Associate
Check martin lewis for the best savings account lists, there are some that lock away savings but only have a 30,60 or 90 day wait to access.
Best savings account?
- Thread starter Merlin5
- Start date
Man of Honour
Same for above but there have been some don't allow deposits/withdrawals in an app.
Soldato
Open one of those app-only savings accounts (Chase, Atom Bank, etc.), setup transfers in, delete the app.
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Associate
Would this not be treated as income from dividends? Thus the tax on coupon payments would be lower as the rates are lower than those for income tax (assuming you are a higher rate tax payer who goes over the personal savings allowance).
Wasn't aware that gilts were free from CGT
Has anybody else had a message from Chase recently about a compromised merchant? I've received such a message today, also telling me that they've changed my virtual card details and to check my transactions since the beginning of the year. When I phoned Chase, they say that they don't know which merchant. 
The message is definitely from Chase as it's in the chat section of their app when I login.
The message is definitely from Chase as it's in the chat section of their app when I login.
Interest isn't worth worrying about it'll be so short.
At least in premium bonds there's a chance to win a chunk.
And I'll breach the tax free limit if I put it in a normal account
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Exactly what I would say.
Lloyd's have a 6.25pc regular saver for 400ppm
And the barc 5k 5pc lump sum.
Both of those work well for this case
Nope, income tax is charged on interest from savings, gilts, other bonds etc.. at the regular income tax rates (with some allowances etc..).
So the angle here is to take advantage of Gilts paying a very low-interest rate and avoid tax because otherwise (assuming the ISA has been maxed out) you'd be paying say 40% or 45% on that interest if held in a bank account.
Basically, you can get a 66% or so higher return vs savings.
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Soldato
ISA question
I don't currently have an ISA but want to open one, just a question about transferring in money. If I opened a new ISA now and put in 5k say, is their a cut off for when I can transfer more in, would it be the next tax year, April?
I don't currently have an ISA but want to open one, just a question about transferring in money. If I opened a new ISA now and put in 5k say, is their a cut off for when I can transfer more in, would it be the next tax year, April?
Caporegime
April to April.
End of tax year.
Soldato
So I can transfer in say another 5k in 3-4 months time?
And then next April If I had funds available I could then put in the full 20k.
See I have bond thats not tax free and it has a large amount in it, so I want to eventually move some of this into an ISA, so trying to work out best time to open an ISA.
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Caporegime
You can put in £20k between April to April, it resets on April 6th. If you take some out, it does NOT lower it. So if you put in £20k, and then take £10k out. You cannot put that £10k back in until next April.
Soldato
Yep realise the 20k limit, was just unsure if I can make numerous transfers in, over one tax year.
Yeah, if the product allows it it's fine.
Also to be aware..
You can open a Stocks isa and a cash in same tax year. And contribute to both.
But.. 20k limit is split combined for stocks and shares and cash.
Just in case you have a S&S account already!
If you put 10k in one, you can only put 10k in the other that tax year.
Soldato
I just had a look and the fixed rate isa from nationwide for example only allows a lump sum upon opening, so I will leave it for now.
Yeah. It sucks. I need a flexible one and rates are poo
Soldato
NatWest are doing 3% on an instant cash ISA if you have over £25k.
It's not great but better than it was, actually slightly higher rate then the mortgage for the moment.
It's not great but better than it was, actually slightly higher rate then the mortgage for the moment.