Best savings account?

413x · 14 Dec 2022 at 20:36

So I'm fully set up.

I'm on
Lloyd's 400ppm 5.25pc fixed for 12 months
First direct 300ppm 7.0pc fixed for 12 months.
Nationwide's 4.75pc fixed rate bond for 3 years (no withdrawals) with 5k in

The regular savers aren't great but with the nationwide bond sucking up the lump sum they suit right now.

Didn't want to fix for longer than 3 years without withdrawal option.

I noticed that most fix rate bonds have dropped from the 5pc peak they hit a month ago

Troop · 14 Dec 2022 at 20:44

413x said:
So I'm fully set up.

I'm on
Lloyd's 400ppm 5.25pc fixed for 12 months
First direct 300ppm 7.0pc fixed for 12 months.
Nationwide's 4.75pc fixed rate bond for 3 years (no withdrawals) with 5k in

The regular savers aren't great but with the nationwide bond sucking up the lump sum they suit right now.

Didn't want to fix for longer than 3 years without withdrawal option.

I noticed that most fix rate bonds have dropped from the 5pc peak they hit a month ago

If the rate goes up again this week by 0.5%, saving rate will be back to close to 5%.

Been following the rates like a hawk last 6 months, spreading the sale of a property in 85-50k chunks.

tom_e · 15 Dec 2022 at 12:48

Chip up to 3%

Raymond Lin · 15 Dec 2022 at 12:50

I am hoping Chase will raise theirs soon.

tom_e · 15 Dec 2022 at 12:51

Raymond Lin said:
I am hoping Chase will raise theirs soon.

They were relatively on the ball with the first raise to 2.1%, they seem to have forgotten about it since then.

Raymond Lin · 15 Dec 2022 at 12:54

tom_e said:
They were relatively on the ball with the first raise to 2.1%, they seem to have forgotten about it since then.

I have Barclays's Rainy Day wit 5% but that has a cap of £5k. I also got in on the Santander is 2.73% too but that was like back in October, I feel like there has to be more and better rates now.

photoshop · 15 Dec 2022 at 13:40

I've got everything sat in the Santander 2.75% (2.72% after tax) savings account.

Cant be bothered with drip feeding money in to the other capped savings accounts at 5-7% as in reality its only like 3.2/3.5% and im not going to open up and go through the hassle of standing orders every month for the sake of an extra £150p/yr

Minstadave · 15 Dec 2022 at 13:49

photoshop said:
I've got everything sat in the Santander 2.75% (2.72% after tax) savings account.

Cant be bothered with drip feeding money in to the other capped savings accounts at 5-7% as in reality its only like 3.2/3.5% and im not going to open up and go through the hassle of standing orders every month for the sake of an extra £150p/yr

Doing similar. Got the lump sum in Santander but doing the Natwest 5% at £150pcm as already have an account and took seconds to set up.

Got a LISA setup as nearing 40 now. S&S ISA setup on Moneybox but performance is pretty dire.

At what point does the tax free savings allowance fall from £1000 to £500? It says higher rate tax payer, is that 40% or 45%? I'm into the 40% tax band so I think I only get £500?

tom_e · 15 Dec 2022 at 13:53

Minstadave said:
Doing similar. Got the lump sum in Santander but doing the Natwest 5% at £150pcm as already have an account and took seconds to set up.

Got a LISA setup as nearing 40 now. S&S ISA setup on Moneybox but performance is pretty dire.

At what point does the tax free savings allowance fall from £1000 to £500? It says higher rate tax payer, is that 40% or 45%?

40% in England.

Minstadave · 15 Dec 2022 at 13:56

tom_e said:
40% in England.

Bugger going to have to rethink and use my ISA allowance better.

413x · 15 Dec 2022 at 14:28

Minstadave said:
Bugger going to have to rethink and use my ISA allowance better.

Same for me. First time I've ever had to think about it. Due to
1. First time salary in the 40pc
2. Never had interest rates worth worrying about

200sols · 15 Dec 2022 at 14:44

Premium bonds are tax free. If you have the max 50k in you tend to get close to the advertised rate, now 3%. Tend to be better as easy access for higher rate payers, you'd need to fix at higher than 5% for savings accounts to be viable.

englishpremier · 15 Dec 2022 at 15:17

photoshop said:
I've got everything sat in the Santander 2.75% (2.72% after tax) savings account.

Cant be bothered with drip feeding money in to the other capped savings accounts at 5-7% as in reality its only like 3.2/3.5% and im not going to open up and go through the hassle of standing orders every month for the sake of an extra £150p/yr

Raymond Lin said:
I have Barclays's Rainy Day wit 5% but that has a cap of £5k. I also got in on the Santander is 2.73% too but that was like back in October, I feel like there has to be more and better rates now.

Santander's Edge saver pays 4% on balances up to £4,000 but you need the current account for that.

Building Candy · 15 Dec 2022 at 15:20

photoshop said:
I've got everything sat in the Santander 2.75% (2.72% after tax) savings account.

Cant be bothered with drip feeding money in to the other capped savings accounts at 5-7% as in reality its only like 3.2/3.5% and im not going to open up and go through the hassle of standing orders every month for the sake of an extra £150p/yr

Same here, got a lump in there earning a decent amount every month.

Raymond Lin · 15 Dec 2022 at 15:21

englishpremier said:
Santander's Edge saver pays 4% on balances up to £4,000 but you need the current account for that.

I think the best at the moment is max my Rainy Day Barclays to £5k which gets me 5% + £8 bonus.

The rest into Santander 2.7% e-saver, i forgot the limit on that though.

Minstadave · 15 Dec 2022 at 15:24

Raymond Lin said:
I think the best at the moment is max my Rainy Day Barclays to £5k which gets me 5% + £8 bonus.

The rest into Santander 2.7% e-saver, i forgot the limit on that though.

250k I think.

tom_e · 15 Dec 2022 at 17:54

Raymond Lin said:
I am hoping Chase will raise theirs soon.

They heard you, up to 2.7% now.
Not until the 4th Jan though :rolleyes:

MatsyLR · 15 Dec 2022 at 18:05

Chase up to 2.7% as of January, its pathetic they are taking so long.

tom_e · 15 Dec 2022 at 18:28

That's something chip get right, by the time I've read the email the app is already showing the increased rate.

Raymond Lin · 15 Dec 2022 at 19:42

tom_e said:
They heard you, up to 2.7% now.
Not until the 4th Jan though

Just got the email!