Best savings account

Bridlington1

allegro120 said:

Bridlington1 said:

allegro120 said:

Bridlington1 said:

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

The 7% account is a savings account linked with the santander edge account. I don't think customers with the edge up account can get that savings (7%) account.

You can have both the Edge Up and the Edge current accounts simultaneously though.

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

I'm now looking at the Skipton one as it offers 4.8% on balances over 20k without need to open a current account like you need to with the Virgin easy access cash ISA. Need to get a move on before the April 2024 tax year end.

Better but you can still get higher rates elsewhere. Plum Cash ISA pays 5.15% and also doesn't need a current account.

It's probably still worth trying Virgin.  They said that opening current account can take up to a week, but that doesn't mean they can't open it quicker.  After that, opening ISA takes about 2 minutes and can be funded immediately.  Even if it takes 1 week to open current current account, there is still plenty of time to meet 5th April deadline.  If that fails, it is still good to have 5.25% ISA for the next financial year.  Good to get it before Virgin stops selling issue 11, I doubt we will see offers like this any time soon.

Plum's ISA is of course the second best offer at the moment.

I'd interpreted the title post as the OP wanting to access the money without penalty if necessary and the Virgin 5.25% ISA comes with a penalty of 60 days notice for withdrawals before the end of the term.

If the OP is happy not to access the funds for a year then I'd agree that Virgin's 5.25% offering would be worth going for.

There's no notice needed, but you'll be charged 60 days' interest on the amount taken out during the fixed term (the same charge applies to closure). It's a good point though.  This account is for those who are unlikely to be in need of accessing this money until 31st March 2025, but want to have this option for emergencies. Also according to t&c the process of withdrawals is not a simple, it has to be a request made by post or visiting a branch.  If I wanted to use my ISA account in the same way I use easy access accounts, I wouldn't go for it. 

There was a typo in my post (now corrected). Apologies for any confusion.

elkiedee

There's a Plum ISA advertising high rates but only for new savings paid into it. The interest rate on transfers is quite a lot lower. If posts here are referring to that one, check the details carefully.

clowning

Re the Virgin ISA can anyone please advise if I can open this account and not fund it until the new tax year? I have paid the max for the current year into a YBS ISA, but would like the fixed rate from Virgin to move some other funds into. Thanks 

Bridlington1

clowning said:

Re the Virgin ISA can anyone please advise if I can open this account and not fund it until the new tax year? I have paid the max for the current year into a YBS ISA, but would like the fixed rate from Virgin to move some other funds into. Thanks 

From the summary box:

In other words, yes you can open the account now and not make a deposit until the next tax year.

clowning

Thank you for that. I wasn’t sure

PoGee

There are cash ISAs on the HL platform. They say they don't charge customers a fee but instead get the fee from the ISA provider. Is there any downside to setting up an ISA through a platform like HL? What does it mean if the 'tax free' rate is 4.92% and the 'AER' is 5.03%?

allegro120

PoGee said:

There are cash ISAs on the HL platform. They say they don't charge customers a fee but instead get the fee from the ISA provider. Is there any downside to setting up an ISA through a platform like HL? What does it mean if the 'tax free' rate is 4.92% and the 'AER' is 5.03%?

4.92% is gross, 5.03% is Annual Equivalent Rate.  If you don't withdraw your monthly interest it will compound and after 12 month you will earn 5.03%.  AER is normally used to compare savings products.

I've never used HL, but I don't think there will be any downside as long as the account is protected by FSCS.. However, 5.03% is not the best ISA rate at the moment.

PoGee

Thanks allegro120. I'm not financially savvy. I used to have a TESSA (paid in maximum allowed) which was used to pay legal fees during family court proceedings...🙁. I won. I then concentrated on what I was familiar with - rental properties (2). I know it's dumb but I'm going to put around £7k in a low interest cash ISA (Santander fixed rate one), before 05/04/24 and then set up the post office easy access one at start of tax year.