The Top Easy Access Savings Discussion Area

RG2015

lightbulb2760 said:

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.

Thanks, but I don't understand your answer?

I asked which personal allowance is £1,700 and you quote three different figures, none of which are £1,700.

Mr._H_2

RG2015 said:

lightbulb2760 said:

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.

Thanks, but I don't understand your answer?

I asked which personal allowance is £1,700 and you quote three different figures, none of which are £1,700.

Starting rate for savings is a tapered allowance so presumably that is tapered down to £700 in this case, so the £1700 is savings allowance (£1k) plus Starting rate for Savings (£700 in this case).

TiVo_Lad

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

This has just been pulled. Issue 8 now showing at 2.25% @soulsaver

ircE

BR up to 4.5%!

janusd

TiVo_Lad said:

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

This has just been pulled. Issue 8 now showing at 2.25% @soulsaver

interesting.. sent them an email over an hour ago to open an account at the Issue 9 3.65% rate (which was still live at that time)... I look forward to see if the account gets opened at that rate... will be annoying if new customers could get it, but existing customers who cannot open new accounts online (cos of HTB's 'unique' IT system!) miss out.

RG2015

Mr._H_2 said:

RG2015 said:

lightbulb2760 said:

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.

Thanks, but I don't understand your answer?

I asked which personal allowance is £1,700 and you quote three different figures, none of which are £1,700.

Starting rate for savings is a tapered allowance so presumably that is tapered down to £700 in this case, so the £1700 is savings allowance (£1k) plus Starting rate for Savings (£700 in this case).

Thanks. I understand that.

The poster said "....my wife who is a BR tax payer and works part time so gets around £1700 personal allowance which just about covers us."

They could have made it a bit clearer rather than expect the reader to make these assumptions.

ForumUser7

YBS

Good news for variable rate savings accounts

In response we will be increasing our rates on all of our savings accounts by 0.25% on Wednesday 17 May 2023. 

You can find your new interest rate here.

Rainy Day Account Issue 2 from 3.60% -> 3.85% and 3.10% -> 3.35% tier dependent

One Day Account -> 3.80%

RG2015

cheesemason said:

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

The transfer time into Ford Money have improved significantly in the last few months. Earlier this year it was a few hours now it is much quicker.

I have just transferred some money from NatWest this morning and it was there within an hour.

I recognise that this is poor compared with many others but in my opinion it is now quite acceptable.

3.60% is also a decent rate for the smallish amounts I hold in easy access accounts. 

EssexHebridean

RG2015 said:

Mr._H_2 said:

RG2015 said:

lightbulb2760 said:

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.

Thanks, but I don't understand your answer?

I asked which personal allowance is £1,700 and you quote three different figures, none of which are £1,700.

Starting rate for savings is a tapered allowance so presumably that is tapered down to £700 in this case, so the £1700 is savings allowance (£1k) plus Starting rate for Savings (£700 in this case).

Thanks. I understand that.

The poster said "....my wife who is a BR tax payer and works part time so gets around £1700 personal allowance which just about covers us."

They could have made it a bit clearer rather than expect the reader to make these assumptions.

As someone who reads here pretty regularly, all the chat that's arisen around personal allowances for savers has clearly had an effect as I sussed immediately what they were referring to! 

ForumUser7

Skipton BS

On Monday 22 May 2023, we will be increasing all of our variable savings rates by 0.25% AER, with no variable rate savings account paying less than 2.55% AER. Further details of these changes will be released in due course. ~ https://www.skipton.co.uk/base-rate-change

Base Rate Tracker Account (Issue 3) (NLA) ~ 3.60% within the next 14 days - Date TBC