Soldato
Your savings account provider(s) will issue you a Certificate of Interest at the end of the tax year stating how much interest you received. Or you could just go through your statements and tot up the interest payments.
Best savings account?
- Thread starter Merlin5
- Start date
Your savings account provider(s) will issue you a Certificate of Interest at the end of the tax year stating how much interest you received. Or you could just go through your statements and tot up the interest payments.
Have had a savings account with HSCB and gf with FD, both offered the same promo for a year (think it was 5%), and have had them for about another year, during which interest went up to 2% (after the promo ended, the rate was near zero).
Noticed that HSBC offered an 'Online Bonus Saver' which gives (up to £50,000) 4% interest, provided you do not make withdrawals. Interest is calculated monthly, so if you do make a withdrawal in one month you get 2% for that month.
Created one via the app in 2 mins yesterday, and then went onto support to close my old account which should happen in the next 2-3 days. GF did the same with the equivalent FD product, although she had to apply via chat and they told her it'll take up to 5 days to open the account.
Noticed that HSBC offered an 'Online Bonus Saver' which gives (up to £50,000) 4% interest, provided you do not make withdrawals. Interest is calculated monthly, so if you do make a withdrawal in one month you get 2% for that month.
Created one via the app in 2 mins yesterday, and then went onto support to close my old account which should happen in the next 2-3 days. GF did the same with the equivalent FD product, although she had to apply via chat and they told her it'll take up to 5 days to open the account.
4% is rubbish these days.
Fair enough, I doubled my interest rate within 2 mins, happy with that.
Soldato
Tandem Bank 5%
RCI Bank 5.6%
Coventry BS 5.2%
I have no idea what my savings interest allowance is for this 2023-24 tax year as I'm not employed and only £14K of my winnings annuity each year is classed as income for tax purposes. Although this doesn't effect my winnings as they take it at source and over pay me so I still get my correct winnings.
RCI Bank 5.6%
Coventry BS 5.2%
I have no idea what my savings interest allowance is for this 2023-24 tax year as I'm not employed and only £14K of my winnings annuity each year is classed as income for tax purposes. Although this doesn't effect my winnings as they take it at source and over pay me so I still get my correct winnings.
Last edited:
i had an email from HMRC saying i havnt paid enough tax because of the interest earned. i logged into hmrc website to see if it was legit and it was, i had the option to make a one of payment or it would be taken from my 2024 - 2025 tax year wages, decided to just be done with it and pay it now, good job its not upto me to " add up " how much interest ive earned with the amount of accounts ive had and switched these last 12 months.
You can make 6 grand and not pay tax if your earnings are under 17570. Do the maths based on how much you are saving and see when you cross that threshold - then its time to get ISAs fired up.
The savings allowance is reduced by £1 for every £1 you earn over the personal allowance some someone on £14k could earn £3570 + £1000 personal savings allowance = £4570.
To be fair it actually says "other income" is factored in too, so maybe he loses the starter rate entirely.
Edit: happy to split £3k/mo in advisory fees from lee between us if you want to double team the job I proposed I would do a while back
Last edited:
Caporegime
Had the same email and I’m going to get it out of the way too. I’ve already earnt more interest in this tax year than I did in total last year so will probably end up having to do a self assessment next year.
Soldato
By the end of the tax year I'm forecast to have well over £1K in savings interest. In the future I will have to look into ISAs but I've never bothered with them in the past as the interest rates never seem to be as good as normal instant access accounts.
As far as HMRC are concerned, I earn £14K per year. The rest of my winnings income is already classed as my money so it is not technically income. The £14K is something to do with the profit the annuity provider makes from my policy or something like that. This does not effect my overall SFL winnings and I still get over £10K per month.
As far as HMRC are concerned, I earn £14K per year. The rest of my winnings income is already classed as my money so it is not technically income. The £14K is something to do with the profit the annuity provider makes from my policy or something like that. This does not effect my overall SFL winnings and I still get over £10K per month.
Soldato
Anyone able to recommend a Cash ISA that will allow you to make additional payments each month but also let you put a small lump sum in at the start?
I don't mind locking it away for a year (no withdrawals) but all the higher rates I can find (5%+) all seem to only allow deposit within first 60 days of opening.
Ideally I'd like.
Cash ISA
Allow initial decent deposit (say £2000)
Allow deposit monthly (upto £250 or so)
Decent rate of 5% or more.
1 or 2 year.
Not fussed if locked away/withdrawal penalties.
Being able to open and manage online is also a bonus.
I don't mind locking it away for a year (no withdrawals) but all the higher rates I can find (5%+) all seem to only allow deposit within first 60 days of opening.
Ideally I'd like.
Cash ISA
Allow initial decent deposit (say £2000)
Allow deposit monthly (upto £250 or so)
Decent rate of 5% or more.
1 or 2 year.
Not fussed if locked away/withdrawal penalties.
Being able to open and manage online is also a bonus.
Last edited:
Not sure many do both, but don't let stop you from having 2 ISAs...
Soldato
https://www.coventrybuildingsociety.../savings/cash_isa/four-access-isa-online.html Pretty sure I can put anything I want to in mine (I put payments in weekly) and if I recall, you can open it and put anything from £1 up to the £20k limit
Soldato
Looks good at initial glance... Appreciated
Soldato
Its just under 5% but I would go with the shawbrook easy access if your concerned about withdrawls
www.shawbrook.co.uk
Easy Access Cash ISA Account | Shawbrook
Our easy access cash ISA savings account is ideal if you want to keep some money aside for a rainy day, earning tax free interest, being able to access the funds as and when you need to.
www.shawbrook.co.uk
Soldato
As the ISA allowance is based on tax year, I would 100% get £20k into one before the tax year changes if I was you. We have only just passed the halfway mark for the year so unless you have a strange set of accounts you should be able to pull that 2023/4 interest down a far chunk.
Associate
FWIW banks and building societies notify HMRC of all untaxed interest paid to savers. IIRC they are supposed to do that by 21 June annually. HMRC keep a table of those payments. In the case of a one person saver the table shows a "1" for joint savers a "2", HMRC allocate either 100 or 50% of the interest accordingly. One can contact HMRC and ask for a copy of the table, unfortunately it is NOT available on-line at the Government Gateway.
I recently contacted HMRC and requested the table. It's interesting to note that HMRC show "Actual" and "Estimated" payments. I often take out one year fixed saving accounts and I'm given an account number. At the end of that period I'm given options to reinvest, withdraw etc. Each time I opt to reinvest I'm issued with a new account number. Therefore when I viewed the table I was surprised to see that HMRC were showing estimates based on the previous years savings as well as the actual interest paid for the current financial year. I spoke to them on the phone and from the table 8 were accounts which were current and 11 were from accounts I'd closed in the previous financial year.
Personally I think the table should be viewable on the Government Gateway, afterall it is our responsibility to ensure that the information given to HMRC is correct. In the case of a joint account, the bank could easily make a mistake and report that the account is a lone account and all the interest shown against just the one person when it should have been split for a joint account.
One building society had NOT reported the interest to HMRC by the beginning of October despite that they should have reported by 21 June.
I recently contacted HMRC and requested the table. It's interesting to note that HMRC show "Actual" and "Estimated" payments. I often take out one year fixed saving accounts and I'm given an account number. At the end of that period I'm given options to reinvest, withdraw etc. Each time I opt to reinvest I'm issued with a new account number. Therefore when I viewed the table I was surprised to see that HMRC were showing estimates based on the previous years savings as well as the actual interest paid for the current financial year. I spoke to them on the phone and from the table 8 were accounts which were current and 11 were from accounts I'd closed in the previous financial year.
Personally I think the table should be viewable on the Government Gateway, afterall it is our responsibility to ensure that the information given to HMRC is correct. In the case of a joint account, the bank could easily make a mistake and report that the account is a lone account and all the interest shown against just the one person when it should have been split for a joint account.
One building society had NOT reported the interest to HMRC by the beginning of October despite that they should have reported by 21 June.
I opted to do a self assessment as then I have more confidence that everything is correct. This is partially because I pay into a personal pension as well as a work pension and it allows that to be taken into account. If you do not have complex accounts a self assessment is easy to fill in these days.
Last edited: