Savings Accounts

Soldato
Joined
10 Jan 2012
Posts
3,683
Location
UK
Is tax deducted automatically from that? As from what I read £100 a month would be over your savings allowance.

Seems it would get complicated if it did but then you didn't have it all in there.for a year and you'd actually be owed tax.

Edit* what is the chase app like? Play store seems full of reviews saying it's slow and often has service outages?
Once you get over the £1000 tax limit you start to get taxed on everything after that point. I haven't hit that threshold yet and probably wont due to spending most of it in a little while and only being with the bank for a few months now.
The chase app is fine, easy to transfer money. It does have outages (where you cant spend money) but I've only seen 1 since joining and it only lasted about an hour. Also its basically JPMorgan so its secure. Also has some nice features like giving you a pop-up when money goes in or out of the account (standing orders, payslip etc) which is nice as you don't need to manually check.
You also get 1% cashback on all purchases for a year (apart from insurance/gambling etc) which although small is still something, specially if you spend allot.
 
Soldato
Joined
27 Mar 2009
Posts
3,290
The fact of the matter is if you put money into a savings account, the interest being offered is now less than inflation, so you aren't saving money in real terms, you are losing it.

Making your money make money is very difficult, and takes years of learning and experience. The best way is probably to invest in shares of reliable companies that pay high dividends, but this takes a lot of time and effort finding them and maintaining the portfolio. The suggestions of tracker funds are reasonable if you don't have time to do it yourself, but you then pay more charges.

This is not financial advice, more a comment on the high level of difficulty.

Are there any trackers up this year? I'm very naive with stocks but seeing how down some companies are this year if that were my house deposit that I was saving for I'd feel sick seeing half of it disappear.
 
Soldato
OP
Joined
18 May 2010
Posts
12,749
Once you get over the £1000 tax limit you start to get taxed on everything after that point. I haven't hit that threshold yet and probably wont due to spending most of it in a little while and only being with the bank for a few months now.
The chase app is fine, easy to transfer money. It does have outages but I've only seen 1 since joining and it only lasted about an hour.

The Chase account is just a current account rather than an actual savings account isn't it, so I just need to open a current account and dump my money in there and don't have to do anything special to get the 1.5% ?
 
Soldato
Joined
10 Jan 2012
Posts
3,683
Location
UK
The Chase account is just a current account rather than an actual savings account isn't it, so I just need to open a current account and dump my money in there and don't have to do anything special to get the 1.5% ?
When you open an account its a current account to begin with, you then add a savings account via the app.
This is what mine looks like, when you first open the account only the top account will show (which is the current account), you then click "Add+" and click on Start saving and it creates the one below called "Savings"
I'm using it as my main bank at the moment and just transfer from Savings to current account in a few clicks when I need to spend money (I just spent money on Amazon so thats why it only shows 81p haha haven't moved anymore in yet)

image.png
 
Last edited:
Soldato
Joined
18 Oct 2002
Posts
16,281
Location
Manchester
The Chase account is just a current account rather than an actual savings account isn't it, so I just need to open a current account and dump my money in there and don't have to do anything special to get the 1.5% ?

Unless I'm mistaken, you'll need to open the regular current account, then add/open the saver account after.

Edit : Beaten by MatsyLR
 
Soldato
Joined
14 Jan 2018
Posts
14,657
Location
Hampshire
When you open an account its a current account to begin with, you then add a savings account via the app.
This is what mine looks like, when you first open the account only the top account will show (which is the current account), you then click "Add+" and click on Start saving and it creates the one below called "Savings"

image.png

Unless you need 79k on hand you could earn much better rates by fixing.
 
Soldato
Joined
14 Jan 2018
Posts
14,657
Location
Hampshire
The Chase account is just a current account rather than an actual savings account isn't it, so I just need to open a current account and dump my money in there and don't have to do anything special to get the 1.5% ?
You open the chase account and then the linked saver, it takes seconds to open the saver.
 
Soldato
Joined
5 Mar 2010
Posts
12,305
Lots of great but super complicated advice here. Do you have a 'proper job' with a decent employer? Start by understanding your pension there. Look at your payslip and how much you pay in. Look at your employee books and see how they're paying in. They should give you a pension projection but this will only be accessible at 57.

For savings and easy access, get a Chase and keep topping it up. If you need to access it, you can easily.

An ISA is only useful as a tax wrapper which it sounds like you're a million miles off.

The only caveat with making AVCs to your pension is that it's then locked away until retirement. OP said he was 41, so could potentially be 20-25 years until he'd have access to it.

A stocks and shares ISA could easily beat the returns of any fixed rate savings account - so not just a tax-free wrapper.

Is tax deducted automatically from that? As from what I read £100 a month would be over your savings allowance.

Seems it would get complicated if it did but then you didn't have it all in there.for a year and you'd actually be owed tax.

At that point you'd be better off putting it into an ISA to avoid getting taxed further.
 
Soldato
Joined
10 Jan 2012
Posts
3,683
Location
UK
Suppose it all depends on if you are willing to put away money for X number of years with the benefit of higher returns, while also keeping yourself in a good position if things go **** up with access to some money.
I would be doing more with what I have but I'm spending it (while trying to hold the tears at bay) in a few months so don't feel like bothering.

Just on back of what 200sols just said, you are protected for up to £85k (I wouldn't be getting to that point unfortunately!) and with who is the main company (JPMorgan) the entire west is screwed if for some bizarre reason they went under.
If you are after a bank that gives you access to your money when you want until you decide on what you actually want to do with your dosh, its one of the highest interest ones out there. You may be put on a waiting list, my uncle signed up a few weeks ago and he waited 2 weeks for his to be opened.

In the end you should be doing other things (retirement, private SIPP, lifetime ISA etc) but you can use Chase as general savings account for money you want to have access to whenever for emergencies.
 
Last edited:
Soldato
Joined
14 Jan 2018
Posts
14,657
Location
Hampshire
Thanks all, looks simple enough

Obviously they are safe to stash your cash in there, clearly @MatsyLR thinks so, just wondering how many more of you have used it for the same reasons?

Yep I use it, you're protected upto £85k. If the bank goes.under. Which is unlikely as it is JPMorgan so if that happened we are in a world of pain anyway.
 
Soldato
Joined
14 Jan 2018
Posts
14,657
Location
Hampshire
The fact of the matter is if you put money into a savings account, the interest being offered is now less than inflation, so you aren't saving money in real terms, you are losing it.

Making your money make money is very difficult, and takes years of learning and experience. The best way is probably to invest in shares of reliable companies that pay high dividends, but this takes a lot of time and effort finding them and maintaining the portfolio. The suggestions of tracker funds are reasonable if you don't have time to do it yourself, but you then pay more charges.

This is not financial advice, more a comment on the high level of difficulty.

Index trackers are passive and tend to have the lowest fees.
 
Soldato
OP
Joined
18 May 2010
Posts
12,749
Thanks again, I'll get one opened and move 50% in and look to put the other 50% into something like a regular saver

Just one more question please, do you get penalised in any way for taking money out and is the interest paid annually? If it's annually how do they work it out if people are taking money in and out all the time?

I ask because I noticed I got paid more interest one year on my current savings account than I did this year when there was more money in it, what's that all about!?
 
Soldato
Joined
5 Mar 2010
Posts
12,305
Thanks again, I'll get one opened and move 50% in and look to put the other 50% into something like a regular saver

Just one more question please, do you get penalised in any way for taking money out and is the interest paid annually? If it's annually how do they work it out if people are taking money in and out all the time?

I ask because I noticed I got paid more interest one year on my current savings account than I did this year when there was more money in it, what's that all about!?

All depends on the account. Only way to know is read the T&Cs for early withdrawals.

Some will lose huge amounts of interest if you withdraw early, others might be only a month.
 
Soldato
Joined
10 Jan 2012
Posts
3,683
Location
UK
Thanks again, I'll get one opened and move 50% in and look to put the other 50% into something like a regular saver

Just one more question please, do you get penalised in any way for taking money out and is the interest paid annually? If it's annually how do they work it out if people are taking money in and out all the time?

I ask because I noticed I got paid more interest one year on my current savings account than I did this year when there was more money in it, what's that all about!?
For Chase its completely free, no fees for anything, you have complete freedom with the money inside.
Interest is paid monthly on the 1st of each month.
 
Last edited:
Back
Top Bottom