The Top Easy Access Savings Discussion Area

soulsaver

Bazzalona13295 said:

My Skipton EA saver says 4.95%, which one would that be?

What issue? Monthly interest?

d63

Bazzalona13295 said:

My Skipton EA saver says 4.95%, which one would that be?

4.95% monthly or 5.06% AER, either way, sadly, that skipton base rate tracker i5 is now NLA

Bazzalona13295

Aidanmc said:

Bazzalona13295 said:

My Skipton EA saver says 4.95%, which one would that be?

Is it a tracker though?

Yes its a base rate tracker. Must be the monthly interest difference. Hardly used it up to now, but thats going to change come May.

10_66

Regrettably, I missed the Skipton Base Rate Tracker.  I've had a look on Moneyfacts, and can only find a tracker with GB Bank/Wombat.  I've never heard of them before, has anyone here got any feedback about them, please?  I appreciate funds are protected whilst with GB Bank, but would they be protected during the transfer from Wombat to GB Bank?  I can't remember the name of the other organisation where there was debate about this with another app based account.

RedImp_2

For people who were asking about the reduction in Santander rate, the letter was in my documents and statements  section in my app .

RogerPensionGuy

Hopefully these questions can be answered easily on here on this thread please.

I read that 2.5 million extra people in the UK will need to fill out self assessment forms to the government for tax year 2023/24 due to getting 10K or more savings interest. 

Why is the above the case?

If the system can operate with people getting £9,999 interest on savings and the banks just pass on the information to the government and a person's tax code gets adjusted according, why are they generating so much paperwork.

I guess there's a good reason, but the above looks like a lot of extra paperwork and government keeps reducing its capacity to make these systems work smoothly due continuously cutting jobs in government to try saving government expenditure. 

What occurs if a person doesn't file a self assessment and their savings interest is over that 10K limit?

Bridlington1

10_66 said:

Regrettably, I missed the Skipton Base Rate Tracker.  I've had a look on Moneyfacts, and can only find a tracker with GB Bank/Wombat.  I've never heard of them before, has anyone here got any feedback about them, please?  I appreciate funds are protected whilst with GB Bank, but would they be protected during the transfer from Wombat to GB Bank?  I can't remember the name of the other organisation where there was debate about this with another app based account.

I've never used their savings but it may be worth noting that Wombat currently offer a £10 welcome bonus for those who have never used Wombat and open a stocks and shares ISA, JISA or GIA with them (no initial deposit required). They also do a refer-a-friend offer in which both you and your referred friend get £10 which can be claimed instead of the welcome bonus. 

This offer doesn't apply if you open a savings account so if you are going to open the tracker make sure you open a GIA first and then open the savings account as it only takes a minute or two and is a very easy free £10 investment to grab. I've had £20 plus a few pence investment growth out of them (1 welcome bonus, 1 referral) and have never deposited a single penny of my own money.

friolento

RogerPensionGuy said:

Hopefully these questions can be answered easily on here on this thread please.

I read that 2.5 million extra people in the UK will need to fill out self assessment forms to the government for tax year 2023/24 due to getting 10K or more savings interest. 

Why is the above the case?

If the system can operate with people getting £9,999 interest on savings and the banks just pass on the information to the government and a person's tax code gets adjusted according, why are they generating so much paperwork.

I guess there's a good reason, but the above looks like a lot of extra paperwork and government keeps reducing its capacity to make these systems work smoothly due continuously cutting jobs in government to try saving government expenditure. 

What occurs if a person doesn't file a self assessment and their savings interest is over that 10K limit?

No paper needs to be harmed for self-assessments as most of it can all be done electronically. HMRC will be in touch if you owe tax, either with a request for self assessment, or a simple tax assessment bill.

https://www.gov.uk/browse/tax/self-assessment
https://www.gov.uk/check-simple-assessment

janusd

10_66 said:

Regrettably, I missed the Skipton Base Rate Tracker.  I've had a look on Moneyfacts, and can only find a tracker with GB Bank/Wombat.  I've never heard of them before, has anyone here got any feedback about them, please?  I appreciate funds are protected whilst with GB Bank, but would they be protected during the transfer from Wombat to GB Bank?  I can't remember the name of the other organisation where there was debate about this with another app based account.

there is also the account currently listed below that one in Moneyfacts...

Wealthify Instant Access Savings (powered by ClearBank)

this is also a base rate tracker that currently pays 0.45% gross below the base rate, so that's currently the same as Wombat, e.g 4.91% AER / 4.80% gross - reading the t&c small print, they can change how closely it tracks the base rate.

13.3 The interest rate applicable to your Savings Account varies and tracks at a fixed margin below the Bank of England base rate (the “Tracking Rate”). We reserve the right to vary the margin depending on market conditions, including changes to the Bank of England base rate. The applicable Bank of England base rate can be found here: https://www.bankofengland.co.uk. If the Bank of England changes its base rate, the resulting change to the Tracking Rate applicable to your Savings Account will take effect without notice from the day after the Bank of England announces the change.

never used Wealthify, but Clearbank provides the FSCS protection - can be opened with £1.

Bridlington1

janusdesign said:

10_66 said:

Regrettably, I missed the Skipton Base Rate Tracker.  I've had a look on Moneyfacts, and can only find a tracker with GB Bank/Wombat.  I've never heard of them before, has anyone here got any feedback about them, please?  I appreciate funds are protected whilst with GB Bank, but would they be protected during the transfer from Wombat to GB Bank?  I can't remember the name of the other organisation where there was debate about this with another app based account.

there is also the account currently listed below that one in Moneyfacts...

Wealthify Instant Access Savings (powered by ClearBank)

this is also a base rate tracker that currently pays 0.45% gross below the base rate, so that's currently the same as Wombat, e.g 4.91% AER / 4.80% gross - reading the t&c small print, they can change how closely it tracks the base rate.

13.3 The interest rate applicable to your Savings Account varies and tracks at a fixed margin below the Bank of England base rate (the “Tracking Rate”). We reserve the right to vary the margin depending on market conditions, including changes to the Bank of England base rate. The applicable Bank of England base rate can be found here: https://www.bankofengland.co.uk. If the Bank of England changes its base rate, the resulting change to the Tracking Rate applicable to your Savings Account will take effect without notice from the day after the Bank of England announces the change.

never used Wealthify, but Clearbank provides the FSCS protection - can be opened with £1.

And in a similar vein to Wombat, Wealthify's savings accounts are excluded from their £50 refer a friend offer and they have been known to offer sign up offers where they will give you however much (usually £50 but they have been known to offer £75) if you invest at least that amount for a year so it may be worth holding off opening the Wealthify Instant Access account until you can benefit from one of their investment offers first.