Best savings account?

mattyfez

mattyfez

mattyfez

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Kind of related... I just saw in today's budget :

£5,000 UK ISA tax allowance for savers investing in "UK-focused" shares - to be set up following a consultation

Anyone knows what this means?
 

Goksly

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Quick question I hope someone can help me answer. I've got a help to buy ISA with around £15k in. I've already purchased a house so it won't be used for that. The interest rate in this ISA is now lower than others. Only thing stopping me switching is I think a help to buy isa is "special" as that can be transferred to a LISA where as other ISAs can't? Are LISAs any good - no one seems to really talk about them? Or should I just transfer my HTBISA to a standard ISA and be done with it?
 

Freakbro

Freakbro

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ShiWarrior said:
I've read the T&C and I'm sure I'm allowed to
Can't be bothered to speak to them a 3rd time lol
Click to expand...

This was updated 13th Feb 24

www.moneysavingexpert.com

Help to Buy ISAs

Help to Buy ISAs are now closed for new applicants. Read MoneySavingExpert's guide for need-to-knows if you've already got one and best buys if you want to transfer.
www.moneysavingexpert.com www.moneysavingexpert.com

You can transfer your Help to Buy ISA to a different provider to up the rate​



Though many providers have now withdrawn their Help to Buy ISAs from the market, a few still allow transfers in for those who already have one.

Therefore it's important to check the rate you're getting from your provider to see if you can do better elsewhere. The top paying accounts are below.

Note: you'll need to ask the new provider to transfer your existing account when you open the new one – don't take the money out yourself.
Click to expand...

and

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.
There's one exception. Before the scheme closed to newbies, a few providers offered 'split ISAs' – here they manipulated the rules to put the Help to Buy ISA and a 'normal' cash ISA together in the same wrapper, allowing you to pay into both in the same year.

If you don't have a split ISA and you're looking to put more money away, check out our Top savings accounts guide.

How do I know if I have a split ISA?

Before the scheme closed to new applicants, there were only a handful of providers offering this kind of ISA – NatWest, Ulster Bank, Nationwide, Newcastle Building Society and Aldermore. If you have a Help to Buy ISA from any other provider, you likely won't be able to pay into another cash ISA in the same tax year.

Remember, your maximum ISA allowance per tax year is £20,000 so you can't put more than this into ISAs in the same tax year.

I've used my Help to Buy ISA for a home. Can I now open a cash ISA this tax year or do I have to wait until next?

Yes, you can open a cash ISA once you've closed your Help to Buy ISA. Normally you can only pay new money into one cash ISA per tax year (Help to Buy counts as a cash ISA), but a little-known exception to the rule is that you're allowed to pay into a second (but no more), provided you've fully closed the first, not just emptied it.

As you need to close the Help to Buy ISA fully to get the bonus to buy a home, you'd be free to open a new cash ISA this tax year.
Click to expand...

I would say a split ISA is the same as the portfolio thing Nationwide mentioned and it needs to be with the same provider
 
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Freakbro

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ShiWarrior said:
Thanks

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)​


Is that deposit ? Or any month?
looks like a no then?
Click to expand...

Definitely looks like a No to opening the Chip ISA...but if you're provider said yes you can, maybe it is a split ISA with your provider and you can open a new cash ISA with them? (in this tax year)

You might need to chat to them a third time :p

And like I say, this all goes away next month once you are into the 24/25 tax year
 
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mattyfez

mattyfez

mattyfez

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Freakbro said:
I guess it means there's going to be a £5,000 UK ISA tax allowance for savers interested in "UK-focused" shares

You're welcome :p
Click to expand...

Well that's what I mean... So you could put up to 25k a year into ISAs as long as the additional 5k is invested in a separate? ISA that meets certain criteria?
 

Freakbro

Freakbro

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mattyfez said:
Well that's what I mean... So you could put up to 25k a year into ISAs as long as the additional 5k is invested in a separate? ISA that meets certain criteria?
Click to expand...

Yea, it does sound like an increase in overall allowance but with those restrictions. I guess we'll just have to wait and see what the final details are as it still has to go for consultation
 
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slinxy

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I’ve just opened a regular savers account with the co-op with a variable 7% AER..

You need to have a current account with them.. I think for 3 months, I’ve skip read it as I had my accounts for decades..

At 7%.. I’m just going to pile the maximum £250 in a month and the rest goes into my other savers (5.15%)

Compare our Best Savings Accounts | Savings Accounts | The Co-operative Bank

Find out everything you need to know about how to apply for our savings accounts and cash ISA's
www.co-operativebank.co.uk www.co-operativebank.co.uk
 

beachBOYken

beachBOYken

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Anyone moved from Chase to something else, the interest on current account spending is no more for me unless I pay in so much, which I won't do.

Might keep it for holiday spending though. But thinking about the savings side, where should I move it.

Im always a bit hesitant with these app based only banks, I mean Chase has been fine to be fair, but what's the best for moving money around quick and has great customer service and obviously has a decent interest rate?
 
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