giving you option to pay any tax owed in one lump sum or don’t do anything and they change your tax code.

 

[helpimcrap]

From my experience they won’t just change your tax code, they will send you a letter eventually saying what you owe, and basically giving you option to pay any tax owed in one lump sum or don’t do anything and they change your tax code.

Thanks. I hopefully don't imagine it to be much because I think I'd be charged on the excess which is only a few hundred pounds so will pay some of that.

 

[Mercenary Keyboard Warrior]

Thanks. I hopefully don't imagine it to be much because I think I'd be charged on the excess which is only a few hundred pounds so will pay some of that.

Its £1000 if your a standard rate tax payer, its £500 if your a higher.

If its a one off the simplest way to deal with it is to write to HMRC after the tax year ends. Send them a latter saying as a one off you earned more interest than your allowance.
Enclose copies of the interest you earned (from all sources) and say could they please adjust your tax code to collect the amount due.

If you leave it they may simply stick you on self assessment which isn't always easy to get off once you are on it.

 

[Raymond Lin]

Yes it's slightly odd that you have to add the account for a "pull" rather than a "push" as it where but it then functions like any other bill rather than a transfer.nut you can make aditional payments at will through the same mechanism to avoid fees I've personally found it near instant with santadare and with hsbc

Edit: sorry imay be wrong once you've added your details you will get the t212 details and a reference number I've just compared new account to existing, to make a transfer.

One nice new feature thought is you can move money within ISAs so you can transfer between stocks and savings without affecting your limit for the year. Not sure if that's relevant for you but it is an option.

Just linked it, then I got this page and lower down there is a Bank account number and sort code.

I blanked out the reference. Went to my Chase account and sent £1 to the bank account and sort code and put in that reference there to test. It's been a couple of hours and still not come through yet.

 

[200sols]

Its £1000 if your a standard rate tax payer, its £500 if your a higher.

If its a one off the simplest way to deal with it is to write to HMRC after the tax year ends. Send them a latter saying as a one off you earned more interest than your allowance.
Enclose copies of the interest you earned (from all sources) and say could they please adjust your tax code to collect the amount due.

If you leave it they may simply stick you on self assessment which isn't always easy to get off once you are on it.

You can just do that in your personal tax account now.

 

[Mercenary Keyboard Warrior]

You can just do that in your personal tax account now.

Yeah I was going to come back and post that, assuming he has one, or access to it.

 

[Disco_P]

Just linked it, then I got this page and lower down there is a Bank account number and sort code.

I blanked out the reference. Went to my Chase account and sent £1 to the bank account and sort code and put in that reference there to test. It's been a couple of hours and still not come through yet.

First transfer takes a wee while as they probably have to do some checks to make sure it's all above board but after that it's pretty much instant.