The Top Easy Access Savings Discussion Area

Sea_Shell

Noneforit999 said:

Nick_C said:

aaj123 said:

For all the discussion on this forum, bear in mind that anyone in the higher rate tax band is quite likely to find that their best return while retaining easy access is likely to be on an instant access 'flexible ISA' product. 

I am surprised how those don't get enough attention here or even in the ISA forum. 

It's not just higher rate taxpayers who should be looking at ISAs.  With interest rates at the level they are, many people with £20k in savings will be liable for some tax, and will be better off with an ISA fit sine of their savings. 

I am a HR taxpayer and definitely owe some tax on savings, its fairly easy to hit the £500 Personal Allowance with current rates. Assuming the tax man will come after me for it, I have moved money all over the place over the year so he has some work to do to tie it all up!

Now transferred everything to my wife who is a BR tax payer and works part time so gets around £1700 personal allowance which just about covers us. 

I don't think much "work" is involved😉

Provider* reports interest to HMRC.
HMRC adds them all up.
Note your tax record, and amend your tax code (or send a demand)

The "work" is on you...to check they're right😉



*Even if you only held money briefly with any one provider.

Bigwheels1111

Noneforit999 said:

Nick_C said:

aaj123 said:

For all the discussion on this forum, bear in mind that anyone in the higher rate tax band is quite likely to find that their best return while retaining easy access is likely to be on an instant access 'flexible ISA' product. 

I am surprised how those don't get enough attention here or even in the ISA forum. 

It's not just higher rate taxpayers who should be looking at ISAs.  With interest rates at the level they are, many people with £20k in savings will be liable for some tax, and will be better off with an ISA fit sine of their savings. 

I am a HR taxpayer and definitely owe some tax on savings, its fairly easy to hit the £500 Personal Allowance with current rates. Assuming the tax man will come after me for it, I have moved money all over the place over the year so he has some work to do to tie it all up!

Now transferred everything to my wife who is a BR tax payer and works part time so gets around £1700 personal allowance which just about covers us. 

I hope your wife doesn’t need new shoes, dress and handbag.
Or the tax would have been cheaper. 😜

RG2015

Noneforit999 said:

Nick_C said:

aaj123 said:

For all the discussion on this forum, bear in mind that anyone in the higher rate tax band is quite likely to find that their best return while retaining easy access is likely to be on an instant access 'flexible ISA' product. 

I am surprised how those don't get enough attention here or even in the ISA forum. 

It's not just higher rate taxpayers who should be looking at ISAs.  With interest rates at the level they are, many people with £20k in savings will be liable for some tax, and will be better off with an ISA fit sine of their savings. 

I am a HR taxpayer and definitely owe some tax on savings, its fairly easy to hit the £500 Personal Allowance with current rates. Assuming the tax man will come after me for it, I have moved money all over the place over the year so he has some work to do to tie it all up!

Now transferred everything to my wife who is a BR tax payer and works part time so gets around £1700 personal allowance which just about covers us. 

Which personal allowance is £1,700?

Also as @Sea_Shell says, you need to check the value HMRC puts on your interest received. Every year they have got mine wrong.

In addition, HMRC always assume one year’s interest is the same for the next year when calculating that years PAYE code. Even if you transfer the savings to your wife, HMRC will assume you are still earning the same interest as the previous year.

They will adjust it when they receive the actual figures but that may be two years later.

pearl123

Kazza242 said:

The Hampshire Trust Bank Online Easy Access Account (issue 9) is paying 3.65%

The minimum opening amount is £1.

https://www.htb.co.uk/personal-savings/variable-rate-accounts

With luck this will make others raise their rates promptly. 

mebu60

fourmarks said:

The_Green_Hornet said:

A tablespoon of melted butter every 30 minutes should do it.

Madness! Have you seen the price of butter??

Own brand down to £1.89 in Sainsbury's yesterday, Aldi and Lidl following suit. Can reduce basting time to every 28.5 minutes now.

Freebird53

Does anyone know if Coventry are keeping pace with rate rises on their existing accounts? Last time i looked it was 3.3%.

Ta.

cheesemason

Ford Money just tweeted that they are going up to 3.6% on Tuesday at 9am

flaneurs_lobster

Freebird53 said:

Does anyone know if Coventry are keeping pace with rate rises on their existing accounts? Last time i looked it was 3.3%.

Ta.

Feel free to look again

https://www.coventrybuildingsociety.co.uk/member/savings.html

fourmarks

Freebird53 said:

Does anyone know if Coventry are keeping pace with rate rises on their existing accounts? Last time i looked it was 3.3%.

Ta.

Still at 3.35% I've just closed down and  headed off to Hampshire T B at 3.65%.

lightbulb2760

RG2015 said:

Noneforit999 said:

Nick_C said:

aaj123 said:

For all the discussion on this forum, bear in mind that anyone in the higher rate tax band is quite likely to find that their best return while retaining easy access is likely to be on an instant access 'flexible ISA' product. 

I am surprised how those don't get enough attention here or even in the ISA forum. 

It's not just higher rate taxpayers who should be looking at ISAs.  With interest rates at the level they are, many people with £20k in savings will be liable for some tax, and will be better off with an ISA fit sine of their savings. 

I am a HR taxpayer and definitely owe some tax on savings, its fairly easy to hit the £500 Personal Allowance with current rates. Assuming the tax man will come after me for it, I have moved money all over the place over the year so he has some work to do to tie it all up!

Now transferred everything to my wife who is a BR tax payer and works part time so gets around £1700 personal allowance which just about covers us. 

Which personal allowance is £1,700?

Also as @Sea_Shell says, you need to check the value HMRC puts on your interest received. Every year they have got mine wrong.

In addition, HMRC always assume one year’s interest is the same for the next year when calculating that years PAYE code. Even if you transfer the savings to your wife, HMRC will assume you are still earning the same interest as the previous year.

They will adjust it when they receive the actual figures but that may be two years later.

This is made up of three allowances:

Personal Allowance £12570
Personal Savings Allowance £1000
Starting Rate for Savings £5000

If eligable for all three, then the total amount that can be earned tax-free is £18570.