Interest rates

shazkhan111

Are any of the banks/bs going to increase there interest rates on their savings a/cs following novembers rate increase.......can anyone keep me posted here .... especially nationwide/halifax/scarborough/cahoot/a&l/lloyds/natwest??

kenshaz

ICICI bank are leading the field at 5.45% with no strings ,why go elsewhere
https://www.icicibank.co.uk

Hanxx

I was asking this question yesterday, as I am looking to transfer an ISA. The advice that other MSE's gave me was that increases will probably start to filter through at the beginning of December, if banks are going to make them. However, as the previous poster says, ICICI are quite a way ahead of the competition at present anyway, along with Icesave.

tom188

Alternatively check for yourself on moneyfacts or similar. You'll find the best rates will get flagged on here but if youve got subprime products they may not get mentioned.

ManAtHome

Summary from This Is Money here http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=414509&in_page_id=7 (even though it's dated 9th November is updated as and when societies issue press releases).

Hanxx

tom188 wrote:

Alternatively check for yourself on moneyfacts or similar. You'll find the best rates will get flagged on here but if youve got subprime products they may not get mentioned.

A good point. A lot of the banks that the original poster is mentioning are not competitive with the market leaders for instant access savings. Keep an eye on the Savings pages on this site too, as well as Moneyfacts or Moneysupermarket etc.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098730527,15721,

Heinz

As he did after the August rise, Mr. Mumble has started and regularly updates a thread for the latest rise too.

The avatar is very annoying, but the information's handy.

http://forums.moneysavingexpert.com/showthread.html?t=301216

Malcolm_Davis

Hi not sure if this is the best post for this, but can any one tell me what makes me better off, keeping my money in a tax free ISA or a higher interest rate savings account, where you pay tax?

Thanks in advance if anybody can let know!!

ManAtHome

If you pay tax now or are likely to in the nearish future, an ISA is the way to go. A 5% ISA would give you the same as a 6.25% savings account if you pay standard rate tax (8.3% if you pay higher-rate!).

The thing about the "or are likely to.." is that you are limited to saving £3k a year in an ISA - once the year has gone, that's it, no back-dating allowed.

If you are a non-taxpayer now, this would probably cost you £15-20 a year in "lost" interest (most ISA rates seem to be slightly lower than savings), but could save you money later (£30+pa on standard, £60+pa on higher-rate). This obviously builds up, so 5 years-worth could save you £150-240pa in tax... forever (or until they change the rules again!).

Way to work out taxable savings is interest rate * 0.8 if you pay standard-rate tax, interst rate * 0.6 for higher rate (the B/Soc deducts 20% tax, and you cop for the other 20% when you do your tax return).