Best savings account?

leoncuprar said:
So that was interesting (for me anyway)
In March I opened a Sainsburys easy access cash ISA to dump some money in there before end of tax year, at 2.91%.

Obviously since then that rate has become uncompetitive , and for new customers Sainsburys are offering 3.7%.

So I emailed them to ask why my rate hadn't changed to reflect the higher rate. I got a response saying that existing customers can request the higher rate, and that I am now on the higher rate.
Is that normal practice that existing customers have to ask for better rates rather than automatically being adjusted ?

So if any of you have a Sainsburys ISA, get on the phone/web chat!!
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Bank of Scotland use that tactic, too - no doubt saving a fortune. I've moved my ISA to Shawbrook a couple of months ago and they've upped my rate consistently with the BoE increases.
 
Dirk Diggler said:
Bank of Scotland use that tactic, too - no doubt saving a fortune. I've moved my ISA to Shawbrook a couple of months ago and they've upped my rate consistently with the BoE increases.
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Cynergy Bank do this with their Easy Access Accounts. Rather than give existing customer the rate increase, they open a new issue. This means if you want the increased rate then you have to apply for a new account (close and transfer). Easy enough with a couple of clicks, but no communication at all. They expect customers to see the headline rates apply and then forget about it.

Also annoying if you have standing orders setup as you get a new account number.

For the 'rate whores' like me they don't get off so easily! :D
 
leoncuprar said:
So that was interesting (for me anyway)
In March I opened a Sainsburys easy access cash ISA to dump some money in there before end of tax year, at 2.91%.

Obviously since then that rate has become uncompetitive , and for new customers Sainsburys are offering 3.7%.

So I emailed them to ask why my rate hadn't changed to reflect the higher rate. I got a response saying that existing customers can request the higher rate, and that I am now on the higher rate.
Is that normal practice that existing customers have to ask for better rates rather than automatically being adjusted ?

So if any of you have a Sainsburys ISA, get on the phone/web chat!!
Click to expand...

That's disappointing, but not surprising these days.

The company will make more money if they're paying measly interest rate. A fair chunk of people will be too lazy/unaware that they're getting a shoddy deal and won't do anything about it, so where's the incentive for the company to up the interest rate when they can make plenty of money off these folks?

The only way this is going to change is if legislation is put in place to stop it, or if people cotton on to this shoddy behaviour and move their money to a company that's a bit more competitive.

So yea, ditch sainsburys and move to somewhere that is a bit more proactive about offering good rates. Off the top of my head, Chase, Zopa and Chip are upping their rates regularly without having to to pester them.
 
So what's the best easy-access ISA rate out there at the moment that people can recommend?

Currently in a Moneybox S&S ISA @ 3.25% cash rate.

Need to get another account opened up somewhere for my wife and offset some of the interest tax in the Chase / Chip account
 
ci_newman said:
So what's the best easy-access ISA rate out there at the moment that people can recommend?

Currently in a Moneybox S&S ISA @ 3.25% cash rate.

Need to get another account opened up somewhere for my wife and offset some of the interest tax in the Chase / Chip account
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Are you after a Stocks and Share ISA or Cash ISA?

If Cash - Cynergy Bank – 3.85% Easy Access. If you can fix for 1 year Virgin Money – 5.05%
 
Slam62 said:
In case anyone is wondering this page explains what hmrc expect

www.gov.uk

Tax on savings interest

You do not pay tax on your savings interest if you're on a low income.
www.gov.uk www.gov.uk
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That also says if your employed HMRC will change tour tax code so you pay the tax automatically.

Also it looks like you only need to register for self assessment if your income from savings and investments is over 10k.

Thanks for the link, looks like I don’t need to worry about doing a tax return now.
 
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Dirk Diggler said:
I wouldn't chance that - they're good at not picking up your situation and then coming back a few years later to tell you that they want it all and they want it now.
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Yep, but in my situation, its only because I moved some out of an ISA, I plan to put some back in over the next 1-2 yrs so a chunk will be tax free again, so Im not too fussed just waiting for any letter telling me what I owe.
 
reilly said:
Are you after a Stocks and Share ISA or Cash ISA?

If Cash - Cynergy Bank – 3.85% Easy Access. If you can fix for 1 year Virgin Money – 5.05%
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Whatever gives the best returns :) To be clear, not looking to invest the money but for example Moneybox give 3.25% on cash balances in their S&S ISA.
 
My fixed savers are going to pay 135 each across the year. (both this tax year). So only got 220 of interest I can get from fixed saver.

I guess as chip ipays monthly I can just keep an eye out.

So gonna sign up for chip this week. Seems they keep up reasonably well with the market.
 
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I've never heard of Chip before this thread but a quick look and it seems some of its products are via Clear Bank. Clear Bank reviews are terrible but they are registered with the FSC it seems so would only invest up to the £85k limit. There seems to be a few people using them and the rates look good (even for the business accounts). Anyone had any problems?
 
I've put quite a few savings into Chip and taken a fair bit out as we're doing building work and never once had an issue with deposits or withdrawals.

I do have some cash in their prize account but no wins yet!
 
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