The Top Easy Access Savings Discussion Area

aaj123

km1500 said:

aaj123 said:

km1500 said:

jpsman said:

The big advantage of ISAs that I can see , outside of tax implications,  is that locking my money away in higher interest fixed ISAs for 1, 2, 3, 5 years doesn't mean it's completely locked and I could withdraw (with a penalty) if I need to - unlike with similar interest bonds, which I won't even consider as the idea of no access whatsoever to my money is a nonstarter.

But this is getting off topic!

the other advantage of a cash Isa is the ease of transfer from one provider to another when chasing higher rates

Ease of transfer compared to what?

ease of transfer compared with opening a new savings account, closing your old one down and having the money transferred to your current account, setting up a payee on your current account, sending a test payment from your current account to your new savings account to check it arrives okay and then finally sending the rest only to find your bank's fraud filters block it

Never occurred to me tbh that any of the above could be described as 'problems'. You still have to open an ISA, fill out a transfer form, track allowance usage. Those not problems?

littlemoney

jaypers said:

Charter have updated their interest rate document - https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01502_savings_interest_summary.pdf#page10

Looks like they are not actually upping ‘all no longer available accounts’ by 0.25% on Friday as claimed as Issue 42 isn’t getting the increase! Everything up to Issue 41 gets the rise. 

And I moved to issue 42 and closed the old one not expecting it to miss out when the earlier ones were uplifted. 

jaceyboy

AFAIK it is not possible to access the account via an app.  

HTHs.  And sorry if I've missed anything!

Thats not right, I can access both my business savings and personal savings using the app and online...I have iPhone

RedImp_2

KevinG said:

Rheumatoid said:

Zopa_Trooper said:

If you're paying tax on your savings, ISA's are a no-brainer.

only if you are saving more tax than you would pay on a higher interest non-ISA savings account.

Obviously, and with today's rates, even the top instant access rate of 5% is equivalent to only 4% after tax and this is easily beaten by an ISA.

Not always strictly true.  Obviously you can only add £20k this year.  If that were the only savings you had 5% instant access is still 5% after tax.

Wheres_My_Cashback

subjecttocontract said:

km1500 said:

jpsman said:

The big advantage of ISAs that I can see , outside of tax implications,  is that locking my money away in higher interest fixed ISAs for 1, 2, 3, 5 years doesn't mean it's completely locked and I could withdraw (with a penalty) if I need to - unlike with similar interest bonds, which I won't even consider as the idea of no access whatsoever to my money is a nonstarter.

But this is getting off topic!

the other advantage of a cash Isa is the ease of transfer from one provider to another when chasing higher rates

I'm guessing that you have never done a Virgin ISA transfer then ? 'Ease of transfer' are not words associated with Virgin ISA transfers....Awful, lengthy, never to be repeated is how I'd describe my Virgin ISA transfer experience. Wouldn't touch them with your bargepole.

For balance, I've moved 3 x Virgin ISAs in the past, all done without hitch and in a timely manner. The last one was to YBS in March, done inside 4 days.

PixelPound

jaceyboy said:

AFAIK it is not possible to access the account via an app.  

HTHs.  And sorry if I've missed anything!

Thats not right, I can access both my business savings and personal savings using the app and online...I have iPhone

It was posted elsewhere that you can't on the android app (it becomes just a 2FA app once account opened) but can on iPhone

patpalloon

Zopa_Trooper said:

If you're paying tax on your savings, ISA's are a no-brainer.

What about Premium Bonds?

Tunstallstoven

jaceyboy said:

AFAIK it is not possible to access the account via an app.  

HTHs.  And sorry if I've missed anything!

Thats not right, I can access both my business savings and personal savings using the app and online...I have iPhone

I think it might be a case of Android (no app for banking) vs Apple/iPhone (which does, as you say).

Zopa_Trooper

patpalloon said:

Zopa_Trooper said:

If you're paying tax on your savings, ISA's are a no-brainer.

What about Premium Bonds?

Gambling you mean? Why not stick the lot on black or red at a casino. Almost a 50/50 chance.

I've had a (singular) premium bond for 67 years (it was brought for me to celebrate my birth). Never won a penny. Wonder how much that £1 would be worth now?

Rheumatoid

Zopa_Trooper said:

patpalloon said:

Zopa_Trooper said:

If you're paying tax on your savings, ISA's are a no-brainer.

What about Premium Bonds?

Gambling you mean? Why not stick the lot on black or red at a casino. Almost a 50/50 chance.

I've had a (singular) premium bond for 67 years (it was brought for me to celebrate my birth). Never won a penny. Wonder how much that £1 would be worth now?

Its not really gambling if you always get your stake back