Best savings account?

[beachBOYken]

If you have a partner (that you trust...) you could have an isa each with 20k in both...

Nah I’m a lonesome.

I will just split it and put some into another fixed bond perhaps.

 

[Dirk Diggler]

Nah I’m a lonesome.

We can tell - you've got £50k savings

 

[~Mike~]

Chip have increased the Instant Access Account to 3.71% AER

 

[a1ex2001]

Chip have increased the Instant Access Account to 3.71% AER

That is decent might have to love My savings again, Marcus have gone to 3.3% this week buy that extra will make a difference and it’s only a few minutes effort to move it!

 

[Zatoichi.uK]

Chase sorely lacking now. Come on guys!

 

[Bald-Eagle22]

Was gonna spend a bucket load on some holidays but staying put for while .

Other than Your accounts where’s the best place for it - 20K .

 

[ci_newman]

Chase sorely lacking now. Come on guys!

Yep, I dont mind 0.1 / 0.2% differences but that's 0.6% behind now!

 

[Dirk Diggler]

Chip have increased the Instant Access Account to 3.71% AER

Shawbrook have raised my instant access ISA rate to 3.5%

 

[photoshop]

How do you guys move large sums quickly between savings accounts?

I normally drop feed up to the withdrawal limits until it's all moved across...is there is a faster way?

 

[Raymond Lin]

What’s the URL for chip? I search for it, ignoring the Sponsor links, first result is

Compare Our Best Savings Accounts | Chip

We offer a variety of savings accounts which are all accessible on our savings app. Choose the right savings account with Chip today.

www.getchip.uk

Is this the right one?

 

[~Mike~]

What’s the URL for chip? I search for it, ignoring the Sponsor links, first result is

Compare Our Best Savings Accounts | Chip

We offer a variety of savings accounts which are all accessible on our savings app. Choose the right savings account with Chip today.

www.getchip.uk

Is this the right one?

Yes that's correct.

 

[Dirk Diggler]

How do you guys move large sums quickly between savings accounts?

I normally drop feed up to the withdrawal limits until it's all moved across...is there is a faster way?

That's about the only way unless you go into the bank branch and request it, but even then I think there would be a floor limit.

 

[MatsyLR]

I don't like how Chip don't offer instant withdrawals. Takes an hour or two.

 

[Raymond Lin]

Chips doesn't ask for any ID verification when opening the account, is it normal?

 

[Dirk Diggler]

Chips doesn't ask for any ID verification when opening the account, is it normal?

I've noticed with a few of these accounts that I've opened recently that you can only fund and withdraw to a nominated bank account, and my understanding is that this is a way for the provider to reduce the level of checks they need to do for money laundering?

I don't have a Chip account so not sure if it's the same setup?

 

[200sols]

I never got IDd on a savings account only a bank account, you'll probably find if you try to change the nominee account you'll have to provide ID.

 

[caz32]

Why would it be total cringe?

Yep my winnings are tax free and I'm in the basic tax bracket for earnings. Obviously I'd have to pay tax on savings interest if over £1000 per year if not in ISAs.

Where is the information on this in bold? I've just done the questionnaire below

Check if you need to send a Self Assessment tax return

Use this tool to find out if you need to send a tax return for the 2023 to 2024 tax year (6 April 2023 to 5 April 2024).

www.gov.uk

and it said I don't need to do a self assessment form... I'm a basic rate tax payer, but will earn over £2839 in interest if the rate of Zopa stays at 3.34..

 

[Dirk Diggler]

Where is the information on this in bold? I've just done the questionnaire below

Check if you need to send a Self Assessment tax return

Use this tool to find out if you need to send a tax return for the 2023 to 2024 tax year (6 April 2023 to 5 April 2024).

www.gov.uk

and it said I don't need to do a self assessment form... I'm a basic rate tax payer, but will earn over £2839 in interest if the rate of Zopa stays at 3.34..

Tax on savings interest

You do not pay tax on your savings interest if you're on a low income.

www.gov.uk

The threshold for basic rate is £1,000 and you're above that.

 

[~Mike~]

Where is the information on this in bold? I've just done the questionnaire below

Check if you need to send a Self Assessment tax return

Use this tool to find out if you need to send a tax return for the 2023 to 2024 tax year (6 April 2023 to 5 April 2024).

www.gov.uk

and it said I don't need to do a self assessment form... I'm a basic rate tax payer, but will earn over £2839 in interest if the rate of Zopa stays at 3.34..

Personal Savings Allowance - most people can earn up to £1,000 in interest without paying tax on it

Tax on savings interest

You do not pay tax on your savings interest if you're on a low income.

www.gov.uk

Personal savings allowance

From April 2016 all basic-rate taxpayers can earn £1,000 tax-free on savings interest. We explain how the new Personal Savings Allowance affects your ISA.

www.moneysavingexpert.com

 

[Jokester]

Where is the information on this in bold? I've just done the questionnaire below

Check if you need to send a Self Assessment tax return

Use this tool to find out if you need to send a tax return for the 2023 to 2024 tax year (6 April 2023 to 5 April 2024).

www.gov.uk

and it said I don't need to do a self assessment form... I'm a basic rate tax payer, but will earn over £2839 in interest if the rate of Zopa stays at 3.34..

What I believe is supposed to happen is that the bank tells HRMC and HRMC adjust your tax code to claw back the tax that's due.