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The Top Easy Access Savings Discussion Area

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  • TiVo_Lad
    TiVo_Lad Posts: 465 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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
    ircE Posts: 256 Forumite
    Third Anniversary 100 Posts Photogenic Name Dropper
    BR up to 4.5%!
    I no longer check the forums as regularly as I used to. If you wish to catch my attention please remember to tag me (@ircE) so I get a notification.
  • janusdesign
    janusdesign Posts: 963 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    edited 11 May 2023 at 12:05PM
    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
    RG2015 Posts: 6,048 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Mr._H_2 said:
    RG2015 said:
    RG2015 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.

  • RG2015
    RG2015 Posts: 6,048 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    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
    EssexHebridean Posts: 24,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    RG2015 said:
    Mr._H_2 said:
    RG2015 said:
    RG2015 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! 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
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  • ForumUser7
    ForumUser7 Posts: 2,456 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 11 May 2023 at 12:47PM
    Kent Reliance, your new rate will depend on the account issue you currently hold.


    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • RedImp_2
    RedImp_2 Posts: 544 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I have opened a Shawbrook EA to add to my Chase, Marcus & Santander now.  I’m hoping I can stick with these 4 now!
    Did make a rookie error though as I put my Santander current account as my nominated account but then when I did I could make payment directly from my Santander saver I started to do that.  Of course as it wasn’t my nominated account eventually it came bouncing back.  You get a text to say the money’s arrived but nothing to say it’s been rejected so it did take me a couple of days to realise especially with the bank holidays.
    Will have to get used to the delay though, a transfer to Chase and you get notified nearly before you’ve closed the app, this is a few hours as others have said.
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