Best savings account?

Goal for now is to simply beat the 1% mortgage rate with a 5% savings rate, and then dump one into the other when the rates inevitably swap over.

If I can get get into a situation where the mortgage is getting cleared then I can put more into savings/investments for sure, just want to get my mandatory payments down monthly to give more flex on earnings.
 
ShiWarrior said:
hi , i need some advice

i have now had a a barclays rainy day saver account for 12 months (max value of 5K) @ 5.12% interest

should i leave this here, or put else where ?
i do hold a chip easy access (4.84%)
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Have you got more than £5k to put in? In which case might be worth looking at the Chip ISA currently at 5.10%. If not then you're probably not going to beat your current account.
 
No ISA allowance used, so I'll transfer it then

Is it then worth dumping my rainy day saver in there as well to boost it by 5k or leave it on there (5.12% gross / 5% AER)
 
Just 1 more question before I do transfer it.

I've got an ISA already which i opened 5 years ago and I have to pay 200 a month into it would this affect it or not? I assume not as its per year ?
 
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ShiWarrior said:
No ISA allowance used, so I'll transfer it then

Is it then worth dumping my rainy day saver in there as well to boost it by 5k or leave it on there (5.12% gross / 5% AER)
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You'll benefit by not paying the tax on the interest in the ISA, which you may do on the Barclays a/c, dependant on your personal circumstances with savings allowance.
 
ShiWarrior said:
Just 1 more question before I do transfer it.

I've got an ISA already which i opened 5 years ago and I have to pay 200 a month into it would this affect it or not? I assume not as its per year ?
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Im not sure on your question but with old ISA's it's always worth checking their interest rate and transferring them into a new one if you can get a higher rate.

Transfers of ISA's (where allowed) don't count towards your annual allowance
 
I'd call your ISA provider and ask them to be sure.

I've just found these two statements

You can't pay in to a cash ISA in the same year as you've paid in to a Help to Buy ISA (unless you've a split ISA) A Help to Buy ISA counts as a cash ISA and you can usually only pay into one of these in the same tax year.
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And

As well as your Help to Buy: ISA, you can continue to pay into your other Nationwide cash ISA products during the same tax year. This is because the Nationwide cash ISA is a portfolio ISA. Although you're paying into different ISA products, you're only paying into one portfolio cash ISA.
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So the best I can say is...maybe, maybe not... :p
 
But iirc, that's changing soon (Apr 24) so you will be able to pay into multiple ISA's of the same type (still under your total allowance) in the same year.

That doesn't help you now though for the 23/24 year.
 
from reading this from Martin Lewis, it looks like i can if i read it correctly

www.moneysavingexpert.com

Top cash ISAs 2024/25

Get tax free interest on savings of up to £20,000. Martin Lewis compares the best ISA rates in our top picks cash ISA guide to get the most from your savings.
www.moneysavingexpert.com www.moneysavingexpert.com

If you don't use your ISA allowance by the end of the tax year, you lose it​

Each tax year (6 April until the next 5 April), everyone aged 16 or over gets a new ISA allowance. But if you don't use it, you lose it.
Once that year's closed, you can't put another penny in that specific ISA allowance. So if you put aside nothing in the 2022/23 tax year, when the maximum was £20,000, that's it – it's gone. Or if you put £2,000 in during 2022/23, you can't now top it up as that tax year is closed.
If you do deposit the cash in time, you can keep it in there, tax-free, for as long as you like. Then, as soon as the new tax year starts on 6 April, you can deposit a whole new year's allowance.
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so another words i can put into ISA up to 20K a year
as I'm putting in 200 a month , i can put £17,600 in each year
 
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I don't think you can, unless it falls under this split ISA or ISA portfolio thing - which I don't know about tbh, but unlikey to be a portfolio since I guess your Help to Buy ISA will be a different provider to the ISA you are looking at now (chip?)

Yes, each year you have a cash ISA allowance of £20k and you use it or lose it. But atm, you can only pay into 1 cash ISA at a time in each tax year (caveat of the exceptions above) and you are currently still putting £200 / month (£2,400 a year) into your Help to Buy Cash ISA in the current year.

So to now pay into the Chip ISA would be paying into 2 separate cash ISA's in the 23/24 year.

I'd call your Help to Buy ISA provider and confirm with them.

From Apr 24 this won't be an issue as you can then pay £2400 into your HtB ISA and the remaining £17600 allowance into 1 or more other ISA's
 
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For those with a Fidelity Investment ISA, which accumulation funds of theirs offer the best fees for tracking S&P 500 and FTSE All World?
 
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