Regular Savings Accounts: The Best Currently Available List!

allegro120

Bridlington1 said:

silvercar said:

simonsmithsays said:

Section62 said:

simonsmithsays said:

Monmouthshire RS 8

Further to previous entries on this thread I've today received maturity instructions (letter dated 24/11) for the account which matured yesterday.

They really are rubbish

Monmouthshire BS, or Royal Mail?

Having had this issue with MBS before and also that the lack of maturity instructions on this account was raised by another forumite a month ago I'd say the former.

I had the letter a few weeks ago. I've since had a cheque(!) and paid it in, I couldn't see where to arrange withdrawal online. 

Mine matured on 8/12/23. Rather than faffing about with scanning the QR code on the letter or sending letters I just set up 3 transfers of £300 from the Christmas RS to my other MBS regular savers future dated to complete on 1/12/23 and a withdrawal of all barring £10 of the remaining balance to be carried out on 7th to my nominated account. I let the account mature into an EA account upon maturity on 8th and logged into online banking and closed it on 11th to recover the remaining balance with interest. It all went without any issues and was quite simple I found, no cheques or anything, just faster payments and a few optional extra internal transfers that I did for convenience.

It says in the letter "Should we not receive your instructions before  18th December [maturity date] the balance of your account will be transferred into our Easy Saver...".  I assumed that they will automatically open Easy Saver for me or do you think I should open one myself to avoid delays.

allegro120

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Emily_Joy

allegro120 said:

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Now I am getting concerned. Back in summer Gatehouse paid profit from my ISA into Barclays easy access ISA, but Barclays transferred that almost instantly into my current account. I was expecting the "profit" from ISA to be tax free. Is the latter transfer likely to cause an issue?..

friolento

allegro120 said:

Bridlington1 said:

silvercar said:

simonsmithsays said:

Section62 said:

simonsmithsays said:

Monmouthshire RS 8

Further to previous entries on this thread I've today received maturity instructions (letter dated 24/11) for the account which matured yesterday.

They really are rubbish

Monmouthshire BS, or Royal Mail?

Having had this issue with MBS before and also that the lack of maturity instructions on this account was raised by another forumite a month ago I'd say the former.

I had the letter a few weeks ago. I've since had a cheque(!) and paid it in, I couldn't see where to arrange withdrawal online. 

Mine matured on 8/12/23. Rather than faffing about with scanning the QR code on the letter or sending letters I just set up 3 transfers of £300 from the Christmas RS to my other MBS regular savers future dated to complete on 1/12/23 and a withdrawal of all barring £10 of the remaining balance to be carried out on 7th to my nominated account. I let the account mature into an EA account upon maturity on 8th and logged into online banking and closed it on 11th to recover the remaining balance with interest. It all went without any issues and was quite simple I found, no cheques or anything, just faster payments and a few optional extra internal transfers that I did for convenience.

It says in the letter "Should we not receive your instructions before  18th December [maturity date] the balance of your account will be transferred into our Easy Saver...".  I assumed that they will automatically open Easy Saver for me or do you think I should open one myself to avoid delays.

If you don't have an EA account, they just change your RS to an Easy Access account on maturity.Account number stays the same.

grumbler

Emily_Joy said:

allegro120 said:

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Now I am getting concerned. Back in summer Gatehouse paid profit from my ISA into Barclays easy access ISA, but Barclays transferred that almost instantly into my current account. I was expecting the "profit" from ISA to be tax free. Is the latter transfer likely to cause an issue?..

Ask Barclays why. Was that because it exceeded your £20K annual contribution allowance?

I was expecting the "profit" from ISA to be tax free.

I don't see the relevance.

Kim_13

simonsmithsays said:

Section62 said:

simonsmithsays said:

Monmouthshire RS 8

Further to previous entries on this thread I've today received maturity instructions (letter dated 24/11) for the account which matured yesterday.

They really are rubbish

Monmouthshire BS, or Royal Mail?

Having had this issue with MBS before and also that the lack of maturity instructions on this account was raised by another forumite a month ago I'd say the former.

I did receive mine in good time, maturity was December 5th if I recall correctly. In the absence of any attractive options I simply saved myself the postage, let it default into Easy Access and withdrew that down to £1. Keeping that as it is my oldest account with MBS. 

The closer it gets to Christmas, the worse Royal Mail appear to be getting - just had to be refunded for a gift that never arrived.

Emily_Joy

grumbler said:

Emily_Joy said:

allegro120 said:

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Now I am getting concerned. Back in summer Gatehouse paid profit from my ISA into Barclays easy access ISA, but Barclays transferred that almost instantly into my current account. I was expecting the "profit" from ISA to be tax free. Is the latter transfer likely to cause an issue?..

Ask Barclays why. Was that because it exceeded your £20K annual contribution allowance?

I was expecting the "profit" from ISA to be tax free.

I don't see the relevance.

I did ask Barclays "why". They told me because I haven't signed ISA declaration for this tax year. It was a old-ish easy access ISA, I haven't realised it is necessary. Then I was told that if I sign the declaration and move money back, it would count to this year contribution. I was surprised, because as far as I remember, ISA interest added to the ISA account never counted towards current year contributions. So I gave up, put money elsewhere, and used the funds later for a house purchase. 

wiseonesomeofthetime

Emily_Joy said:

grumbler said:

Emily_Joy said:

allegro120 said:

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Now I am getting concerned. Back in summer Gatehouse paid profit from my ISA into Barclays easy access ISA, but Barclays transferred that almost instantly into my current account. I was expecting the "profit" from ISA to be tax free. Is the latter transfer likely to cause an issue?..

Ask Barclays why. Was that because it exceeded your £20K annual contribution allowance?

I was expecting the "profit" from ISA to be tax free.

I don't see the relevance.

I did ask Barclays "why". They told me because I haven't signed ISA declaration for this tax year. It was a old-ish easy access ISA, I haven't realised it is necessary. Then I was told that if I sign the declaration and move money back, it would count to this year contribution. I was surprised, because as far as I remember, ISA interest added to the ISA account never counted towards current year contributions. So I gave up, put money elsewhere, and used the funds later for a house purchase. 

The problem in your scenario was that the "profit/interest" left the ISA wrapper as soon as it entered your Barclays current account. As a result, transferring it back into the ISA wrapper counts as a fresh subscription with "new money".

Otherwise, you are correct. Interest earned in an ISA does not contribute towards the £20k allowance, as long as it remains in an ISA.

TheWoodler

The issue was that, as you say, it was an oldish ISA and the rules are that if you did not subscribe or pay in into that ISA in the previous tax year, you cannot do so in the current tax year without a declaration. 

Regardless of where the funds into your old ISA came from (in this case profit or interest from another ISA, but it could have been from salary, for example) this need for another declaration would always have been the case. 

Then, as PP, the money left the ISA wrapper into your non-ISA account and so is ‘new money.’ This shows the pitfalls of having ISA interest/profit paid away, as it can easily lose ISA wrapper protection along the way. 

grumbler

wiseonesomeofthetime said:

Emily_Joy said:

grumbler said:

Emily_Joy said:

allegro120 said:

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Now I am getting concerned. Back in summer Gatehouse paid profit from my ISA into Barclays easy access ISA, but Barclays transferred that almost instantly into my current account. I was expecting the "profit" from ISA to be tax free. Is the latter transfer likely to cause an issue?..

Ask Barclays why. Was that because it exceeded your £20K annual contribution allowance?

I was expecting the "profit" from ISA to be tax free.

I don't see the relevance.

I did ask Barclays "why". They told me because I haven't signed ISA declaration for this tax year. It was a old-ish easy access ISA, I haven't realised it is necessary. Then I was told that if I sign the declaration and move money back, it would count to this year contribution. I was surprised, because as far as I remember, ISA interest added to the ISA account never counted towards current year contributions. So I gave up, put money elsewhere, and used the funds later for a house purchase. 

The problem in your scenario was that the "profit/interest" left the ISA wrapper as soon as it entered your Barclays current account. 

It probably left the wrapper as soon as allegro120   "paid profit from ... ISA into Barclays easy access ISA". It's not clear how the payment was made, but the only way to keep the wrapper is to transfer (part of) ISA from one provider to another, i.e. to request a transfer from Barclays side.