The Top Easy Access Savings Discussion Area

Rudyson

kaMelo said:

chris_the_bee said:

razord said:

Is Nationwide the best account with "instant" withdrawals atm then (albeit, only 3 of them) - All the higher ones seem to be next working day?

Nationwide Triple Access is 2.1% but Nationwide Flex Instant allows unlimited instant withdrawals at 2.0%. Virgin is 2.02% on max £25K but although it is instant you are limited to withdrawing £1,000 a day.

No you're not

You are limited to £1,000 with online banking, but not with the app

mebu60

Daliah said:

mebu60 said:

ZeroSum said:

People outside of this forum are lazy with money.

I struggled to get my OH to move her savings out of her 0.1% santander account. Eventually persuaded her with the chase account (with both pocketing £20) but is very reluctant to move again now that chase are no longer competitive. She's even got a spare bank account I keep telling her to switch & is procrastinating with. 

Tell me about it. Mine has hers with Nat West, her only ever bank. 

Not only would opening a current a/c with VirginMoney give her a back-up account in case of issues, she could have £26k earning 2.02% and a debit card that doesn't charge fees when used abroad. 

And still use the NatWest she's familiar with and has everything set-up on day-to-day. 

Not lazy, just not interested. 

Seems you have not been successful in selling the benefits of higher interest rates? What if you express the benefits in terms she values rather than in percent? You know better than me what she values, but some examples which might work: if she found £520 in the street, would she just leave it there? What about a free meal in her favourite Michelin star restaurant, free tickets to her favourite band or play, a free weekend away, free handbags, free shoes, free Xmas presents for the family, a free day out with her girlfriends etc etc?

I like your thinking D :-) 

It would indeed fund a return trip to Benares and London, will be 5 years in January since we were last there. Reframing her girls' spa days as a freebie is neat too. The remaining items are 'free' because that's basically my present list. Was Gary Barlow last time. I always provide two tickets on condition I don't have to go! 

Will choose my moment over the next week and let you know how I get on. Things could be tricky for a few days after 6:30pm tomorrow after my football team has hosted hers! 

Section62

Rudyson said:

kaMelo said:

chris_the_bee said:

razord said:

Is Nationwide the best account with "instant" withdrawals atm then (albeit, only 3 of them) - All the higher ones seem to be next working day?

Nationwide Triple Access is 2.1% but Nationwide Flex Instant allows unlimited instant withdrawals at 2.0%. Virgin is 2.02% on max £25K but although it is instant you are limited to withdrawing £1,000 a day.

No you're not

You are limited to £1,000 with online banking, but not with the app

KaMelo is correct.  Virgin's faster payment limit for online banking using a security token is the same as the app - i.e. £30,000.

The £1,000 limit only applies if you don't have a security token and rely on a SMS OTP instead.

Rudyson

Section62 said:

Rudyson said:

kaMelo said:

chris_the_bee said:

razord said:

Is Nationwide the best account with "instant" withdrawals atm then (albeit, only 3 of them) - All the higher ones seem to be next working day?

Nationwide Triple Access is 2.1% but Nationwide Flex Instant allows unlimited instant withdrawals at 2.0%. Virgin is 2.02% on max £25K but although it is instant you are limited to withdrawing £1,000 a day.

No you're not

You are limited to £1,000 with online banking, but not with the app

KaMelo is correct.  Virgin's faster payment limit for online banking using a security token is the same as the app - i.e. £30,000.

The £1,000 limit only applies if you don't have a security token and rely on a SMS OTP instead.

Thanks for that. That's the first I've heard of a security token, even when I complained on chat about the £1000 limit, they didn't mention that possibility. I'll chase that up.

mortgagewannabe_2

Hi.  We currently have a large amount of savings in our Virgin Money M Plus Saver Joint account. My partner only earns a £5k salary per year, hence he has approx £6-7k free personal tax allowance.  My question is, whether it's worth moving the savings to his solo account for tax purposes and whether Zopa is good enough?  We don't mind a short notice account.

cricidmuslibale

mortgagewannabe_2 said:

Hi.  We currently have a large amount of savings in our Virgin Money M Plus Saver Joint account. My partner only earns a £5k salary per year, hence he has approx £6-7k free personal tax allowance.  My question is, whether it's worth moving the savings to his solo account for tax purposes and whether Zopa is good enough?  We don't mind a short notice account.

If your partner only earns £5k per year, he will have £7570 of personal allowance available, plus the savings starter amount of £5000, plus the personal savings allowance of £1000. So, in total, he can obtain up to £13570 of savings interest without paying any tax on it!

Bigwheels1111

mortgagewannabe_2 said:

Hi.  We currently have a large amount of savings in our Virgin Money M Plus Saver Joint account. My partner only earns a £5k salary per year, hence he has approx £6-7k free personal tax allowance.  My question is, whether it's worth moving the savings to his solo account for tax purposes and whether Zopa is good enough?  We don't mind a short notice account.

If you partner only earns 5K, that leaves £13.570 of tax free savings interest.
If interest is over 10K a tax return will need to be filled out.
£12,570 before tax
£ 5,000 starter rate
£ 1,000 tax free interest.

Thats what HMRC told me as I’m in a similar situation.
Looking for an income from my savings.
Holding out for 5-6%, will give it until late February Belford I jump in.
Make sure the interest is paid away or annually so get tax benefit.
If you have over 85k only put 80k in each bank.
If you add interest at 5% that would be 84k with interest and protection from FSCS if Bank went under.

cricidmuslibale

mortgagewannabe_2 said:

Hi.  We currently have a large amount of savings in our Virgin Money M Plus Saver Joint account. My partner only earns a £5k salary per year, hence he has approx £6-7k free personal tax allowance.  My question is, whether it's worth moving the savings to his solo account for tax purposes and whether Zopa is good enough?  We don't mind a short notice account.

So yes it may be worth moving the savings to his solo account for tax purposes but beware that once you do this, all that savings money effectively becomes his money to do with what he wishes! It all depends on how much you can trust him with your part of the savings tbh!

cricidmuslibale

mortgagewannabe_2 said:

Hi.  We currently have a large amount of savings in our Virgin Money M Plus Saver Joint account. My partner only earns a £5k salary per year, hence he has approx £6-7k free personal tax allowance.  My question is, whether it's worth moving the savings to his solo account for tax purposes and whether Zopa is good enough?  We don't mind a short notice account.

Zopa is not currently offering the best interest rates available on either easy access or notice accounts! There is a separate notice account thread on this Savings and Investments board that lists the highest interest paying notice accounts that are currently available.

Thirty9

cricidmuslibale said:

Zopa is not currently offering the best interest rates available on either easy access or notice accounts! There is a separate notice account thread on this Savings and Investments board that lists the highest interest paying notice accounts that are currently available.

Speaking of Zopa, I've just tried to withdraw from an easy access pot and got an error "Something went wrong on our side, please try again.". Anyone else seeing this? Not good.