Seemingly great savings rates - but watch the "Issue" trick

jimjames

Notmyrealname2 said:

I think it's more the frequency of changes than the fact they're doing it that I find concerning  One account was only available for a fortnight - Issue 67 came and went before I was able to do anything :-D

But the issue you take out is still paying the correct rate. Much less of an issue at present than when base rates were changing every month.

Albermarle

Notmyrealname2 said:

I think it's more the frequency of changes than the fact they're doing it that I find concerning  One account was only available for a fortnight - Issue 67 came and went before I was able to do anything :-D

Some savings providers do not do this and change the interest rate on your account automatically.
Maybe not the ones with the very best interest rates though.

poseidon1

Shylock_249 said:

And of course continually moving money from one account to another makes it difficult to keep track of the interest(s) paid and reported to HMRC.  HMRC are notified by Banks/BS of actuall interest paid BUT they also estimate interest of accounts you very well might have closed when moving from one account to another.  Be sure to check the figure supplied by HMRC when they send you their tax code notice.

No problem in this respect. I calculate my own taxes via submission of annual self assessment returns, and collate year end tax certificates from the various banks and investment platforms as soon as they are issued after the tax year end. At the moment all income  is gross with no taxes at source.