Best saving account

MayzD

Currently putting £1000 a month away in a instant ISA saver with Nationwide. Is there a better account where I can get more out of it? 

eskbanker

Pretty hard to find an account that's worse than one paying a derisory 0.01% on up to £10K or 0.03% on up to £50K! 

So, plenty of choice at https://www.moneysavingexpert.com/savings/best-cash-isa/ if you want to stick to cash ISAs (many don't these days) or https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ if looking beyond them.

epm-84

^ One thing not on the MSE list is that Aldermore also do a 30 days notice ISA offering 1.3% interest (variable) which may be a better option if you're not going to need your money at very short notice but don't want to lock it away for a fixed term.

Albermarle

MayzD said:

Currently putting £1000 a month away in a instant ISA saver with Nationwide. Is there a better account where I can get more out of it? 

Nationwide savings rates are generally not very good so you will need to move to a new provider.
This would mean opening a new cash isa with someone else and then requesting them to transfer in the existing ISA from Nationwide. 
https://www.moneysavingexpert.com/savings/
https://moneyfacts.co.uk/

badger09

MayzD said:

Currently putting £1000 a month away in a instant ISA saver with Nationwide. Is there a better account where I can get more out of it? 

Unless you're earning over £1000 interest in a year (tax year) or are a higher rate taxpayer, you would earn more by paying your £1k a month into a number of regular savings accounts, or an instant access savings account, or a combination of both.

margaretx9

I quite like Paragon - good fixed rates (albeit their 1.21% instant access isa seems to have been withdrawn in the last few days), you can do the transfer online when you open the account online, its a split isa provider so you can mix and match with your in year isa savings across various products.
Any instant access isas are bound to see more rate cuts of course anyway.
https://www.paragonbank.co.uk/savings/savings-accounts?tabid=cash-isas
Once you join opening new accounts and internal transfer take seconds.

epm-84

badger09 said:

MayzD said:

Currently putting £1000 a month away in a instant ISA saver with Nationwide. Is there a better account where I can get more out of it? 

Unless you're earning over £1000 interest in a year (tax year) or are a higher rate taxpayer, you would earn more by paying your £1k a month into a number of regular savings accounts, or an instant access savings account, or a combination of both.

The unknown is how much they already have in the ISA.  If they've been paying in £1000 for a month for a number of years then it might be a sizable amount.  The £1000 tax free amount and the ISA subscription amounts could change in future tax years.

Regular savings accounts with attractive interest rates usually limit the amount you can pay in to a limited amount each month and then the account usually changes to a low paying easy access account 1 year after opening.  For instance, with the Virgin Money Regular Saver, it has 2% interest and the maximum you can pay in is £200 per month.  That means if you pay in the maximum amount each month for 12 months you end up with a balance of £2424 of which £24 is interest, and then the £2424 will get transferred to an Easy Access E-Saver, which currently pays 0.25% interest.

MaxZorin

You can pay £250 per month into the current Virgin Money Regular Saver.

badger09

epm-84 said:

badger09 said:

MayzD said:

Currently putting £1000 a month away in a instant ISA saver with Nationwide. Is there a better account where I can get more out of it? 

Unless you're earning over £1000 interest in a year (tax year) or are a higher rate taxpayer, you would earn more by paying your £1k a month into a number of regular savings accounts, or an instant access savings account, or a combination of both.

The unknown is how much they already have in the ISA.  If they've been paying in £1000 for a month for a number of years then it might be a sizable amount.  The £1000 tax free amount and the ISA subscription amounts could change in future tax years.
...............

True, but even if OP has more than £50k in the ISA (which I very much doubt), the interest rate is 0.05%.

https://www.nationwide.co.uk/products/savings/instant-isa-saver/features-and-benefits

I stand by my previous comments

epm-84

badger09 said:

epm-84 said:

badger09 said:

MayzD said:

Currently putting £1000 a month away in a instant ISA saver with Nationwide. Is there a better account where I can get more out of it? 

Unless you're earning over £1000 interest in a year (tax year) or are a higher rate taxpayer, you would earn more by paying your £1k a month into a number of regular savings accounts, or an instant access savings account, or a combination of both.

The unknown is how much they already have in the ISA.  If they've been paying in £1000 for a month for a number of years then it might be a sizable amount.  The £1000 tax free amount and the ISA subscription amounts could change in future tax years.
...............

True, but even if OP has more than £50k in the ISA (which I very much doubt), the interest rate is 0.05%.

https://www.nationwide.co.uk/products/savings/instant-isa-saver/features-and-benefits

I stand by my previous comments

I think it would be sensible that they move whatever is already in the Nationwide ISA to another account and they should be easily able to find an account paying 1% or more (whether it's an ISA or not.)  Given the OP's plan is continue to pay in £1000 per month I would suggest some of it could go in to a notice account if it gives them a better interest rate.

Although, if they follow your advice of non-ISAs potentially having slightly higher interest rates and withdraw £50k, for the sake of the argument, from their ISA and move it to alternative saving accounts, then they'll have over £62k outside of ISAs at the start of the next financial year by the time they are investing 1k per month.  Then if the Chancellor does make savings less tax friendly in the future, they'll only be able to reinvest one year's ISA subscription back in to an ISA.

I don't know why you very much doubt the figure could be £50k, given they are saving £1k a month, it would only need them to have been doing that for 3 and a bit years to get to £50k, allowing for interest on the account.

epm-84

MaxZorin said:

You can pay £250 per month into the current Virgin Money Regular Saver.

Yes correct it's £250 not £200 but still you won't get a lot of interest from it before the fixed term ends, despite the headline rate looking attractive at 2%.