The Top Fixed Interest Savings Discussion Area

eskbanker

andyhicks88 said:

I don't think i fancy the two banks offering the best 1yr rates at the moment.

In what way?

andyhicks88 said:

Hopefully some of the usual suspects start creeping up a bit nearer to those rates soon.

Who do you see as the usual suspects?  If you're hoping for high street majors to be topping these tables, don't hold your breath!

Consumerist

t0rt0ise said:

. . . the different banks work differently and it just depends on what the bank tells HMRC as to when the tax applies.

Yes, I think you're probably right but it's better to be prepared for the worst than just hope for the best.

andyhicks88

eskbanker said:

andyhicks88 said:

I don't think i fancy the two banks offering the best 1yr rates at the moment.

In what way?

andyhicks88 said:

Hopefully some of the usual suspects start creeping up a bit nearer to those rates soon.

Who do you see as the usual suspects?  If you're hoping for high street majors to be topping these tables, don't hold your breath!

As has already been discussed, the websites for both of those banks look dodgy and amateurish. I simply don't feel good about trusting them with my money.

The usual suspects are the usual suspects. the banks that are always giving the top rates for savings, Investec, Atom, Zopa, Shawbrook, Chater and the like, hopefully they will increase their offers over the coming months.

RG2015

andyhicks88 said:m

eskbanker said:

andyhicks88 said:

I don't think i fancy the two banks offering the best 1yr rates at the moment.

In what way?

andyhicks88 said:

Hopefully some of the usual suspects start creeping up a bit nearer to those rates soon.

Who do you see as the usual suspects?  If you're hoping for high street majors to be topping these tables, don't hold your breath!

As has already been discussed, the websites for both of those banks look dodgy and amateurish. I simply don't feel good about trusting them with my money.

The usual suspects are the usual suspects. the banks that are always giving the top rates for savings, Investec, Atom, Zopa, Shawbrook, Chater and the like, hopefully they will increase their offers over the coming months.

I can see three on the MSE list; Habib, Investec and Tandem. There is also Al Rayan if you include sharia accounts.

I see you regard Investec as a “usual suspect” but they are offering 1.4% which is pretty much top rate at the moment.

In my opinion it is somewhat subjective whether a bank is in some way less attractive.

andyhicks88

RG2015 said:

andyhicks88 said:m

eskbanker said:

andyhicks88 said:

I don't think i fancy the two banks offering the best 1yr rates at the moment.

In what way?

andyhicks88 said:

Hopefully some of the usual suspects start creeping up a bit nearer to those rates soon.

Who do you see as the usual suspects?  If you're hoping for high street majors to be topping these tables, don't hold your breath!

As has already been discussed, the websites for both of those banks look dodgy and amateurish. I simply don't feel good about trusting them with my money.

The usual suspects are the usual suspects. the banks that are always giving the top rates for savings, Investec, Atom, Zopa, Shawbrook, Chater and the like, hopefully they will increase their offers over the coming months.

I can see three on the MSE list; Habib, Investec and Tandem. There is also Al Rayan if you include sharia accounts.

I see you regard Investec as a “usual suspect” but they are offering 1.4% which is pretty much top rate at the moment.

In my opinion it is somewhat subjective whether a bank is in some way less attractive.

That has changed since this morning.   When I checked earlier the was Habib and the bank of India that had 1.41 but that latter one has disappeared. I was not talking about investec as being one of the dodgy ones. Investec were only offering 1.33% and so that has risen since this morning and I will be looking into that as I like them.

RG2015

andyhicks88 said:

RG2015 said:

andyhicks88 said:m

eskbanker said:

andyhicks88 said:

I don't think i fancy the two banks offering the best 1yr rates at the moment.

In what way?

andyhicks88 said:

Hopefully some of the usual suspects start creeping up a bit nearer to those rates soon.

Who do you see as the usual suspects?  If you're hoping for high street majors to be topping these tables, don't hold your breath!

As has already been discussed, the websites for both of those banks look dodgy and amateurish. I simply don't feel good about trusting them with my money.

The usual suspects are the usual suspects. the banks that are always giving the top rates for savings, Investec, Atom, Zopa, Shawbrook, Chater and the like, hopefully they will increase their offers over the coming months.

I can see three on the MSE list; Habib, Investec and Tandem. There is also Al Rayan if you include sharia accounts.

I see you regard Investec as a “usual suspect” but they are offering 1.4% which is pretty much top rate at the moment.

In my opinion it is somewhat subjective whether a bank is in some way less attractive.

That has changed since this morning.   When I checked earlier the was Habib and the bank of India that had 1.41 but that latter one has disappeared. I was not talking about investec as being one of the dodgy ones. Investec were only offering 1.33% and so that has risen since this morning and I will be looking into that as I like them.

Re Investec, I saw from your post you do not regard them as dodgy. They are offering a good rate now but, as you say rates will likely be increasing.

This is always the problem with fixed savers in a likely rate rising period.

Patr100

Thanks for starting this thread. 
My current strategy is to use annual fixed savings interest to supplement my part time income.
I'm having to split savings into roughly  84k pots (to allow for  the interest to bring it close to the max 85k) in separate institutions for FSCS protection so at current offered rates ,  , should the worst happen.
Rates are certainly slowly creeping up - but I can't move yet as my current fixed periods aren't due  to end, til the middle of this year . I'm currently getting only around 0.8% on accounts so many annual fixed rates have nearly doubled since taking those out.
I run a tight ship so if we were nearer 2%  or better by then that would help.
Bank of E who have not been good at predicting these things, are looking at at least 2 years til inflation is lowered to target
so cannot see  rates dropping soon , hopefully rising more but who knows.

Ocelot

RG2015 said:

Ocelot said:

I have several fixed rate accounts at 2-3 years, where interest is not available, but still get taxed on them every year by HMRC.

HMRC are notorious for taxing people on incorrect interest received amounts.

Do you check that they are taxing you in accordance with the tax certificates issued by your savings provider?

To be honest, I struggle to understand their perception of how much I owe them. Every year my tax code is lowered to 6000/7000 to pay for 'previous years' interest, but every year they also say my tax code is being lowered for the coming year's interest also. I think they are ripping me off.

You used to be able to see how much interest they were taking into account, and from whom, on the GOV.uk website, but don't seem to be able to any more.

ColdIron

Do a self assessment, they are really easy if all you have to account for is savings interest. Takes me about 20 minutes (assuming you have accurate records of interest earned). You see the calculation and all the allowances and you can ask them not to mess with your tax code

valiant24

andyhicks88 said:

As has already been discussed, the websites for both of those banks look dodgy and amateurish. I simply don't feel good about trusting them with my money.

This is an example of one offering best rates which, nonetheless, gave of such an air of poor attention to detail that I gave it a miss anyway: https://www.unionbankofindiauk.co.uk/