Best savings account?

413x · 15 Dec 2022 at 21:20

If savings rates still carry on increasing cash isa options are going to look appealing.

Some seem to be hitting 4+ percent now. Not so far off the bonds and instant access.

I still have some isa allowance left.

From what I gather S&S ISA and cash ISA can be opened in same year as long as you don't go over 20k COMBINED?

garsands · 15 Dec 2022 at 22:25

Back in November I opened a cash ISA with Virgin Money at 4.36% Fixed for 3 years but you can take your money out at any time.
Best they have now is 4.11% fixed for 2 years. 4.36% looked good then but might go higher next year.

NotAGolf · 16 Dec 2022 at 13:55

Just got an email from NS&I saying the prize fund rate for premium bonds is going up to 3% in January (it was a smidge above 2% iirc).

Not a guaranteed 3% obviously, but it's instant access and you don't need to worry about the tax implications.

Skilid · 16 Dec 2022 at 14:05

413x said:
From what I gather S&S ISA and cash ISA can be opened in same year as long as you don't go over 20k COMBINED?

Correct. This doesn't count for transfers though. So if you close one Cash ISA and transfer funds to a newly opened cash ISA it doesn't count toward your allowance for that year.

doodah · 16 Dec 2022 at 14:10

Chase going up to 2.7% :cool:

Raymond Lin · 16 Dec 2022 at 14:12

I got a Cash ISA in Barclays but i think that is getting silly low like 0.02% interest? Do they ever move with BoE rates?

dlockers · 16 Dec 2022 at 14:15

Raymond Lin said:
I got a Cash ISA in Barclays but i think that is getting silly low like 0.02% interest? Do they ever move with BoE rates?

Not usually. Big banks count on you losing interest in managing your own money.

moon man · 16 Dec 2022 at 14:16

Zopa now 2.86%, more for boosted pots with 1 week plus notice

Scam · 16 Dec 2022 at 14:18

Raymond Lin said:
I got a Cash ISA in Barclays but i think that is getting silly low like 0.02% interest? Do they ever move with BoE rates?

lol no you have to move, even if it's to a new ISA with the same bank.

Raymond Lin · 16 Dec 2022 at 14:19

Scam said:
lol no you have to move, even if it's to a new ISA with the same bank.

I only have £100 in there now.

200sols · 16 Dec 2022 at 14:20

Vanguard give you interest on cash in their S&S ISAs or general accounts, its something like base rate -0.2%. Pretty good stuff..

Minstadave · 16 Dec 2022 at 14:27

200sols said:
Vanguard give you interest on cash in their S&S ISAs or general accounts, its something like base rate -0.2%. Pretty good stuff..

Is that considered tax free as its in an ISA?

Dup · 16 Dec 2022 at 14:41

Am I best waiting till Jan at this point?

Still got ~20k I wanna stick into an instant saver. I assume these don't track, it's not outwardly clear on their sites. I was gonna chuck it into a 2.55% AER / 2.52% Gross with Atom but 2.7+ would be nicer. I'm looking for as simple as possible really.

Mercenary Keyboard Warrior · 16 Dec 2022 at 14:45

Minstadave said:
Is that considered tax free as its in an ISA?

ISA is a tax shield in effect (called a wrapper) if its inside its tax exempt as long as its legitimately inside

Minstadave · 16 Dec 2022 at 14:46

Mercenary Keyboard Warrior said:
ISA is a tax shield in effect (called a wrapper) if its inside its tax exempt as long as its legitimately inside

It's not explicit as best I can find for my Moneybox S&S ISA. Thanks for letting me know.

doodah · 16 Dec 2022 at 14:50

Dup said:
Am I best waiting till Jan at this point?

Still got ~20k I wanna stick into an instant saver. I assume these don't track, it's not outwardly clear on their sites. I was gonna chuck it into a 2.55% AER / 2.52% Gross with Atom but 2.7+ would be nicer. I'm looking for as simple as possible really.

Chase is an option, no restrictions and they're going up 2.7/2.67% (AER/gross) next month.

McGray · 16 Dec 2022 at 14:51

I opened a Chase yesterday and couldn't be simpler.

darkgen · 16 Dec 2022 at 14:57

Raymond Lin said:
I got a Cash ISA in Barclays but i think that is getting silly low like 0.02% interest? Do they ever move with BoE rates?

Barclay's offering 4% ISA. Move it! - https://www.moneysavingexpert.com/savings/best-cash-isa/#oneyearfixed

aardvark · 16 Dec 2022 at 15:14

zopa has just gone up by 0.4% on all their smart saver teirs

2.86% is the lowest

Raymond Lin · 16 Dec 2022 at 15:58

darkgen said:
Barclay's offering 4% ISA. Move it! - https://www.moneysavingexpert.com/savings/best-cash-isa/#oneyearfixed

Oh, done! Easy as pie in the app.

Moved the pittance across from the Instant Access Cash ISA…I thought I am only allowed to have 1 only? Do I need to close the instant one? It has nothing in there at the moment.