Which 1 year fixed savings account would you open TODAY?

jaypers

Big fan of Charter Savings Bank. Also tend to offer special rates at renewal time. 

BooJewels

jaypers said:

Big fan of Charter Savings Bank. Also tend to offer special rates at renewal time. 

That's good to know, thanks - I've not had one of theirs renew yet.  I went with them initially as there were many positive comments on here.

What_time_is_it

Sounds like it Charter at 5.21% for 12 months, vs Secure Trust at 5.25% for 13.5 months then. 

soulsaver

Do you pay tax on savings interest? If so I'd open the best 1 year ISA fix I can find -  c.5.04% best. atm but you could have got 5.25% yesterday IIRC. That's equivalent to 6.75% taxable at BR.

What_time_is_it

soulsaver said:

Do you pay tax on savings interest? If so I'd open the best 1 year ISA fix I can find -  c.5.04% best. atm but you could have got 5.25% yesterday IIRC. That's equivalent to 6.75% taxable at BR.

Yes. Thanks. I opened up the Virgin fixed rate ISA at 5.25% the other day. Maxed it for this tax year and I will max in out as soon as we go into the new tax year too.

n3ophyte

Re: Charter Savings Bank - how long does it typically take for deposits to show up in their bond accounts? I transferred a big lump this afternoon from Santander and it hasn’t arrived yet.

slinger2

I can see a marginal advantage in having something that expires a year from now, rather than in May, in that you'd have the option of doing something with the money in the 2024/25 tax year, which might be beneficial (but perhaps not)

BooJewels

n3ophyte said:

Re: Charter Savings Bank - how long does it typically take for deposits to show up in their bond accounts? I transferred a big lump this afternoon from Santander and it hasn’t arrived yet.

I transferred money on Saturday morning and it showed that afternoon. With several accounts I have, with different organisations, there seems to be some magical threshold around 3pm-ish where deposits show after that.  Maybe they do some system consolidation at 3pm for morning deposits.

n3ophyte

BooJewels said:

n3ophyte said:

Re: Charter Savings Bank - how long does it typically take for deposits to show up in their bond accounts? I transferred a big lump this afternoon from Santander and it hasn’t arrived yet.

I transferred money on Saturday morning and it showed that afternoon. With several accounts I have, with different organisations, there seems to be some magical threshold around 3pm-ish where deposits show after that.  Maybe they do some system consolidation at 3pm for morning deposits.

Good to know, thank you

FIREmenow

I've just put £1 in the Secure Trust one to secure the rate.  I'm already a customer and it's been fine so far.  Never used Charter so can't comment on them.

slinger2 said:

I can see a marginal advantage in having something that expires a year from now, rather than in May, in that you'd have the option of doing something with the money in the 2024/25 tax year, which might be beneficial (but perhaps not)

If you have the interest paid out of the account then you get about two thirds of it in 24/25 tax year and a third in 25/26 tax year, if anyone wants a bit of both!