The Top Fixed Interest Savings Discussion Area

DavidAC

Is it safe to say the NS&I Green bond will only be taxable in the year it matures? I did check with them on the telephone and was explicitly told it is only taxible in the tax year it matures. Of course I do not have a recording, but

"Is the interest taxable? Yes, in the tax year your Bond matures"

seems quite clear and NS&I is the govenments savings bank. JN Bank is less clear.

bluu2k

If you are existing customers of DF Capital, you can open one year fixed or 18 months fixed at 5.95% by logging in their online banking services and choosing "Apply" from there. 

1 Year Fixed Rate Deposit (Loyalty Issue 19)

To apply you must

• Be 18 and over
• Be resident in the UK and liable to pay tax only in the UK.
• The account number and sort code of a UK current account on which you are named as an account holder. This 'nominated account' must be used as the source of any money deposited with us and will also be used as the destination account of any funds withdrawn.
• You must deposit at least £1,000.00 within 14 calendar days of the account being opened.

Key features

• Deposit up to £250,000.00 across all the DF Capital savings accounts.
• 5.95% AER.

18 Month Fixed Rate Deposit (Loyalty Issue 11)

To apply you must

• Be 18 and over
• Be resident in the UK and liable to pay tax only in the UK.
• The account number and sort code of a UK current account on which you are named as an account holder. This 'nominated account' must be used as the source of any money deposited with us and will also be used as the destination account of any funds withdrawn.
• You must deposit at least £1,000.00 within 14 calendar days of the account being opened.

Key features

• Deposit up to £250,000.00 across all the DF Capital savings accounts.
• 5.95% AER.

Patr100

My Atom 4.27% one year is due expiring  in a week or two so I am monitoring rates via Moneyfacts etc and here if anyone has any other suggestions?
I like to have monthly income so looks like the 6% Oxbury is less attractive - assuming it is still available by then for existing account holders - currently looks like Metro 5.91% is a contender -  
veering again towards 1 year  as I still have a year to  go on two other 2 year accounts in RCI and Charter.
We moan about recent fix rate falls but I have to remind myself not that long ago we were getting less than one percent for 12 month fixes ( albeit that inflation was lower back then)

SickGroove

Patr100 said:

My Atom 4.27% one year is due expiring  in a week or two so I am monitoring rates via Moneyfacts etc and here if anyone has any other suggestions?
I like to have monthly income so looks like the 6% Oxbury is less attractive - assuming it is still available by then for existing account holders - currently looks like Metro 5.91% is a contender -  
veering again towards 1 year  as I still have a year to  go on two other 2 year accounts in RCI and Charter.
We moan about recent fix rate falls but I have to remind myself not that long ago we were getting less than one percent for 12 month fixes ( albeit that inflation was lower back then)

I'm in the same position with Atom & like you, prefer to have monthly interest paid away...

Been looking at a few options, Vanquis & Oxbury initially (but they don't do monthly interest paid away) so have plumped for the Ford Money 2 year fix as can't see rates being higher in a year or so... personally wouldn't touch Metro as heard nothing but bad things...

Patr100

SickGroove said:

Patr100 said:

My Atom 4.27% one year is due expiring  in a week or two so I am monitoring rates via Moneyfacts etc and here if anyone has any other suggestions?
I like to have monthly income so looks like the 6% Oxbury is less attractive - assuming it is still available by then for existing account holders - currently looks like Metro 5.91% is a contender -  
veering again towards 1 year  as I still have a year to  go on two other 2 year accounts in RCI and Charter.
We moan about recent fix rate falls but I have to remind myself not that long ago we were getting less than one percent for 12 month fixes ( albeit that inflation was lower back then)

I'm in the same position with Atom & like you, prefer to have monthly interest paid away...

Been looking at a few options, Vanquis & Oxbury initially (but they don't do monthly interest paid away) so have plumped for the Ford Money 2 year fix as can't see rates being higher in a year or so... personally wouldn't touch Metro as heard nothing but bad things...

Yeah, I think I saw Ford was a possible a few days ago. 
Could do another 2 year and then that will overlap with my current 2 year accounts finishing late next year.

metrobus

SickGroove said:

Patr100 said:

My Atom 4.27% one year is due expiring  in a week or two so I am monitoring rates via Moneyfacts etc and here if anyone has any other suggestions?
I like to have monthly income so looks like the 6% Oxbury is less attractive - assuming it is still available by then for existing account holders - currently looks like Metro 5.91% is a contender -  
veering again towards 1 year  as I still have a year to  go on two other 2 year accounts in RCI and Charter.
We moan about recent fix rate falls but I have to remind myself not that long ago we were getting less than one percent for 12 month fixes ( albeit that inflation was lower back then)

I'm in the same position with Atom & like you, prefer to have monthly interest paid away...

Been looking at a few options, Vanquis & Oxbury initially (but they don't do monthly interest paid away) so have plumped for the Ford Money 2 year fix as can't see rates being higher in a year or so... personally wouldn't touch Metro as heard nothing but bad things...

Do Atom offer loyalty rates to those with maturing fixed rate bonds or is it just bonds that are on general sale?

Patr100

metrobus said:

SickGroove said:

Patr100 said:

My Atom 4.27% one year is due expiring  in a week or two so I am monitoring rates via Moneyfacts etc and here if anyone has any other suggestions?
I like to have monthly income so looks like the 6% Oxbury is less attractive - assuming it is still available by then for existing account holders - currently looks like Metro 5.91% is a contender -  
veering again towards 1 year  as I still have a year to  go on two other 2 year accounts in RCI and Charter.
We moan about recent fix rate falls but I have to remind myself not that long ago we were getting less than one percent for 12 month fixes ( albeit that inflation was lower back then)

I'm in the same position with Atom & like you, prefer to have monthly interest paid away...

Been looking at a few options, Vanquis & Oxbury initially (but they don't do monthly interest paid away) so have plumped for the Ford Money 2 year fix as can't see rates being higher in a year or so... personally wouldn't touch Metro as heard nothing but bad things...

Do Atom offer loyalty rates to those with maturing fixed rate bonds or is it just bonds that are on general sale?

no, they just say:

You don’t need to do anything right now, but you might want to check out our current savings products in-app or online to help you figure out where you want to move your money to.

There’s a small chance that our products may change before your account matures, but looking now will still give you a good idea of your options.

  I like their app but their rates just aren't competitive enough currently.

Ozzig

DavidAC said:

Is it safe to say the NS&I Green bond will only be taxable in the year it matures? I did check with them on the telephone and was explicitly told it is only taxible in the tax year it matures. Of course I do not have a recording, but

"Is the interest taxable? Yes, in the tax year your Bond matures"

seems quite clear and NS&I is the govenments savings bank. JN Bank is less clear.

Banks I've asked have given me the same answer, but HMRC has received notification from them of accrual (defined in a different column by them to their interest payment) for fixed bonds years before maturity.

I would normally advise HMRC to be the only one who can say when it is taxed, but as they are inconsistent with their answer who knows? 

DavidAC

My question about the green savings bond is now redundant. I was going to get one tomorrow if inflation fell as markets expect. NS&I have today pulled issue 5 which was 5.7% and replaced it with issue 6 at 3.95%. If only I opened it yesterday. Oh well. The talk of how high base rates will go has been replaced by when the first cut will be.

SickGroove

Still unsure if best to go all in on a 2 year fix or split equally between a 2 & 3 years fix...

Monthly interest will be paid away whichever way I decide.

I agree about Atom btw. Love their app & whole user friendly approach...

Just a shame there are no incentives for existing savers just looking to reinvest with them as I think many would.