hassle-free savings account

TheWoodler

Savings accounts - something like this from Yorkshire Building Society might tick all your boxes. https://www.ybs.co.uk/savings/product?id=YB681671W

They’re a well-known name, easy access, open from £1, no penalties or hurdles to withdrawals, you can pay in by debit card or bank transfer, transact online or by app, and the tiered interest rates work in your favour on this product as they increase as you pay more in. Also, you’re not confined to one nominated account that you have to specify beforehand to pay in or withdraw. 

You might like to look at Skipton and Coventry as well. They’re big names too and together with YBS their online offerings (Skipton, Coventry) or app (Skipton) are clear, well-explained, and easy to use. Coventry has a similar policy for withdrawals, ie not confined to one nominated account, IIRC, and Skipton allows you two possible accounts to withdraw to. I haven’t had to use YBS or Coventry customer services but I’ve found Skipton CS excellent, friendly,  happy to help and disabled-friendly. 

These are also good gateway products. For example if at a later date you wanted to open a loyalty product, an ISA, or a fixed rate bond with the same building society, internal transfers are easy with all three and payouts at the end of the term may be paid back into your easy access account if you wish. 

wmb194

jacggors said:

Fully appreciate the point RG! Another thing for me actually is I don't want an app-only option, I think I'd prefer not having instant access to my savings from my phone. But these options you've all provided look great, I'm definitely going to go for at least one of these.

Ethical banking isn't something I'd mentioned but reading Gatehouse's website has made me think about that which is an important consideration. I notice Gatehouse and other Shariah-compliant banks say they don't pay interest but a share of profit for the year. Does anyone know the implications of this for tax / self assessment? Do you put it down as interest or as something else? Many thanks.

They can call it whatever they like but HMRC calls it interest and that's how you classify it.

Bigwheels1111

jacggors said:

Fully appreciate the point RG! Another thing for me actually is I don't want an app-only option, I think I'd prefer not having instant access to my savings from my phone. But these options you've all provided look great, I'm definitely going to go for at least one of these.

Ethical banking isn't something I'd mentioned but reading Gatehouse's website has made me think about that which is an important consideration. I notice Gatehouse and other Shariah-compliant banks say they don't pay interest but a share of profit for the year. Does anyone know the implications of this for tax / self assessment? Do you put it down as interest or as something else? Many thanks.

Keeping it simple, it’s interest and taxable.
Profit and interest are the same.

jacggors

Thanks Woodler, I'll definitely check Yorkshire out as well.

And thanks wmb and Bigwheels, that helps!

Band7

jacggors said:

  I do have a HSBC current account (thanks wmb194 for a point along similar lines) but I don't imagine they have much to offer by way of a good savings account...  .

they do, actually. At least two. But whether these suit your requirements is a different matter

Lomcevak

RG2015 said:

As a starter, Marcus is undoubtedly excellent but there are caveats.

One other is that they appear to block access from outside the UK, so you can't transfer money back to a current account if you're overseas. This can come as a surprise if you urgently need to shift some money around while travelling.

Using a UK-located VPN wasn't enough for me to bypass the block, but I had some money elsewhere and didn't try particularly hard so it may be possible.

jacggors

Thanks band7. And thanks Lomcevak, important point I wasn't aware of.

All your comments have been helpful and I'm opening some accounts based on this thread, so thanks again.

I wonder if I could ask the same question now but specifically about

- a joint savings account

- a business savings account for a limited company

Appreciating there may be less scope to be fussy in these niches! But any advice would be appreciated.

Albermarle

jacggors said:

Thanks band7. And thanks Lomcevak, important point I wasn't aware of.

All your comments have been helpful and I'm opening some accounts based on this thread, so thanks again.

I wonder if I could ask the same question now but specifically about

- a joint savings account

- a business savings account for a limited company

Appreciating there may be less scope to be fussy in these niches! But any advice would be appreciated.

Most of the providers already mentioned should be OK for a joint account.

I have some savings with Aldermore bank and I see they also offer business savings account, as do many other no doubt.
Business Savings Accounts - Aldermore Bank

jacggors

Albermarle said:

Most of the providers already mentioned should be OK for a joint account.

I have some savings with Aldermore bank and I see they also offer business savings account, as do many other no doubt.
Business Savings Accounts - Aldermore Bank

Thanks Albermarle, much appreciated.