The Top Easy Access Savings Discussion Area

Zerforax

If I'm a higher paying tax rate payer and my partner isn't working then presumably all the savings should be in an account in their name since they won't be paying tax on interest earned (vs my limit of £500 interest earned). The amount is somewhere around £20-30k.

Black_Cat2

Is there a minimum amount you have to leave in the Santander account?  It's time for me to move my money 😺

financialbliss

Black_Cat2 said:

Is there a minimum amount you have to leave in the Santander account?  It's time for me to move my money 😺

Is that the Santander ESaver?

Mine has happily been sitting with a balance of zero since April. 

refluxer

Black_Cat2 said:

Is there a minimum amount you have to leave in the Santander account?  It's time for me to move my money 😺

The account required a minimum opening deposit of £1 initially although I don't think it necessarily specifies that that's the minimum balance required to keep the account open beyond that. I would leave £1 in it if you want to ensure it stays open.

jaypers

Zerforax said:

If I'm a higher paying tax rate payer and my partner isn't working then presumably all the savings should be in an account in their name since they won't be paying tax on interest earned (vs my limit of £500 interest earned). The amount is somewhere around £20-30k.

Correct, however normal financial due diligence around worst case scenarios is a consideration. God forbid anything bad ever happens but if something did happen to either of you access to the money can become problematic. You mention ‘partner’ so if you’re not married this can be a bigger issue. Worth having POAs and wills set up. Joint accounts are also something that may work for you, but then you’re obviously liable for tax on 50% of the interest. Sorry to pick up on a depressing subject but it is important. 

ColdIron

Black_Cat2 said:

Is there a minimum amount you have to leave in the Santander account?  It's time for me to move my money 😺

It depends upon which account you are asking about, my eSaver Limited Edition is £0 if that helps

metrobus

I find Chase very good normally, but the delay until next month for the increase has made jump to Atom @ 3.95% AER, will keep using the current account with them though,

Black_Cat2

Thanks guys.  Moving money out now but will leave £1 in it just in case it surprises us all! 🐈

patpalloon

Love Atom - instant transfers and no withdrawal limits. So glad they are back in the game .

kiss_me_now9

I'm looking to open a new savings account. Is it worth waiting a few more weeks or do it now with one of the accounts mentioned (would probably be Oxbury as I'd want instant access, no cap on withdrawals and I can't guarantee a set amount in each month due to being on mat leave)? Currently got my savings in my Starling account, which I'm also in the process of changing to HSBC for their £200 switch reward offer.