The Top Easy Access Savings Discussion Area

artyboy

silvermum said:

Still had a Santander Everday Current account with £5 in  so applied and opened the eSaver from the webpage. Processed immediately and is now showing on my phone app.

Now the task of moving money out of Paragon and Nationwide accounts... 

Ditto, that was spectacularly quick and easy to sort out... and will mean that once it's all in there (from Paragon), it will be genuinely instant access - rather than having to wait till next day for transfers...

Looks like Santander is back in the game.

Beddie

Noneforit999 said:

Nick_C said:

Noneforit999 said:

Daliah said:

Nick_C said:

  The way interest rates are going, I can see that I might exceed the £1k tax free threshold next year.

Lovely problem to have 

To be fair its only about £37k ish at 2.75% so a lot of people are suddenly going to find themselves over this.

If you are a higher rate tax payer you are going to hit it fairly easily, especially if you fix at say 4%. I think its about £12500 in savings at 4% fixed is going to put a higher rate tax payer over the personal allowance.

We have the proceeds of our house sale in savings at the moment, waiting on some land registry changes before we can buy my wifes sister out of an inheritance house so we have £180k in easy access and we are likely to end up using both our personal savings this year. 

I have nowhere near that amount of cash, but I do have about £20k and I can 5% being the norm next year.  I've already got almost £9k earning 5%.

I don't want the hassle of declaring and paying tax on a few quid over the threshold.  I've got 27 savings accounts with 18 institutions.  Some of them paying pennies a year.

I really don't have the time to keep moving money between savings accounts like that.

We have had £180k in chase for four months now and I am only about to jump ship to Santander as the rate has increased to make it worth my time.

With a £25k a day limit, it takes me a week to move the money anyway so I can't be bothered to keep doing this for 0.25% change each time, hence why I just wait for a decent difference in the rate and then move once.

I feel the same, with a smaller amount but still significant. I could move to them for an extra 0.4%, but the faff of setting up the account and moving the money in stages is not worth it. After all, in a month when rates go up another 0.5% (probably) there'll be a new best rate, so get moving again. This kind of rate chasing for every penny is popular on here, but it's not what most people do.

alternate

Good on Santander, even though I hate their CS.

I suspect they have gone early and priced in future rate rises.  A lot of people will move their savings and not bother chasing other rates.  Plus all those that leave it in longer than a year.   Those bonus terms are always a bit scummy.

silvermum

Beddie said:

I feel the same, with a smaller amount but still significant. I could move to them for an extra 0.4%, but the faff of setting up the account and moving the money in stages is not worth it. After all, in a month when rates go up another 0.5% (probably) there'll be a new best rate, so get moving again. This kind of rate chasing for every penny is popular on here, but it's not what most people do.

If you're retired/ time-rich then it becomes the 'day job'!
I figure if I can increase my interest income by £100+ for less than an hour's work then that's a pretty good return 

t1redmonkey

alternate said:

Good on Santander, even though I hate their CS.

I suspect they have gone early and priced in future rate rises.  A lot of people will move their savings and not bother chasing other rates.  Plus all those that leave it in longer than a year.   Those bonus terms are always a bit scummy.

I hope it stays open for a while, that way it'll force the competition to up their rates as well, probably across the board of a variety of products in order to stay competitive (easy access, notice accounts, and easy access ISAs in particular).

gwapenut

gwapenut said:

km1500 said:

yrs - if you opt for annual interest all the interest you earn will be in the next tax year - if you opt for monthly interest then some of it will be in this tax year

Are we sure about this, can anyone with an older esaver comment? It says paid annually, but sometimes with some providers that means once a year at the end of the current tax year.

I know their regular savers pay on maturity, but this says annually, rather than on the anniversary of opening.

I want to defer interest until the next tax year!

Sadly, it looks like I won't be able to find out (I don't trust customer service to know!) as it's not specifie and they have no consistent behaviour.

Their e-ISA says: Interest is calculated daily and added to this account annually in March.

Their everyday saver says: Interest is calculated daily and paid annually on the anniversary of account opening
This product says: Interest is calculated daily and added to this account annually or monthly (unclear whether March, this time next year, or even some other random month).

I'd lose an extra 20% of my interest if it were paid this year, so will just stick with the slightly lower rate Yorkshire loyalty 6-access which pays on the anniversary, next year.

vickyholly

Hi , does anyone know if Santander is linked to any other banks please?

t1redmonkey

vickyholly said:

Hi , does anyone know if Santander is linked to any other banks please?

Just Cahoot.

jaypers

vickyholly said:

Hi , does anyone know if Santander is linked to any other banks please?

This is a useful resource - https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2019/fscs%20banking%20brands%2005%20december%202019.pdf

janusd

gwapenut said:

km1500 said:

yrs - if you opt for annual interest all the interest you earn will be in the next tax year - if you opt for monthly interest then some of it will be in this tax year

Are we sure about this, can anyone with an older esaver comment? It says paid annually, but sometimes with some providers that means once a year at the end of the current tax year.

Moneyfacts is saying that it's paid on the Anniversary - I certainly wouldn't expect to see the interest paid in March if you've chosen the annual option.

you could open, put £1 in and then contact support via a secure message for clarity on this point...