Best savings account?

Disco_P said:
FYI getting the same money back after 3 years is a loss with interest rates so high. Just making sure that you're not getting missold :)
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That should just be the safety net in case your company share price tanks at the wrong time and it makes no sense to exercise the share option. As long as the company seems sound and is offering employees a decent discount on the purchase price (and the shares aren't currently at a freakishly high price for exceptional reasons) then it's probably worth the gamble.
 
Relentless81 said:
One more question, if you do go over the £1000 and didn't do anything, do you get taxed 20% on the total Inc the thousand or just anything over that £1000 so if you earned £1020 interest you would get taxed on the £1020 or the £20?
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Can I just touch on something @Relentless81 was querying, I have something similar to ask and am a bit worried.

My Personal savings allowance is £1000, I'm a low wage but full time worker. My Mom recently passed away leaving me over £50000. I don't need this money straight away and wanted to open up a HSBC fixed rate savings account for a year.
Their online calculator suggests my interest will be about £2500 after the year is up. I get that the taxman will want 20% of the £1500 because I've gone over my limit.

How exactly will he get this money from me? I'm reading various things that confuse me...

#1. He will send me a bill, I don't need to do anything, just pay it when it arrives?
#2. I will have to fill in complicated tax forms and tell the tax man of my interest gained?
#3. He will change my tax code and the money owed to him will be deducted from my wage slip (not all at once?)?

I'm just hoping it's not #2.

Anyone help please?
 
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J.James said:
Can I just touch on something @Relentless81 was querying, I have something similar to ask and am a bit worried.

My Personal savings allowance is £1000, I'm a low wage but full time worker. My Mom recently passed away leaving me over £50000. I don't need this money straight away and wanted to open up a HSBC fixed rate savings account for a year.
Their online calculator suggests my interest will be about £2500 after the year is up. I get that the taxman will want 20% of the £1500 because I've gone over my limit.

How exactly will he get this money from me? I'm reading various things that confuse me...

#1. I will have to fill in complicated tax forms and tell the tax man of my interest gained?
#2. He will send me a bill, I don't need to do anything, just pay it when it arrives?
#3. He will change my tax code and the money owed to him will be deducted from my wage slip (not all at once?)?

I'm just hoping it's not #1.

Anyone help please?
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2 with the option to do 3.

I went over the limit last tax year 22-23 and got a letter around August time this year. Letter obviously stated how much I owed. Gave me the option to log into the government portal and pay it in full or leave it and my tax code would be adjusted to pay back the money monthly.
 
J.James said:
Can I just touch on something @Relentless81 was querying, I have something similar to ask and am a bit worried.

My Personal savings allowance is £1000, I'm a low wage but full time worker. My Mom recently passed away leaving me over £50000. I don't need this money straight away and wanted to open up a HSBC fixed rate savings account for a year.
Their online calculator suggests my interest will be about £2500 after the year is up. I get that the taxman will want 20% of the £1500 because I've gone over my limit.

How exactly will he get this money from me? I'm reading various things that confuse me...

#1. He will send me a bill, I don't need to do anything, just pay it when it arrives?
#2. I will have to fill in complicated tax forms and tell the tax man of my interest gained?
#3. He will change my tax code and the money owed to him will be deducted from my wage slip (not all at once?)?

I'm just hoping it's not #1.

Anyone help please?
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Disclaimer: I am not a tax expert, and one may be along in a minute.

However, in your case I would expect it to be option 3.
 
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DJMK4 said:
If the ISAs are dropping can I quickly get on a higher rate one ? I want ideally a pay monthly ISA account which I can stick maybe £10k in to in a lump and build from there, should be able open up but I don't want to dump all the 10k in until Dec payday?

What's the best flexible montly atm? If I open one now how long will the ?.

Wondering if I should stick it in metro Bank or zopa or
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Can anyone confirm if metrobank or zopa ok for flexible ISAs please they pay interest montly I can see .

I want to drop potentially £12-13k in end of this month but can open it now

Thanks

How long will their rate last ?
 
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I'm signing up to zopa now. On the money saving expert site it states it pays interest monthly. Its 5.08%. Flexible ,

However on the mse site it is stating

Mobile app (no transfers in)

What does it mean no transfers in?. Does it mean you can't transfer a bigger lump sum? Can't transfer from.an existing ISA ?

Just opened a zopa cash ISA at 5.08%
 
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Thank you @Finners & @Mr Badger. I apologise, I had to edit my post as you were replying.

I'm actually hoping he just sends me a bill which I can pay straight away, or maybe let him change my tax code. I really don't want to be filling in tax forms, I will muck them up.
 
I’m pretty sure they just change your tax code, that’s what I’m relying on anyway, they do keep changing mine, maybe I’ll get a massive tax demand at some point and go bankrupt.
 
£10k sent to a newly opened zopa ISA account @ 5.08% , this will probably won't take long to fill.

When this full where else can I go ? I guess everything else is taxible after this ?
 
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DJMK4 said:
I'm signing up to zopa now. On the money saving expert site it states it pays interest monthly. Its 5.08%. Flexible ,

However on the mse site it is stating

Mobile app (no transfers in)

What does it mean no transfers in?. Does it mean you can't transfer a bigger lump sum? Can't transfer from.an existing ISA ?

Just opened a zopa cash ISA at 5.08%
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Existing ISA I guess. I.e. transferring an ISA from previous tax years.
 
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DJMK4 said:
£10k sent to a newly opened zopa ISA account @ 5.08% , this will probably won't take long to fill.

When this full where else can I go ? I guess everything else is taxible after this ?
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Premium Bonds?
 
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dlockers said:
Zopa seems reasonable so far. Can I transfer in and out of the ISA at will?
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Yes I spoke to them earlier, you can withdraw and replace and it won't effect so say you deposited £15k and you withdraw £5k for instance and then send £5k back in you still have £15k out out the £20k allowance. There is no pentalty for withdraw and interest is paid monthly.

That's what I have read anyway. Its only day 1 :)

Read up on it incase I have missed anything
 
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DJMK4 said:
Yes I spoke to them earlier, you can withdraw and replace and it won't effect so say you deposited £15k and you withdraw £5k for instance and then send £5k back in you still have £15k out out the £20k allowance. There is no pentalty for withdraw and interest is paid monthly.

That's what I have read anyway. Its only day 1 :)

Read up on it incase I have missed anything
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Will do, ta. I seem to have an issue that the first 1k was fine but the next 12 is stuck...keeps asking for 2fa...odd. will try in the AM!
 
J.James said:
Can I just touch on something @Relentless81 was querying, I have something similar to ask and am a bit worried.

My Personal savings allowance is £1000, I'm a low wage but full time worker. My Mom recently passed away leaving me over £50000. I don't need this money straight away and wanted to open up a HSBC fixed rate savings account for a year.
Their online calculator suggests my interest will be about £2500 after the year is up. I get that the taxman will want 20% of the £1500 because I've gone over my limit.

How exactly will he get this money from me? I'm reading various things that confuse me...

#1. He will send me a bill, I don't need to do anything, just pay it when it arrives?
#2. I will have to fill in complicated tax forms and tell the tax man of my interest gained?
#3. He will change my tax code and the money owed to him will be deducted from my wage slip (not all at once?)?

I'm just hoping it's not #2.

Anyone help please?
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If your total income is less than 17,250 (basic tax bracket + 5k) you get an extra pound per pound below the 17,250.. so someone who is earning 12,250 per year would have a personal saving interest allowance of 6k.

www.gov.uk

Tax on savings interest

You do not pay tax on your savings interest if you're on a low income.
www.gov.uk www.gov.uk

theres also the help to save scheme too.. the government will put in 50p for every pound you put in..

www.gov.uk

Help to Save extended to April 2025

Help to Save is open to people receiving benefits including Working Tax Credit, Child Tax Credit and Universal Credit and offers a generous savings bonus.
www.gov.uk www.gov.uk

lastly there‘s life time isa if your under 40, putting In cash there will lock it away until you buy your first house or retire but the government will add 20% to everything you put in.

I’m not a tax man or account… if I was, I won’t be giving advice on an internet forum but it’s normally C, they will know and they will adjust your tax code for the next year accordingly.
 
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