Ask Stormzy if he knows one.
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Best savings account?
- Thread starter Merlin5
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Not true. Flexible ISA allows you to do exactly that.
Soldato
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They are referring to this https://www.gov.uk/individual-savings-accounts/withdrawing-your-money
Quite a few ISA providers let you do it.
Caporegime
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Oh, this is new to me...interesting.
Every day's a school day
Soldato
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I opened a couple of accounts on Shawbrook, an Easy Access ISA and an Easy Access standard one.
My plan is to pile money I would normally overpay on the mortgage into the savings, and then on my mortgage renewal date (Sep 2026) I will probably just sit on the SVR for a month (ideally less) and liquidate all of my savings into the mortgage instead.
I'm also going to migrate my current AC to Nationwide (from HSBC) because I can get the £200 switching bonus, and then I can use the regular saver which is the 8% one on top, they also have my mortgage so sort of makes sense to keep it all in one place.
My plan is to pile money I would normally overpay on the mortgage into the savings, and then on my mortgage renewal date (Sep 2026) I will probably just sit on the SVR for a month (ideally less) and liquidate all of my savings into the mortgage instead.
I'm also going to migrate my current AC to Nationwide (from HSBC) because I can get the £200 switching bonus, and then I can use the regular saver which is the 8% one on top, they also have my mortgage so sort of makes sense to keep it all in one place.
Ah so you can't
So you can't put more than £13k in the same tax year ?
Soldato
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ISA limit is £20k per (tax) year for deposits.
If the ISA is flexible a withdrawl is a - to that, so in effect your limit goes back up if you withdraw. If its not flexible then everything you deposit is counted to the £20k whether or not you have withdrawn any.
Been an option for 5 or 6 years now.
If you may want to withdraw then ideally find a non limiting, flexible one.
I would recommend the Shawbrook hippo mentions above but I am 99% its not flexible.
There really isn't any excuse for them not being flexible so its really to lock you in.
Soldato
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Is there a overall limit how much you can have in this account?
You can only deposit £200/month, I don't think an account limit will be a big issue when rates will likely change again before the year is out
Soldato
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Most regular savers automatically send the funds to a linked account at the end of the year they were opened.
The ones I've used before just reverted to a standard savings account after the 12 months as far as I can remember, it's been a while since I've used one.
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Soldato
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I think more lenders now are treating them as renewing accounts so they keep the account as was for less admin setting up new accounts each year for regular savings.
So the regular saver account remains as is, then they either setup a new low rate saver, or return the funds.
I have 3, one setup a low rate saver at the same time which will automatically receive the funds on anniversary date (its sitting there as zero balance) the other two return the amount to linked account.
Mine have always closed and ended up in a 0.x percent regular saver.
My lloyds one ends in 2 weeks. And that's what will happen to it as well. Then you open another. Going from 5.25 this year to 6.25.
6.25 at 400ppm is pretty good.
I'm. Just outside the window for getting the bonus. Otherwise I'd be on it too
For all the pain that people are suffering, it's nice to finally have some decent savings rates, if you can afford to put money away.
Its great for those who don't like stocks.
I've never had to worry about getting to much interest in my life. But now I am. It's actually quite easy to go over 500ppy interest now
Well that's why you have ISA's. This account is for a specific savings goal, probably in 2025, so the one year run time of the account suits me.
I'm getting 135 from a regular, 135 from another and 200 from a bond.
Its getting close lol.