The Top Easy Access Savings Discussion Area

dekkard

Message from Virgin Money today.

"We’re writing to let you know that on 19 March 2024, we’ll be reducing the interest rate payable on your M Plus Saver account.

The current interest rates are 3.55% and 2.52% AER¹ and the new rates will be 2.50% and 2.00% AER¹ depending on your balance."

Wheres_My_Cashback

SeriousHoax said:

Wheres_My_Cashback said:

SeriousHoax said:

I'm surprised Cynergy Bank has not got an app as most other banks have nowadays.

They're in the process of building one.

Well that's what they've been telling customers for the past 5 years so don't hold your breath waiting !

I'll ask again in 5 years time 😆

And they'll still be spouting out the same answer ! 

janusdesign

friolento said:

Wheres_My_Cashback said:

SeriousHoax said:

I'm surprised Cynergy Bank has not got an app as most other banks have nowadays.

They're in the process of building one.

Well that's what they've been telling customers for the past 5 years so don't hold your breath waiting !

A bit like the Coventry.

and Cahoot.

LittleOneInYorkshire1130

First time poster here and not even sure if I’ve picked the right place to post it but I have recently sold my house with my ex partner and have the sales proceeds in the bank. These are to be put aside for a new house purchase with my current partner. We rent at the moment and are waiting on funds from my partner’s divorce before we can buy our next property. We are unsure if this will happen in less than a year. So my question is, where am I best to put my money? I’ve researched easy access accounts but I’m struggling to understand with most of them whether the money needs to be there for a year before it can earn any interest. I would appreciate any help on this. Thank you in advance. 

Steve_xx

LittleOneInYorkshire1130 said:

First time poster here and not even sure if I’ve picked the right place to post it but I have recently sold my house with my ex partner and have the sales proceeds in the bank. These are to be put aside for a new house purchase with my current partner. We rent at the moment and are waiting on funds from my partner’s divorce before we can buy our next property. We are unsure if this will happen in less than a year. So my question is, where am I best to put my money? I’ve researched easy access accounts but I’m struggling to understand with most of them whether the money needs to be there for a year before it can earn any interest. I would appreciate any help on this. Thank you in advance. 

Put it in an easy access account. Or more than one easy access account if there's more than 85k. It'll earn interest from day one.

pecunianonolet

LittleOneInYorkshire1130 said:

First time poster here and not even sure if I’ve picked the right place to post it but I have recently sold my house with my ex partner and have the sales proceeds in the bank. These are to be put aside for a new house purchase with my current partner. We rent at the moment and are waiting on funds from my partner’s divorce before we can buy our next property. We are unsure if this will happen in less than a year. So my question is, where am I best to put my money? I’ve researched easy access accounts but I’m struggling to understand with most of them whether the money needs to be there for a year before it can earn any interest. I would appreciate any help on this. Thank you in advance. 

Welcome to the Forum :-) It would perhaps be better to start your own thread to discuss the specifics but here are some starting points.

1. Generally, you earn interest on the funds from the day they are credited into your savings account.

2. There are different accounts, easy access accounts and fix rate accounts. Easy access, the interest rates are variable, meaning the bank can change them at any time and they usually give you some notice before they do. You can always access your money if you need it. Fixed rate accounts mean you get a fixed interest rate, which doesn't change during the term e.g. 1 year but you have no access to your money until the fixed period is over.

3. You usually have 85k protection of your money per institution so you should not put more than that into an account, probably more towards 80k so you have headroom for the interest. After a house sale the limits are higher for up to 6 months I believe. Others here will know the exact numbers.

4. Depending on your situation (assuming you have income from work) you have a free allowance of how much interest you can earn in a tax year without having to pay tax on it. The PSA (Personal Savings Allowance) is £1000 or £500 if you are a higher earner. With current interest rates you reach this rather quickly, especially with higher amounts from a house sale. 

5. Due to your individual tax situation, you might want to consider to shelter some money from HMRC in an ISA. For ISA's you can subscribe with max 20k in any tax year to an account and any interest earned is tax free. Here you have also easy access and fixed rate ISA's. Some ISA's also offer the feature of being flexible, so it allows more flexibility and you might want to read more about that. 

6. You want to look into regular savers as they pay higher rates and you can drip feed from your funds

Some helpful links:

https://moneyfactscompare.co.uk/ --> You can check on the rates available. Filter in rate order
https://www.moneysavingexpert.com/savings/personal-savings-allowance/
https://www.moneysavingexpert.com/savings/isa-guide-savings-without-tax/
https://www.moneysavingexpert.com/savings/flexible-isas/
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Best Regular Saver discussion https://forums.moneysavingexpert.com/discussion/comment/80531088#Comment_80531088

Best ISA rate discussion
https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list/p709

Top Fixed Rate discussion area
https://forums.moneysavingexpert.com/discussion/6332491/the-top-fixed-interest-savings-discussion-area

chris_the_bee

pecunianonolet said:

LittleOneInYorkshire1130 said:

First time poster here and not even sure if I’ve picked the right place to post it but I have recently sold my house with my ex partner and have the sales proceeds in the bank. These are to be put aside for a new house purchase with my current partner. We rent at the moment and are waiting on funds from my partner’s divorce before we can buy our next property. We are unsure if this will happen in less than a year. So my question is, where am I best to put my money? I’ve researched easy access accounts but I’m struggling to understand with most of them whether the money needs to be there for a year before it can earn any interest. I would appreciate any help on this. Thank you in advance. 

Welcome to the Forum :-) It would perhaps be better to start your own thread to discuss the specifics but here are some starting points.

1. Generally, you earn interest on the funds from the day they are credited into your savings account.

2. There are different accounts, easy access accounts and fix rate accounts. Easy access, the interest rates are variable, meaning the bank can change them at any time and they usually give you some notice before they do. You can always access your money if you need it. Fixed rate accounts mean you get a fixed interest rate, which doesn't change during the term e.g. 1 year but you have no access to your money until the fixed period is over.

3. You usually have 85k protection of your money per institution so you should not put more than that into an account, probably more towards 80k so you have headroom for the interest. After a house sale the limits are higher for up to 6 months I believe. Others here will know the exact numbers.

4. Depending on your situation (assuming you have income from work) you have a free allowance of how much interest you can earn in a tax year without having to pay tax on it. The PSA (Personal Savings Allowance) is £1000 or £500 if you are a higher earner. With current interest rates you reach this rather quickly, especially with higher amounts from a house sale. 

5. Due to your individual tax situation, you might want to consider to shelter some money from HMRC in an ISA. For ISA's you can subscribe with max 20k in any tax year to an account and any interest earned is tax free. Here you have also easy access and fixed rate ISA's. Some ISA's also offer the feature of being flexible, so it allows more flexibility and you might want to read more about that. 

6. You want to look into regular savers as they pay higher rates and you can drip feed from your funds

Some helpful links:

https://moneyfactscompare.co.uk/ --> You can check on the rates available. Filter in rate order
https://www.moneysavingexpert.com/savings/personal-savings-allowance/
https://www.moneysavingexpert.com/savings/isa-guide-savings-without-tax/
https://www.moneysavingexpert.com/savings/flexible-isas/
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Best Regular Saver discussion https://forums.moneysavingexpert.com/discussion/comment/80531088#Comment_80531088

Best ISA rate discussion
https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list/p709

Top Fixed Rate discussion area
https://forums.moneysavingexpert.com/discussion/6332491/the-top-fixed-interest-savings-discussion-area

The same applies to any funds that can be invested by or on behalf of your partner should you so wish.

janusdesign

@soulsaver
Metro Bank - Limited Edition Instant Access now 4.51% for new customers - existing customers will be given notice at some point... reading below, I assume it will be 2 months.

If a change is not to your benefit, you’ll be given 14 days’ notice if in response to the Bank of England Base Rate and at least 2 months’ notice if for any other reason.

soulsaver

janusdesign said:

@soulsaver
Metro Bank - Limited Edition Instant Access now 4.51% for new customers - existing customers will be given notice at some point... reading below, I assume it will be 2 months.

If a change is not to your benefit, you’ll be given 14 days’ notice if in response to the Bank of England Base Rate and at least 2 months’ notice if for any other reason.

Thanks .. And apologies... we know what you mean, but for the pedants amongst us: 

Metro Bank - Limited Edition Instant Access now 4.51% for new applicants - existing 5.22% account holders will (probably) be given notice at some point. 

Zopa_Trooper

So Metro lose top spot in the MSE table after how many weeks? I don't recall anyone staying at the summit that long before.