Best savings account?
- Thread starter Merlin5
- Start date
Man of Honour
Chip have been the market leading easy access account for a while now and they don't seem to be slowing down.Finding and sticking with a good easy access saver is now exhausting with things changomg all the time
Honestly, I hate the ******* modern world.
Open an account, stick it in there and forget about it
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 45,776
Signed up for a nationwide savings account, still nothing in the post though. All pretty slow.
Soldato
- Joined
- 18 May 2010
- Posts
- 12,759
Thanks, surprised at that it seems it's almost not worth while for the amount of tax until it get into significantly higher amounts
Post
Anytime I've done a new account it's open and sending money to it in a few minutes. Nationwide stuck in the last century?
If I deal with any company that use post I switch company. Last time I got post (other than parcels) was my passportPost
Anytime I've done a new account it's open and sending money to it in a few minutes. Nationwide stuck in the last century?
Soldato
What needs sending in the post?
They have online banking and a banking app, the only things Ive ever got in the post from them is ISA certificates.
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Soldato
Sometimes they send account access details in the post.
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 45,776
Access to online banking.
Caporegime
Okay....it's near the time we get the £100 from the £1000 into Nutmeg isn't it?
Do we know where that £100 is deposited into?
Do we know where that £100 is deposited into?
I would guess it’s added to the Nutmeg balance?
Mines gone to like £988 on the lowest risk
£986.60Mines gone to like £988 on the lowest risk
Was looking around the usual big UK banks the other day for savings and the rates are still rubbish.
Mortgage rates shoot up beyond base rate, even before rate announcements cause that's where they think it might go, savings, nah we need wait and see what happens.
Mortgage rates shoot up beyond base rate, even before rate announcements cause that's where they think it might go, savings, nah we need wait and see what happens.
Caporegime
Mines gone to like £988 on the lowest risk
I’m on the lowest risks too but almost parity.
Man of Honour
Within 5 (iirc) working days of tomorrow it will be added to your Nutmeg balance.
That's pretty good!
I put in 4k into a 3 year in December thinking 4.75 was high as it was gonna go!
Now I can't have anything else that finishes that year as I thought the interest was annually paid and I'll be into paying tax! Derp!
I believe anyway.
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On a calculator have this calculation in mind. Interest receivable tax allowance divided by the interest rate you're getting. This tells you the maximum you should have in your savings accounts that aren't sheltered from tax.
Example: You have funds in an account that pays 3.8% interest. Your allowance of interest earned before paying tax is £1,000 and on a calculator you express a % as a fraction by dividing it by a hundred if you're not comfortable using a % button. So in this example 1000 / 0.038 = £26,318, that's the maximum you should keep in those regular savings accounts. Any more and you'll pay tax on additional interest received beyond £1,000
Of course it isn't quite that simple because any interest you earn is added to your savings every month most likely, the interest rates will not remain static for the whole year (April - April) and it's harder to be precise if you have it in multiple accounts paying different interest levels. But it is an easy bit of math to understand if you're going to be close to the limit of needing to pay tax.
Unless there's a big disparity between interest received between non-ISA and ISA options, as can be the case, in general maxing out your ISA allowance is just a smart thing to do - it's protected from tax now and forever more. Although not quite as straight forward as moving money between bank accounts, it's still perfectly possible to move ISAs around between providers annually (or whatever period you lock in) in future years to get better deals too.