The Top Easy Access Savings Discussion Area

KevinG

kjs31 said:

When annual interest is paid on easy access savings is it always end of tax year with annual interest?

No, it's on the anniversary of opening the account.

chris_the_bee

flobbalobbalob said:

Could I ask, as a newbie, for clarification of loss of interest when moving money from one account to another.

In the case of Santander they say "At the end of each day, 1/365th of your interest rate, which is called your daily periodic rate, is calculated based on your account balance."

Does this mean if you make a deposit during the evening then Santander are gifting you a full days interest and, presumably, when you make a same day withdrawal you loose a days interest. If the provider does not give same day withdrawals, will you loose interest for each days delay. Is that how it works for all providers! Thanks.

Yes to most of your question. But if the provider does not give same day withdrawals, then it depends on their T's&C's. Some deduct and pay the following day, and some deduct today and pay tomorrow.

chris_the_bee

kjs31 said:

When annual interest is paid on easy access savings is it always end of tax year with annual interest? I have house funds from sale of house on deposit at the mo so tax liability will be £££ this year with interest rates on savings being much better. It would be better if I could get the interest in the next tax year rather than this as I will have far less money on deposit next year once I’ve bought a new house. Or is a fixed term account the only option for that (can’t tie money up that way unfortunately as will be needed soon). 

And in other news I ended up with 2 Edge savings accounts and have shoved 4k in each. Signal went kapput when I was applying for the first account so I thought it hadn’t worked. Applied for another one and ended up with 2 🤔. 

When annual interest is paid on easy access savings depends on the provider. Search for an account that pays interest next tax year. Most pay on the 12 month anniversary, but Kent Reliance, for instance, pay on 5th April so check first.

chris_the_bee

KevinG said:

kjs31 said:

When annual interest is paid on easy access savings is it always end of tax year with annual interest?

No, it's on the anniversary of opening the account.

Not for all BS. Kent Reliance pays on 5th April regardless of when opened. DYOR

pearl123

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Why would anyone put more than 85K? That amount is not covered. 

Bridlington1

@soulsaver
Monument EA now 4.85% (£25k min).

Silverbullet036

Chatbot is a no go for me with Santander , nothing happens when I click the link. Oh well it can sit there with nothing in and when the interest drops I will move that out straight away so no more will be built up

flaneurs_lobster

pearl123 said:

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Why would anyone put more than 85K? That amount is not covered. 

Because you can't get 5.2% easy access elsewhere and you don't think that the 5th largest bank in the World is likely to go toes-up in the foreseeable.

2010

flaneurs_lobster said:

pearl123 said:

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Why would anyone put more than 85K? That amount is not covered. 

Because you can't get 5.2% easy access elsewhere and you don't think that the 5th largest bank in the World is likely to go toes-up in the foreseeable.

Santander UK PLC is not the 5th largest bank in the world.

Thumbs_Up

pearl123 said:

SeriousHoax said:

Anyone putting more than 85k in santander😛.

Why would anyone put more than 85K? That amount is not covered. 

I did, put 120K for a 6 month fix with Atom, didn’t concern me at the time, obviously. Then a couple months on there were rumblings in the American banking sector, so I was slightly concerned at that time. So yes! I would recommend people keep savings under 85k.

Thanks to NS&I most of my money is kept by them protected by you, the tax payer.