The Top Easy Access Savings Discussion Area

jimexbox

RG2015 said

Fair point, but whether at £85k or £250k, it is likely to be only a small number of people.

67k should be the maximum a basic rate taxpayer keeps in Chase. As this will take you to the 1k personal savings allowance interest limit, then its taxed. 

Then another account in a partners name would be required. 

rallycurve

jimexbox said:

RG2015 said

Fair point, but whether at £85k or £250k, it is likely to be only a small number of people.

67k should be the maximum a basic rate taxpayer keeps in Chase. As this will take you to the 1k personal savings allowance interest limit, then its taxed. 

Then another account in a partners name would be required. 

That probably suits your circumstances but not everyone's. What if you don't have a partner, or if you have one but are not willing to share your savings with them. 

Anyway, what would you do with anything that goes over 67k? Surely it's not a bad idea keeping them in a 1.5% savings account even if you pay taxes on them. Especially when the highest rate on an easy access cash ISA is 1.05% (equivalent to ~1.30% with taxes)

Notepad_Phil

jimexbox said:

RG2015 said

Fair point, but whether at £85k or £250k, it is likely to be only a small number of people.

67k should be the maximum a basic rate taxpayer keeps in Chase. As this will take you to the 1k personal savings allowance interest limit, then its taxed. 

Then another account in a partners name would be required. 

Possibly, if you have a partner that can do this, but not if there is isn't. If single then I'd rather pay tax on the extra amount over £67k from a 1.5% interest rate account than the tax on the amount over £67k on a lower interest rate account - given that cash ISA's are paying way less interest than 1.5%.

typistretired

Looking forward to Virgin Money interest tonight I wonder if Chase will pay out on Sunday even though it is weekend like Atom does

jimexbox

Notepad_Phil said:

Possibly, if you have a partner that can do this, but not if there is isn't. If single then I'd rather pay tax on the extra amount over £67k from a 1.5% interest rate account than the tax on the amount over £67k on a lower interest rate account - given that cash ISA's are paying way less interest than 1.5%.

Absolutely. I just wanted to point out that mitigating tax on savings is definitely a concideration. Especially as base rates will most likely increase substantially this year, which hopefully will be reflected in savings rates. 

Daliah

soulsaver said:

Does the recent rate increase put Aldermore the No1 EA rate for people with no mobile signal/phone?

Doubt it, as it isn't a real instant access account. Most people who can live with a mere 2 withdrawals would probably go for a 1 year fix, or a Notice account, or indeed with a slightly lower rate offered by a proper instant access account. Unless, that is, they don't read the smallprint and get caught by the terrible 0.10% rate after two withdrawals.

VKE

ashteadgirl said:

RG2015 said:

ashteadgirl said:

RG2015 said:

I quite like the top 10 table, but surely it is only of interest to those that do not have a Chase account.

Very useful for those that may have filled up Chase and looking for a temporary home for more funds until formulated longer term plans

Fair point, but whether at £85k or £250k, it is likely to be only a small number of people.

Would never put £250k in one account (except NS&I accounts) especially one that brand new to UK and app only. Funds not from house sale so not excempt from over £85k protection. May be being over cautious but do not like all eggs in one basket.

I'm with you on this; over £85k is a risk that I'm not prepared to take

RG2015

VKE said:

ashteadgirl said:

RG2015 said:

ashteadgirl said:

RG2015 said:

I quite like the top 10 table, but surely it is only of interest to those that do not have a Chase account.

Very useful for those that may have filled up Chase and looking for a temporary home for more funds until formulated longer term plans

Fair point, but whether at £85k or £250k, it is likely to be only a small number of people.

Would never put £250k in one account (except NS&I accounts) especially one that brand new to UK and app only. Funds not from house sale so not excempt from over £85k protection. May be being over cautious but do not like all eggs in one basket.

I'm with you on this; over £85k is a risk that I'm not prepared to take

CPI for Feb was 6.2%

£85k in Chase at 6.2% - 1.5% would lose £4,000 in a year or £333 each month.

This isn't just a risk, it's an actual cost.

The alternative is to invest £85k, which is also a risk.

typistretired

typistretired said:

Looking forward to Virgin Money interest tonight I wonder if Chase will pay out on Sunday even though it is weekend like Atom does

Chase chat have just confirmed to me that the interest will be paid on Sunday May 1st and is always paid on 1st whatever day of week

veryintrigued

ashteadgirl said:

RG2015 said:

I quite like the top 10 table, but surely it is only of interest to those that do not have a Chase account.

Very useful for those that may have filled up Chase and looking for a temporary home for more funds until formulated longer term plans

Or don't have the phone to do so.