The Top Easy Access Savings Discussion Area

mebu60

AndyTh_2 said:

PlatinumChaos said:

mebu60 said:

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

I switched to the new issue this morning and it took about half an hour for the new account to appear. What's this about a limit of 20 accounts though? I must have missed that.

I've had my 21st account now opened fine. I think it's just some people applying after hours having their account delayed opening till Monday.

I did fast track apply Sunday and received the email Sunday so the account was opened, no delay. The call centre chappie confirmed he can see it and it is the next sequential account number. Just not displaying online for me. Allegedly a temporary access level issue. Nothing to do with an accounts limit I am told.
Thanks Shedman for providing previous link. If I end up on a merry-go-round then I will be escalating. 

ChewyyBacca

Cut off time for withdrawal from Oxbury bank is 1 pm! I missed it, I thought its 3:30 pm or 4 pm. I need access to funds latest by tomorrow. (Needed it tonight for Standing order, but hey I missed it)
1. What time are the funds credited to the nominated (Nom) account if a withdrawal request is made before 1 pm?
2. If I make request now, will money earn interst for today & get credited to Nom acc tomorrow? or Oxbury will debit the amount today, credit tomorrow, essentially losing a days interest?

Thanks

TiVo_Lad

ChewyyBacca said:

1. What time are the funds credited to the nominated (Nom) account if a withdrawal request is made before 1 pm?

In my experience 3pm (or a couple of minutes thereafter). You'll get an eMail.

jaceyboy

ChewyyBacca said:

Cut off time for withdrawal from Oxbury bank is 1 pm! I missed it, I thought its 3:30 pm or 4 pm. I need access to funds latest by tomorrow. (Needed it tonight for Standing order, but hey I missed it)
1. What time are the funds credited to the nominated (Nom) account if a withdrawal request is made before 1 pm?
2. If I make request now, will money earn interst for today & get credited to Nom acc tomorrow? or Oxbury will debit the amount today, credit tomorrow, essentially losing a days interest?

Thanks

As far as I know if you request past 1pm it wont be debited until tomorrow sometime, and you will get it around 2-3pm I think? so would guess you keep the days interest

RedImp_2

Rollinghome said:

lcooper said:

Rollinghome said:

InvesterJones said:

2010 said:

InvesterJones said:

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

So no ditching in or after 2016 when PSA was introduced. Data hasn't come out for 2022-23 yet though so we'll have to wait and see if that blog post made any impact (I doubt it).

From your chart there’s no “ditching” shown as such, but the trend of increasing values held in cash ISAs, as might be expected, ends in 2016-17, then contracts, and doesn’t rise above 2015-16 levels until 2019-20 before falling back again.  

The reason for that isn’t clear from the chart, so make of it what you will.

Telling people they should "probably ditch" cash ISAs without qualification was dumb advice from Mr Lewis.  But then he's a journalist, not a financial adviser. It's a "use it or lose it" tax break and those whose circumstance change, perhaps due to a substantial inheritance or just due to increased rates, could well regret it should they become liable for more tax. 

Always worth doing the numbers before turning down a tax break.

For the average person, and for at least 34% and possibly for the majority of the adult population, Martin's advice would have been spot on if you look at  these numbers. I agree though that an unqualified "ditch your ISA now" wasn't good advice - did he actually do that?

He did, and 2010 included a link in his post on the previous page to an example at https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/  He's repeated similar advice on various occasions without, as far as I'm aware, making clear the circumstances when it could result in paying unnecessary tax. It's just not that simple.

He does have a liking for slick headlines; as with his advice that savers could get 5% by investing in NS&I IL bonds: without mentioning that was due to high inflation in the previous 12 months, so not likely to be the return for those investing for the next 12 months. Inflation then tumbled.  

I know he has his fans, but for me, his articles and TV performances are best treated as just that.

Not sure what caused this pile on but I’ve looked at that post and there’s plenty about whether you would be due to pay tax or not but of course that was written when 1.5% was a top rate so he tells you how much in savings you would need to pay tax. 

But even if you are, you still have to work out for you if interest even with tax would be still better return than an ISA.

ForumUser7

Loughborough BS Access x2 Account 4.60% ~ MoneyFacts

Branch and Post Opening and Management

£1,000 min balance

2 withdrawals per calendar year

Further additions allowed 'whilst issue remains open'

jaypers

Investec Flexi Online Saver increase - Interest rate: 4.47% AER / 4.38% gross p.a.

flobbalobbalob

jaypers said:

Investec Flexi Online Saver increase - Interest rate: 4.47% AER / 4.38% gross p.a.

Very disappointing 

Bridlington1

@soulsaver
Shawbrook EA Issue 36 now 4.63% (£1k min)
Saffron e-saver Issue 20 now 4.6% (£10 min)
Saffron My Saver now 4.6% (£1 min)
Saffron enviro saver now 4.55% (£10 min)

Rollinghome

RedImp_2 said:

Rollinghome said:

lcooper said:

Rollinghome said:

InvesterJones said:

2010 said:

InvesterJones said:

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

So no ditching in or after 2016 when PSA was introduced. Data hasn't come out for 2022-23 yet though so we'll have to wait and see if that blog post made any impact (I doubt it).

From your chart there’s no “ditching” shown as such, but the trend of increasing values held in cash ISAs, as might be expected, ends in 2016-17, then contracts, and doesn’t rise above 2015-16 levels until 2019-20 before falling back again.  

The reason for that isn’t clear from the chart, so make of it what you will.

Telling people they should "probably ditch" cash ISAs without qualification was dumb advice from Mr Lewis.  But then he's a journalist, not a financial adviser. It's a "use it or lose it" tax break and those whose circumstance change, perhaps due to a substantial inheritance or just due to increased rates, could well regret it should they become liable for more tax. 

Always worth doing the numbers before turning down a tax break.

For the average person, and for at least 34% and possibly for the majority of the adult population, Martin's advice would have been spot on if you look at  these numbers. I agree though that an unqualified "ditch your ISA now" wasn't good advice - did he actually do that?

He did, and 2010 included a link in his post on the previous page to an example at https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/  He's repeated similar advice on various occasions without, as far as I'm aware, making clear the circumstances when it could result in paying unnecessary tax. It's just not that simple.

He does have a liking for slick headlines; as with his advice that savers could get 5% by investing in NS&I IL bonds: without mentioning that was due to high inflation in the previous 12 months, so not likely to be the return for those investing for the next 12 months. Inflation then tumbled.  

I know he has his fans, but for me, his articles and TV performances are best treated as just that.

Not sure what caused this pile on but I’ve looked at that post and there’s plenty about whether you would be due to pay tax or not but of course that was written when 1.5% was a top rate so he tells you how much in savings you would need to pay tax. 

But even if you are, you still have to work out for you if interest even with tax would be still better return than an ISA.

A "pile on"?  Comments from just two posters hardly meet any definition of a "pile on"  that I know. And you still appear to not understand the points being made. There'll be many people paying tax on their savings for the first time this year, because they didn't consider what would happen when rates rose or other factors changed.