The Top Fixed Interest Savings Discussion Area

skitskut

janusdesign said:

Frequentlyhere said:

intalex said:

intalex said:

Atom launched new fixed rates this morning, though left the instant access rate untouched...

Atom 2-year fix upped to 4% AER (3.93% Gross for the monthly) - only the 2-year term

You just have to step back and shake your head sometimes. almost unimaginable levels from just a little while ago. I'm looking at my chunky zopa 1.35% 1-year fix not maturing until January and grimacing a little!

if it makes you feel any better, i'm looking at my Oaknorth account @ 1.25% not maturing until August next year... grimace is a good word!

Only halfway through a 3yr fix @ 0.9% with FirstSave for me! 

Winchmore_Hill_Shot

Only halfway through a 3yr fix @ 0.9% with FirstSave for me! 

Ouch.  My 1.76% 2 yr finishing next November felt bad.

ZeroSum

CheekyMikey said:

westv said:

intalex said:

intalex said:

Atom launched new fixed rates this morning, though left the instant access rate untouched...

Atom 2-year fix upped to 4% AER (3.93% Gross for the monthly) - only the 2-year term

I'd like a 1 year fix at that rate.

Yes…first to offer a 1 year at 4% will get my money…hoping it’s Zopa as it’s nearly all with them already and would make it easier

There's a couple of places offering 4%+ on 1 year, if you have a spare £10m 

andyhicks88

Monument appear to be the best 1yr rate at the moment, has anyone used them and their app before? Any feedback?

DaveyCee

Next BoE meet-up is Nov 3rd. Listening to the radio/tv over the last 12hrs it seems we'll definitely see a rise in rates again. Pretty hopeful there will be a 1yr fixed between 3.75% - 4%

bristolleedsfan

DaveyCee said:

Next BoE meet-up is Nov 3rd. Listening to the radio/tv over the last 12hrs it seems we'll definitely see a rise in rates again. Pretty hopeful there will be a 1yr fixed between 3.75% - 4%

Speculation of emergency BoE rate increase next week - repeated on front page of at least one newspaper today.

https://www.bloomberg.com/news/articles/2022-09-23/uk-market-plunge-sparks-talk-of-emergency-boe-rate-hike

duckson

Thought it might to be best to ask this here regarding PSA £500/£1k limits and how each tax years interest is calculated....

Fixed accounts are often offered in monthly or yearly or at maturity interest payments but does this affect the amount of earned interest in a tax year? 
For example if I take out a 1yr fix and the at maturity interest payment option today, is all the tax adjudged to have been earned at maturity (so 2023-24 tax year) or would it accrue monthly anyway (monthly/yearly/maturity doesnt matter) from a reporting to HMRC perspective so approx 6 months in this tax year and 6 month in next?

Consumerist

duckson said:

Thought it might to be best to ask this here regarding PSA £500/£1k limits and how each tax years interest is calculated....

Fixed accounts are often offered in monthly or yearly or at maturity interest payments but does this affect the amount of earned interest in a tax year? 
For example if I take out a 1yr fix and the at maturity interest payment option today, is all the tax adjudged to have been earned at maturity (so 2023-24 tax year) or would it accrue monthly anyway (monthly/yearly/maturity doesnt matter) from a reporting to HMRC perspective so approx 6 months in this tax year and 6 month in next?

Interest earned is taxed in the financial year it is paid, irrespective of when it is earned.

In principle, for example, the interest from a five-year fixed interest account is taxed in the financial year it is paid - this would be in the year of maturity if interest is paid into the same account.

In practice, however, it probably depends on whether the savings institution reports the interest payments as yearly payments or a single payment at maturity.

duckson

Consumerist said:

Interest earned is taxed in the financial year it is paid, irrespective of when it is earned.

In principle, for example, the interest from a five-year fixed interest account is taxed in the financial year it is paid - this would be in the year of maturity if interest is paid into the same account.

In practice, however, it probably depends on whether the savings institution reports the interest payments as yearly payments or a single payment at maturity.

OK thanks, i'm only really interested in a 1yr fix as we need the money (£40k) just after that would mature.
I'll probably pick one that pays in interest monthly, that surely must mean it's calculated as partially in this tax year and partially in next so the £1k PSA isn't breached (or less likely to be).

Aberdeenangarse

bristolleedsfan said:

DaveyCee said:

Next BoE meet-up is Nov 3rd. Listening to the radio/tv over the last 12hrs it seems we'll definitely see a rise in rates again. Pretty hopeful there will be a 1yr fixed between 3.75% - 4%

Speculation of emergency BoE rate increase next week - repeated on front page of at least one newspaper today.

https://www.bloomberg.com/news/articles/2022-09-23/uk-market-plunge-sparks-talk-of-emergency-boe-rate-hike

If sterling drops below parity with the dollar, next week, they’ll have no choice!