Best savings account?

Personally, once I have maxed out savings for ISA and normal accounts I would look into pay more tax through work pension (so it’s taken pre tax) or put it into SIPP or index fund.

I mean ISA gives you £20k a year allowance, that’s enough for most emergency from temporary car, new boiler.
 
ljt said:
The vast majority will be on £1000 interest tax free as basic rate tax though. So that's 25k @ 4%

The £500 will be for higher rate tax payers.

Although I agree, the limits should still be higher to encourage saving.
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Like I am. With the current highest 1year fixes though, which are above 6%, I'll only have to drop £16500 into the account to make the £1k interest. Leaving the rest for a fixed cash ISA deal or maybe a Stocks and Shares ISA (Vanguard? - unsure whether I want to take the risk yet).
 
Mekrel said:
'Some', as already mentioned, the money was taxed in the first place. I just find it interesting how these rate rises really aren't that beneficial to people because of the PSA and ISA limitations. You lose at the one end on your mortgage, but barely benefit at the other. I get not encouraging people to spend during these times but I'm struggling to understand why saving isn't encouraged. Why wouldn't saving be encouraged when the whole purpose of trying to bring inflation under control is to reduce demand/spending?
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Ways to avoid as already mentioned, its generally better for the economy if the money is productive after you have a buffer.
 
EvilRob said:
So what are you doing instead? Not earning any interest to avoid paying tax on interest :confused:
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Clearly 60% of something is better than nothing. What I'll be doing is comparing the interest rate after tax vs likely returns of other tax free wrappers such as premium bonds.
 
Shawbrook are offering 4.53% monthly on their issue 36 instant access savings account.

For older savings issues launches from Shawbrook the interest rate can lag behind, with the best rate being offered only on the latest issue.
However, a quick phone call to them gets the saver up to the latest rate. I just had mine updated to issue 36 rates today.
 
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Tandem are offering 5% easy access according to MSE. Not read into it yet, but the only downsides on first glance is that you have to manually tap a button to increase the rate from 4.65 to 5.0 (wtf?!), and that the 0.35% boost only applies for a year.

Very tempting, but I've never heard of them.

Shawbrook are offering 4.63% but it sounds like you have to get in touch to request moving to a new product every time they offer higher rates, which is a bit of a pain.

Chip get a good rep on here, but are lagging at 4.51%.
 
NotAGolf said:
Tandem are offering 5% easy access according to MSE. Not read into it yet, but the only downsides on first glance is that you have to manually tap a button to increase the rate from 4.65 to 5.0 (wtf?!), and that the 0.35% boost only applies for a year.

Very tempting, but I've never heard of them.

Shawbrook are offering 4.63% but it sounds like you have to get in touch to request moving to a new product every time they offer higher rates, which is a bit of a pain.

Chip get a good rep on here, but are lagging at 4.51%.
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For such a significant jump, it's certainly very tempting. There are a couple things I like about chip, such as card deposits and the daily update of interest earned so I will give them a week to get their rate up

Tandem do also seem to get better reviews than chip on trustpilot, though the chip reviews don't make a lot of sense to me
 
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There are quite a few easy access accounts that now beat Chip, going to be interesting to see what they do now as they don't seem to be upping the rate quite so quickly.
 
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