Best savings account?

413x said:
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.
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Its definitely lender specific how they operate.
They all used to do this, but some are now transitioning to being more logical.
Eg Santander the regular saver remains, same account number etc, but the funds are returned to a nominated account.
If you have a SO setup you don't need to do anything at all, its fully automated year in year out.

Saves them ending up with loads of accounts that are used for one year then abandoned (assuming saver just removes the cash to another account).

Halifax works as above as well from what I can tell.
 
nam said:
has anyone opened one of these at 5.40%

1 Year Fixed Rate Cash ISA | Savings Accounts | Paragon Bank

Save from £500 to £100,000 with our 1 Year Fixed Rate cash ISA and take advantage of tax-free returns on your savings. Enjoy peace of mind knowing how much interest you will earn along with the option to choose monthly or annual interest. Find out more today.
www.paragonbank.co.uk
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I opened a fixed ISA @5.75% and variable ISA which is 4.7%, you can open both types as Paragon has an ISA Wallet which allows you to open more than one cash ISA with them (you spread your allowance over the accounts), in the same tax year.

What is a Flexible ISA and ISA Wallet? | Paragon Bank

A flexible ISA lets you withdraw money and replace it in the same tax year without it affecting your ISA allowance. Find out more here.
www.paragonbank.co.uk
 
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nam said:
has anyone opened one of these at 5.40%

1 Year Fixed Rate Cash ISA | Savings Accounts | Paragon Bank

Save from £500 to £100,000 with our 1 Year Fixed Rate cash ISA and take advantage of tax-free returns on your savings. Enjoy peace of mind knowing how much interest you will earn along with the option to choose monthly or annual interest. Find out more today.
www.paragonbank.co.uk
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I did mine with Gatehouse @6%. Getting £70 odd a month.

And 4% easy access saver with Al rayan.

gatehousebank.com

UK Ethical Banking, Savings & Finance

Gatehouse Bank is a pioneering UK Bank offering Shariah-compliant ethical savings, home finance, Buy-to-Let finance and more.
gatehousebank.com gatehousebank.com
 
200sols said:
I'm back to say gilts again.
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I keep forgetting to look into this.

More Important I need to look at pension stuff ASAP.
I've entered 40pc tax this tax year. And don't full understand tax relief at this level.

I could put in enough to a pension to be under the 40pc bracket.

Its something I've never had to think about before. But seems like a no brainer.
 
leoncuprar said:
Hi I have an ISA question...

I have a variable cash ISA (tesco bank) from 2022-23 tax year , which I have not paid into this tax year.. and the rate on that has increased now to 4.9%

I have another cash ISA (santander) from this tax year, which I have paid into this year, but the rate on that seems stuck on 3.2%.

So my question is
1) Can I transfer the funds from Santander ISA to Tesco ISA at anytime ? As this pays interest annually would they pro-rata interest earn't so far and include that in the transfer
2) If I do that , can I then pay more into the Tesco ISA this tax year? I had a feeling you're only allowed to pay into one ISA per year

Thanks
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Can anyone help with this ?
 
leoncuprar said:
Can anyone help with this ?
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AFAIK

1) Yes, you can transfer an ISA at any time, if it's one you have paid money into in the current financial year, you have to transfer all of it. As long as the receiving ISA is still open for transfers, I usually do fixed ISA's that have a limited window to pay money into, I haven't got any variable ones. Yes they would pro-rata any interest. Again with my fixed ISA's there's a penalty for closing it early (or transferring it away), probably not with a variable one, but worth asking/checking the small print.

2) You can pay into more than one ISA in a tax year, as long as they are different types eg: Cash, Stocks, Lifetime etc and you stay under the overall allowance of £20k. You can't pay into multiple ISA's of the same type,which these are. It's a technical point to whether you could then pay into the Tesco one after the transfer, since that now includes the Santander one. My gut would say no, but you'd be better asking Tesco or Santander. You can always pay more into the Santander before you do the transfer.
 
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Metro bank offering a 5.22% easy access with monthly interest https://www.metrobankonline.co.uk/savings/products/instant-access-savings/

THOUGH there is this disclaimer on MSE:
Metro Bank EA


Metro Bank has been in the news lately as a result of having to raise new funding from its investors and refinancing debt. While shareholders may have been concerned by the effect this had on stock market performance, Metro Bank is continuing to operate as normal. In addition, savings with the bank are still protected by the Financial Services Compensation Scheme up to £85,000 as normal.

You can open the Metro Bank 5.22% easy-access account here, and there's more info on its financial situation in this article from the BBC.
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My first ever regular saver just matured.

Somehow. I earned more. Interest than the "if you pay in the max every month" example

Was 5.25pc for 12 months at 400ppm
So so ended up with 4800 + 140 in interest.
Popped 4k into premium bonds and 1000 into my isa.

Quickly singed up again as current rate is 6.25 and didn't want to miss that as looks like savings rates have topped out.

Looking forward to my bond delivering its interest in December and my other first direct regular saver maturing in January.
 
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I've just opened that lloyds 6.25% saver as well. Then have got all my saved money in a 4% isa but you can't make more than 3 withdrawals a year (you don't get penalised but after the 3rd withdrawal rate drops to 1.5%)
 
Just opening a Nationwide FlexSaver @ 8% AER for 12 months (£200ppm).... May also look at their ISA for bigger any excess to go into but its locked away for the year.
 
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