The Top Fixed Interest Savings Discussion Area

andyhicks88

Also actually now I'm confused about how the interest is paid, MSE have it "at maturity", Savings Guru have it annually but that it's "added to account" where as the actual Raisin terms state

"Interest is calculated daily and paid annually back to your Raisin UK account.

Which to me sound like it's paid annually into the Raisin holding account, not the actual Isbank account? Right?

dgpur

andyhicks88 said:

Also actually now I'm confused about how the interest is paid, MSE have it "at maturity", Savings Guru have it annually but that it's "added to account" where as the actual Raisin terms state

"Interest is calculated daily and paid annually back to your Raisin UK account.

Which to me sound like it's paid annually into the Rasin holding account, not the actual Isbank account? Right?

That’s right. Then you just withdraw it from the Raisin holding account to your preferred account.

andyhicks88

dgpur said:

andyhicks88 said:

Also actually now I'm confused about how the interest is paid, MSE have it "at maturity", Savings Guru have it annually but that it's "added to account" where as the actual Raisin terms state

"Interest is calculated daily and paid annually back to your Raisin UK account.

Which to me sound like it's paid annually into the Rasin holding account, not the actual Isbank account? Right?

That’s right. Then you just withdraw it from the Raisin holding account to your preferred account.

Thanks, that's what I thought but none of MSE, Savings Guru or MoneyFacts seem to say this!

Steve_xx

andyhicks88 said:

Steve_xx said:

andyhicks88 said:

It's the top rate that i dare say won't be beaten, at least by much, and offers interest the way i wanted it paid as per my post on the last page....yet something is stopping me going for this, i feel wary about it for some reason. Has anyone has experience with Isbank?

What is it that you are wary about?

No idea? Just a feeling? I hate taking the plunge with fixed rates at the best of times even with banks and systems I know and trust so signing up to Raisin, which is new to me and had pretty poor reviews on here, and then despoiting with a bank I've never heard of (even though I know is legit and covered ect), is making be a bit wobbly somehow!  

The critical point is that it's FSCS covered.

I've used Raisin numerous times over the years without hassle.

I think that the Isbank 1 year offering means that interest will be accrued daily and then added to the bond at the end of it's one year term. At which point you choose if you want to withdraw the lot, or perhaps take another product from Raisin.

I concur with your hesitance regarding a Turkish bank. But, as it's FSCS protected, then Im not overly concerned. 

I remember getting caught up in the Icelandic banking crisis years ago. But all was sorted pretty fast I think. 

Bigwheels1111

andyhicks88 said:

It's the top rate that i dare say won't be beaten, at least by much, and offers interest the way i wanted it paid as per my post on the last page....yet something is stopping me going for this, i feel wary about it for some reason. Has anyone has experience with Isbank?

I have a 7 year fixed with them at 4.5%, opened it 3 months ago.
As for dealing with them you don’t.
You apply through Raisin, deposit money in Raisin and the next day its deposited into Isbank.
Money is FSCS protected, what are you worried about.

subjecttocontract

I usually wait until there is a bonus offer on the table with Raisin but in this case the 5% does look very attractive. So, I've opened the ISbank 12 month bond via Raisin alongside my existing 6 month with Zenith & 9 month with FCMB.

Gollygumdrops

Hi
I was wondering what everyone’s thoughts were as to whether rates will rise on Savings accounts further in the near future?  I have had a couple of fixed Bonds mature recently and it seems no sooner have I opened an account, with the best current rate,  than it is superseded by another.  I will have to split the matured bonds between several accounts (to keep each provider with just under £85K) so have opened a Close Brothers, Allica and Vanquis one.
I have been caught out recently opening a Shawbrook fixed bond when they don’t allow any cooling off period (1st time I have been caught on that point).  Luckily I only ever put the minimum in to start to ensure that all the details I have to fund the account are correct.  So now before I start to fund these new accounts - I know we don’t have a crystal ball - what are people’s thoughts on what will happen to the rates?
On another point I have seen on here is many people discussing the tax situation, with regards to declaring your interest payments.  Can someone confirm that I do not need to declare any of my interest to the Tax Office, because I am not working (no income) and don’t receive any benefits?  Do I need to only declare any tax if I earn over the basic current tax paying threshold?
Thank you.

refluxer

Gollygumdrops said:

On another point I have seen on here is many people discussing the tax situation, with regards to declaring your interest payments.  Can someone confirm that I do not need to declare any of my interest to the Tax Office, because I am not working (no income) and don’t receive any benefits?  Do I need to only declare any tax if I earn over the basic current tax paying threshold?

One thing to note is that you need to register for Self Assessment if your income from savings and investments is over £10,000, regardless of your other income.

https://www.gov.uk/apply-tax-free-interest-on-savings

Gollygumdrops

Thank you refluxer. 
I wasn’t aware of that (as interest rates have been so low over the past decade I was nowhere near any tax bracket!)
So does registering for Self Assessment mean I will have to pay tax or that the Tax Office just want to have me on file?
I just thought that I needed to earn the basic income of £12,570 before I paid any tax?  How can they then say that if you earn under that at £10k you may still pay tax? 

refluxer

Gollygumdrops said:

Thank you refluxer. 
I wasn’t aware of that (as interest rates have been so low over the past decade I was nowhere near any tax bracket!)
So does registering for Self Assessment mean I will have to pay tax or that the Tax Office just want to have me on file?
I just thought that I needed to earn the basic income of £12,570 before I paid any tax?  How can they then say that if you earn under that at £10k you may still pay tax? 

I suspect it's just to bring you to their attention and ensure that everything is being declared and done correctly. With the standard tax allowance, starters savings rate and personal allowance for savings interest, low earners can potentially earn up to £18,570 in income and savings interest before paying any tax.

https://www.moneysavingexpert.com/savings/tax-free-savings/