The Top Easy Access Savings Discussion Area

Bridlington1

@soulsaver
Paragon Double Access 5.16% from 1/12/23.

EDIT: Showing as Issue 4 rising to 5.16% on Moneyfacts despite Issue 4 already being 5.16% and NLA so it appears there's been a typo somewhere.

Bridlington1

Bridlington1 said:

@soulsaver
Paragon Double Access 5.16% from 1/12/23.

EDIT: Showing as Issue 4 rising to 5.16% on Moneyfacts despite Issue 4 already being 5.16% and NLA so it appears there's been a typo somewhere.

I've sent moneyfacts a message to query this and have just had a response from them:

So it appears Paragon are going to take the unusual step of withdrawing Issue 5 in order to relaunch the previous Issue 4 at 5.16%.

patpalloon

Eco_Miser said:

patpalloon said:

BooJewels said:

patpalloon said:

ColdIron said:

That's right, you can't double dip. £18,570 with the right combination of earnings and interest is the figure you are looking for

Or put it another way - as currently earning 14,000 interest. That means I could only earn up to £4,570 pa without paying any tax at all.

Yep, that's the number I gave you 9 days ago in this post when you specifically asked how much could you earn before paying tax.

Fair enough, absolutely you did. I'm sorry. Putting the max 20k in an ISA would protect about 1k of the 14k interest from tax assuming 5% interest. I already have premium bonds.

Yes, but that's 1k per year 'forever', and you can protect another 1k from April 6th next year, and again the year after, etc. so in less than 14 years it will all be protected. And each time you protect 1k, you can earn another 1k without paying tax.

While I've been following your terminology about protecting 1k, you actually protect whatever interest that £20k earns, which may be more.

Yes to the first part. But for the second part interest rates would have to rise further and they have probably peaked now.

gwapenut

allegro120 said:

Wheres_My_Cashback said:

Are Gatehouse a Mon-Fri 9-5 bank like Al Rayan or can you move funds out 24/7 365 and are they pretty quick?

No, not like Al Rayan. I've made weekend deposits - all arrived on the same day as long as they were sent before 1pm.  Once I've deposited on Friday evening and it arrived on Saturday.  

It doesn't earn interest over the weekend though, even if it shows as received.

Wheres_My_Cashback

allegro120 said:

Wheres_My_Cashback said:

Are Gatehouse a Mon-Fri 9-5 bank like Al Rayan or can you move funds out 24/7 365 and are they pretty quick?

No, not like Al Rayan. I've made weekend deposits - all arrived on the same day as long as they were sent before 1pm.  Once I've deposited on Friday evening and it arrived on Saturday.  

Thanks, but it was funds out I was interested in.

allegro120

gwapenut said:

allegro120 said:

Wheres_My_Cashback said:

Are Gatehouse a Mon-Fri 9-5 bank like Al Rayan or can you move funds out 24/7 365 and are they pretty quick?

No, not like Al Rayan. I've made weekend deposits - all arrived on the same day as long as they were sent before 1pm.  Once I've deposited on Friday evening and it arrived on Saturday.  

It doesn't earn interest over the weekend though, even if it shows as received.

Oh, I didn't know this. I thought the funds earn interest from the date they are credited.  Is it written in t&c?

allegro120

Wheres_My_Cashback said:

allegro120 said:

Wheres_My_Cashback said:

Are Gatehouse a Mon-Fri 9-5 bank like Al Rayan or can you move funds out 24/7 365 and are they pretty quick?

No, not like Al Rayan. I've made weekend deposits - all arrived on the same day as long as they were sent before 1pm.  Once I've deposited on Friday evening and it arrived on Saturday.  

Thanks, but it was funds out I was interested in.

Sorry, I misread your post

Reed_Richards

patpalloon said:

Eco_Miser said:

patpalloon said:

BooJewels said:

patpalloon said:

ColdIron said:

That's right, you can't double dip. £18,570 with the right combination of earnings and interest is the figure you are looking for

Or put it another way - as currently earning 14,000 interest. That means I could only earn up to £4,570 pa without paying any tax at all.

Yep, that's the number I gave you 9 days ago in this post when you specifically asked how much could you earn before paying tax.

Fair enough, absolutely you did. I'm sorry. Putting the max 20k in an ISA would protect about 1k of the 14k interest from tax assuming 5% interest. I already have premium bonds.

Yes, but that's 1k per year 'forever', and you can protect another 1k from April 6th next year, and again the year after, etc. so in less than 14 years it will all be protected. And each time you protect 1k, you can earn another 1k without paying tax.

While I've been following your terminology about protecting 1k, you actually protect whatever interest that £20k earns, which may be more.

Yes to the first part. But for the second part interest rates would have to rise further and they have probably peaked now.

But remember your interest will be compounded so if you put £20k in a 5% ISA you will earn £1k in year 1, £1.05k in year 2 etc.  All protected from tax.

Eco_Miser

patpalloon said:

Eco_Miser said:

patpalloon said:

BooJewels said:

patpalloon said:

ColdIron said:

That's right, you can't double dip. £18,570 with the right combination of earnings and interest is the figure you are looking for

Or put it another way - as currently earning 14,000 interest. That means I could only earn up to £4,570 pa without paying any tax at all.

Yep, that's the number I gave you 9 days ago in this post when you specifically asked how much could you earn before paying tax.

Fair enough, absolutely you did. I'm sorry. Putting the max 20k in an ISA would protect about 1k of the 14k interest from tax assuming 5% interest. I already have premium bonds.

Yes, but that's 1k per year 'forever', and you can protect another 1k from April 6th next year, and again the year after, etc. so in less than 14 years it will all be protected. And each time you protect 1k, you can earn another 1k without paying tax.

While I've been following your terminology about protecting 1k, you actually protect whatever interest that £20k earns, which may be more.

Yes to the first part. But for the second part interest rates would have to rise further and they have probably peaked now.

Well whatever the rate you get, and remember you can transfer the ISA to a better rate if one turns up (next time a PM scares the market perhaps, or inflation proves more persistent than expected, or a bank finds itself a bit short of readies), all your interest would be exempt from income tax.

gwapenut

allegro120 said:

gwapenut said:

allegro120 said:

Wheres_My_Cashback said:

Are Gatehouse a Mon-Fri 9-5 bank like Al Rayan or can you move funds out 24/7 365 and are they pretty quick?

No, not like Al Rayan. I've made weekend deposits - all arrived on the same day as long as they were sent before 1pm.  Once I've deposited on Friday evening and it arrived on Saturday.  

It doesn't earn interest over the weekend though, even if it shows as received.

Oh, I didn't know this. I thought the funds earn interest from the date they are credited.  Is it written in t&c?

I'm very sorry, I'm wrong. I completed a house sale in October and juggled money with a few accounts, which has left me confused.

Gatehouse T&C say it earns rpofit from the day received. It is Cynergy who show the money as being received at a weekend, but do not credit interest until a Monday. I confirmed this with Cynergy over the phone because the T&Cs said the money would not show over the weekend, when in fact it did. The advisor from Cynergy went away to check and then said that even though the money had shown over the weekend, it would not earn interest.