Best savings account?

mattyfez · Tuesday at 18:03

They always will with variable rate accounts, they will track the base rate to some extent, unless it's an introductory offer to entice new customers.

You could go for a fixed rate account, but then it will have a comparatively lower interest rate and/or penalties for withdrawals.

You pays your money, you makes your choice, etc.

Maccy · Tuesday at 18:53

Just had an alert from Plum that they’re offering 5.05% on cash ISAs

mattyfez · Tuesday at 19:12

Maccy said:
Just had an alert from Plum that they’re offering 5.05% on cash ISAs

I'm thinking of switching to plumb.. I was with chip cash ISA, switched to T212 but my rate has dropped with them also, so I'll likely switch again very soon.. . That will make 3 switches in about 12 months for me.

No point staying on a lower rate for no benefit.

tom_e · Tuesday at 19:23

mattyfez said:
I'm thinking of switching to plumb.. I was with chip cash ISA, switched to T212 but my rate has dropped with them also, so I'll likely switch again very soon.. . That will make 3 switches in about 12 months for me.

No point staying on a lower rate for no benefit.

Rate shown includes a Plum bonus of 1.51% AER (variable) if kept for 12 consecutive months and is for new customers only.

The interest rate for ISA transfers is 3.54% AER (variable) because they aren't eligible for the Plum bonus.

Looks like transfers don't get the new customer bonus if I'm reading that right, seems a bit backwards as you'd still be a new customer :confused:

ginjaninja · Tuesday at 19:36

Im wanting to divest % portfolio from stocks especially S&P 500 for a few months . My platform, interactive investor, does not offer interest on cash...ive heard the term money market funds like Royal London Short Term Money Market Fund S Acc might be an alternative. As a last resort thinking of taking money out and buying solar array and batteries to hedge against electricity pricing increases for next 25 years... trading 212 offer an attractive 4.9% on cash in shares isa instant access.

mattyfez · Tuesday at 19:46

tom_e said:
Looks like transfers don't get the new customer bonus if I'm reading that right, seems a bit backwards as you'd still be a new customer

Ahh of course they don't /won't!.. They need to make thier money too! Fresh blood is what they want, lol!

danlightbulb · 2025-02-19T00:13:38+0000

Is Chip ISA a variable rate too or fixed for a period? No point moving funds over to Chip if they then drop rates next month.

Barely got 2 months out of T212 before over half a percent cut in rates.

MatsyLR · 2025-02-19T00:58:31+0000

danlightbulb said:
Is Chip ISA a variable rate too or fixed for a period? No point moving funds over to Chip if they then drop rates next month.

Barely got 2 months out of T212 before over half a percent cut in rates.

It's variable but they are probably due for a decrease also

mattyfez · 2025-02-19T04:44:27+0000

All the same.. They will drop interest rates reletive to the base interest rate...

Some more than others... But they all do it.

That's why people switch accounts a lot.

mattyfez · 2025-02-19T05:10:27+0000

And right on cue... just checked my emails and:

Uther · 2025-02-20T19:25:11+0000

Reports on Sky that the government are going after cash ISA's, potentially dropping the tax free limit to £4000 a year...

LiE · 2025-02-20T19:31:40+0000

Uther said:
Reports on Sky that the government are going after cash ISA's, potentially dropping the tax free limit to £4000 a year...

Would be madness.

200sols · 2025-02-20T19:51:14+0000

Can't say I disagree really, far too many people keep too much in cash long term.

Dg834man · 2025-02-20T19:51:41+0000

ginjaninja said:
Im wanting to divest % portfolio from stocks especially S&P 500 for a few months . My platform, interactive investor, does not offer interest on cash...ive heard the term money market funds like Royal London Short Term Money Market Fund S Acc might be an alternative. As a last resort thinking of taking money out and buying solar array and batteries to hedge against electricity pricing increases for next 25 years... trading 212 offer an attractive 4.9% on cash in shares isa instant access.

I used lyxor smart overnight return(csh2) for a while the rate was slightly less than holding cash in trading 212 it was one of the lowest fee mmf's.

Raymond Lin · 2025-02-20T20:03:30+0000

Uther said:
Reports on Sky that the government are going after cash ISA's, potentially dropping the tax free limit to £4000 a year...

That’s going to drive billions into stock and shares ISA? Making the rich to have a sudden spike of cash!

Uther · 2025-02-20T20:04:44+0000

Raymond Lin said:
That’s going to drive billions into stock and shares ISA? Making the rich to have a sudden spike of cash!

I'm assuming that's the plan, with maybe having to invest in British companies...

Zatoichi.uK · 2025-02-20T20:05:44+0000

Apparently only 6% of the uk currently uses an s&s isa.

bigmike20vt · 2025-02-20T20:07:29+0000

200sols said:
Can't say I disagree really, far too many people keep too much in cash long term.

OTOH it encourages people to not just pee their money up the wall and save for the future so potentially be less of a drain in future years.

Uther · 2025-02-20T20:09:32+0000

bigmike20vt said:
OTOH it encourages people to not just pee their money up the wall and save for the future so potentially be less of a drain in future years.

Well the way the world is going I can see a lot of people thinking '**** it' and doing just that, even if they can afford to save.

bigmike20vt · 2025-02-20T20:09:42+0000

Uther said:
I'm assuming that's the plan, with maybe having to invest in British companies...

which would be fine except the UK ISAs do not perform as well thanks to the country gimping itself from the rest of Europe. if they get rid of cash ISAs that sucks but cest la vie but I have no faith in the UK for future investments.. (and I don't feel guilty on that as we collectively bought it on ourselves)