Savings Accounts

ci_newman · 7 Jul 2022 at 13:07

dLockers said:
For sure, I'm definitely not saying don't pay into a pension - I am just explaining that caution is required. It is locked away, permanently, for a very long time. I top mine up significantly to offset tax, but ideally I'll want to invest somewhere else that would mature at a similar age - but should poo hit the fan, is much more accessible.

<3 age friend

To be clear, permanently isn't really correct. The money is released upon diagnosis of a terminal illness or death too.

moon man · 7 Jul 2022 at 13:12

ci_newman said:
The decision is largely based on whether you're on a fixed rate mortgage though. In my example, my mortgage is fixed for another 4 years at 1.24%. Savings rates are already above that (Chase 1.5%) and are likely to increase in the next 4 years. Therefore I am better putting my "overpayments" into a savings account and benefitting from the higher savings rate interest than overpaying. The difference is negligible now but if saving rates increase to 3% next year, I am MUCH better having a lump sum available to go into a 3% savings account than clearing a 1.24% mortgage.

Took my mortgage out in 2003 paid off by 2012 ,must have saved a lot of interest paying off in 9 years ,also in my case I was getting child tax credits so excess savings would just have been clawed back by the tax man , luckily the 44 k I borrowed was enough to fund a cash buy down here in Cornwall out of the profits (from west Yorkshire house)

Relentless81 · 7 Jul 2022 at 13:13

How do I keep track of fixed rate savers chaps? Any apps or anything useful like that, email subscription or just keep an eye on money saving expert. How do you all keep track of these things you're all too savvy you're getting your info somewhere!

ci_newman · 7 Jul 2022 at 13:15

Relentless81 said:
How do I keep track of fixed rate savers chaps? Any apps or anything useful like that, email subscription or just keep an eye on money saving expert. How do you all keep track of these things you're all too savvy you're getting your info somewhere!

For me, I follow the Reddit UKPersonalFinance subreddit

usually any new / good savers rates get posted in there

200sols · 7 Jul 2022 at 13:18

dLockers said:
but ideally I'll want to invest somewhere else that would mature at a similar age

And in walks the ISA.

Relentless81 · 7 Jul 2022 at 13:18

ci_newman said:
For me, I follow the Reddit UKPersonalFinance subreddit usually any new / good savers rates get posted in there

Nice, subbed although I have a bit of a love hate relationship with Reddit I rely too much on notifications and then they suddenly stop and I have to remember to go in an manually check for interesting posts

200sols · 7 Jul 2022 at 13:21

Relentless81 said:
How do I keep track of fixed rate savers chaps? Any apps or anything useful like that, email subscription or just keep an eye on money saving expert. How do you all keep track of these things you're all too savvy you're getting your info somewhere!

I just use Hargreaves Lansdown active savings fixes, rates tend to be competitive enough and it is very easy to use, its a savings marketplace so they do all the work for you basically and you can deposit large amounts via debit card so no hassle with multiple bank transfers. Caveat of course is you don't get access to the entire market.

Latest savings rates

Find the best savings account rates available today through HL. Pick and choose the best savings rates from a range of fixed term and easy access products.

www.hl.co.uk

VaderDSL · 7 Jul 2022 at 13:26

200sols said:
I just use Hargreaves Lansdown active savings fixes, rates tend to be competitive enough and it is very easy to use, its a savings marketplace so they do all the work for you basically and you can deposit large amounts via debit card so no hassle with multiple bank transfers. Caveat of course is you don't get access to the entire market.

Latest savings rates

Find the best savings account rates available today through HL. Pick and choose the best savings rates from a range of fixed term and easy access products.

www.hl.co.uk

Damn

I'm stuck in a 2 yr fixed ISA at 1.4% for another year.

Relentless81 · 7 Jul 2022 at 13:30

200sols said:
I just use Hargreaves Lansdown active savings fixes, rates tend to be competitive enough and it is very easy to use, its a savings marketplace so they do all the work for you basically and you can deposit large amounts via debit card so no hassle with multiple bank transfers. Caveat of course is you don't get access to the entire market.

Latest savings rates

Find the best savings account rates available today through HL. Pick and choose the best savings rates from a range of fixed term and easy access products.

www.hl.co.uk

Thanks again, I will have a read

dlockers · 7 Jul 2022 at 13:39

200sols said:
And in walks the ISA.

Not initially as you won't need the tax wrapper for a little while.

200sols · 7 Jul 2022 at 13:55

dLockers said:
Not initially as you won't need the tax wrapper for a little while.

But you can build it up over the years? No good when you retire and only have £20k of tax free investments. IMO start early.

dlockers · 7 Jul 2022 at 14:03

200sols said:
But you can build it up over the years? No good when you retire and only have £20k of tax free investments. IMO start early.

Yeah ok fair enough - what I was saying though was if you aren't maxing out the ISA to take advantage of the tax free wrapper then it isn't a day 1 worry. I can see there are a few fixed ISAs popping up at 2% which is handy.

200sols · 7 Jul 2022 at 14:07

dLockers said:
Yeah ok fair enough - what I was saying though was if you aren't maxing out the ISA to take advantage of the tax free wrapper then it isn't a day 1 worry. I can see there are a few fixed ISAs popping up at 2% which is handy.

The way they lowball the cash ISA rates is really quite annoying.

darael · 7 Jul 2022 at 15:21

After reading this thread, I've also decided to give Chase a try. So I've applied last night and the app just shows "Sorry for the wait, we're checking the details of your application". I've contacted Chase and they said it can take up to five working days. where people in this thread don't seem to waiting for any length of time.

ci_newman · 7 Jul 2022 at 15:22

darael said:
After reading this thread, I've also decided to give Chase a try. So I've applied last night and the app just shows "Sorry for the wait, we're checking the details of your application". I've contacted Chase and they said it can take up to five working days. where people in this thread don't seem to waiting for any length of time.

My account took 2-3 weeks to be activated

SideWinder · 7 Jul 2022 at 15:27

Anyone else terrified about money when they're much older?

I fear I'll end up working quite late...but also I think keeping active would be good for me/interacting with people.

This thread has been really useful to help me arrange a few things so thanks to you all!

dlockers · 7 Jul 2022 at 15:27

darael said:
After reading this thread, I've also decided to give Chase a try. So I've applied last night and the app just shows "Sorry for the wait, we're checking the details of your application". I've contacted Chase and they said it can take up to five working days. where people in this thread don't seem to waiting for any length of time.

Send me your account details and national insurance number and I can check

darael · 7 Jul 2022 at 15:30

dLockers said:
Send me your account details and national insurance number and I can check

Would you like all my money too?

darael · 7 Jul 2022 at 15:31

ci_newman said:
My account took 2-3 weeks to be activated

Well that puts my mind at ease somewhat. I did have to try a few times before their app accepted my mugshot.

dlockers · 7 Jul 2022 at 15:31

darael said:
Would you like all my money too?

How dare you - I just wanted to deposit the funds your late uncle left you in an account in Nairobi