Best Savings account for self employed, seasonal worker

Houndwalker1

Dear All 
I am a self employed tourist guide. Most of my income is made between April and end of October. I would like to maximise my tax kitty as it is sitting in my account for over a year before needing to be given to the HMRC. I am also happy to change my current account from Virgin Money. This is daunting for me as I find the different deals confusing. There are some accounts that offer good rates but only up to a fixed amount then less on what's left. How can I calculate which is the best deal for me and my tax money? Thank you. 

mebu60

If you might exceed your personal savings allowance, or even if you don't, VM has an easy access cash ISA paying a tax-free 4.76% that you could add funds up to £20k in the tax year. 

Otherwise see here for a list of top paying easy access accounts for your money >£20k, all these rates are taxable at your top rate over your PSA amount.
Top Easy Access acs Ranked: Top of The Pots - **No Chat** — MoneySavingExpert Forum

Your VM current account will be paying you 2.02% on the first £1k and you will need to keep that if you go for the ISA. There's no great benefit in switching current account at this time. 

Houndwalker1

Many thanks for taking the time to reply to me. I will look into these accounts. The rules of the forum prevent me from saying why however I will be leaving VM and so this is a very good starting point. 

mebu60

If you are definitely wanting to move current account from VM but not necessarily in a rush maybe wait for incentives to switch elsewhere. Santander sometimes have decent paying linked savings accounts. Unfortunately their 5.2% easy access is dropping to 4.2% soon.

If you are after a non-VM Cash ISA, look at Cynergy 4.9% tax free for easy access or Shawbrook 4.72% (min £1k) or Cynergy 4.7% (min £500) for 1 year fixes. Some people find Cynergy a faff with their login process and bringing out new issues when they increase rates. Conversely they don't seem to rush to reduce rates on old issues which is helpful in current climate.                                                         

eskbanker

Houndwalker1 said:

The rules of the forum prevent me from saying why however I will be leaving VM and so this is a very good starting point. 

Not aware of anything like this, which forum rule are you thinking of?

Bigwheels1111

Chip, have a 5.1% easy access isa.