Best savings account?

chaparral said:
Or is the channel island co-op a totally different company :confused:
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It’s a different company. Same principle but the two aren’t linked.

A few years ago, I went to the co-op on the front to pick up supplies for my week over on Herm and when I got to the checkout, I automatically handed over my co-op loyalty card. They chuckled to themselves, probably thought ‘dumb tourist’ and politely pointed out that it’s a different company.

www.coop.co.uk

Co-op: Homepage - Co-op

Co-op food, grocery delivery, insurance, funeralcare, legal advice and membership.
www.coop.co.uk www.coop.co.uk
 
Burton200 said:
I save will zopa has been giving good interest rates so far at 3.46 % aer don’t think there’s much better out there so far for a instant saving account
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Barclay's does have a 5.12% but it's only up to 5k, as far as I can see Zopa doesn't have an upper limit? I still haven't transferred most of my savings from Australia as I'm still getting 4.5% and most accounts here that are not fixed have tiny max limits.
 
Weighing up my options atm, currently got a fair bit in savings accounts (easy access) where I'm getting maybe about over a £100 return each month but having a look into premium bonds, would I be better of taking all my money in savings and sticking it into premium bonds? Looking at the calculators, seems the return could be similar/just a bit less or better along with a chance of winning much more and no tax on winnings?

www.moneysavingexpert.com

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This free tool delves into the Premium Bond probability to reveal the real odds of winning based on the bonds you have. Plus tell it what you've won in the past and it shows whether you're Mr Luck or have had a black cat cross your path. Developed with help from post-doctoral probability...
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Premium Bonds: how much could you win?

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Prototype321 said:
Really I thought you'd still have to pay tax on any profit?
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Premium bond winnings are tax free.

@Nexus18 it depends on whether you want guaranteed earnings on your savings or in effect gambling on whether you will make the same/more/less without losing your "stake" so to speak.

Oh and does anyone know if the £1000 tax free limit on savings interest is only if you are currently in work on basic rate? I did see a figure of £5000 tax free on the gov site. I ask as I'll be out of work at the end of July with basically a redundancy payment, which if I put it into a savings account would mean earning more than £1000 a year, so would that £1000 limit still apply if I'm out of work? Or would my limit then be £5000 tax free instead?
 
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ljt said:
Premium bond winnings are tax free.

@Nexus18 it depends on whether you want guaranteed earnings on your savings or in effect gambling on whether you will make the same/more/less without losing your "stake" so to speak.

Oh and does anyone know if the £1000 tax free limit on savings interest is only if you are currently in work on basic rate? I did see a figure of £5000 tax free on the gov site. I ask as I'll be out of work at the end of July with basically a redundancy payment, which if I put it into a savings account would mean earning more than £1000 a year, so would that £1000 limit still apply if I'm out of work? Or would my limit then be £5000 tax free instead?
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It will be based on your end of year P60.
 
Thanks all. May just keep it in the savings accounts then.

With regards to taxing and declaring my profit gained from interest, is this just done by filling in a self assessment form? Only opened the savings accounts a couple months back.
 
Nexus18 said:
Thanks all. May just keep it in the savings accounts then.

With regards to taxing and declaring my profit gained from interest, is this just done by filling in a self assessment form? Only opened the savings accounts a couple months back.
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If you aren't employed and they cannot recover it via PAYE, then yes via self-assessment
 
Burton200 said:
I had premium bonds for years with about 30k in there and never made any more than £25 a month. Now stuck the 30k in a zopa account and make £80 plus per month
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About right when the interest rate was 1.0 - 1.4%. Now it is 3.3% you would expect to get more.

For comparison with a saving account it's best to ignore the top 20% of the price fund as you'd only expect 1 win from that section of the draw every 6.25 years on 30k.

So the rate for the low tier prizes 2.64%.
On 30k with average luck.
6.48 - £25 wins = £150 - £175
4.25 - £50 wins = £200 - £250
4.25 - £100 wins = £400 - £500

So £775 - £850 per year for standard statistical win rates.
 
ljt said:
Oh and does anyone know if the £1000 tax free limit on savings interest is only if you are currently in work on basic rate? I did see a figure of £5000 tax free on the gov site. I ask as I'll be out of work at the end of July with basically a redundancy payment, which if I put it into a savings account would mean earning more than £1000 a year, so would that £1000 limit still apply if I'm out of work? Or would my limit then be £5000 tax free instead?
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Yes, if you are a non-tax payer, ie: your income is £12,570 or less you get a £5,000 starting rate for savings (which is different to the 1,000/500 PSA - Personal Savings Allowance)

This reduces by £1 for every £1 you earn over £12,570
 
Prototype321 said:
That is pretty cool to know, I might need to read more up on them, but odds do sound pretty low, but to confirm you can't loose your initial investment right, the winning is just if you get a bonus (interest)??
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No you don't lose what you put in. It's basically like a no interest savings account but with a chance of winning something every month.
 
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