The New Top Easy Access Savings Discussion Area

gwapenut

I was told I had to open a Barclays Premier bank account to become eligible, despite having the threshold savings in an ISA for many weeks. 

Annie021063

Hello, I have 20k to invest for 5 years but really don’t know the best place to start. Could anyone advise please

sv511

Any easy access savings recomendations for American expats with their tax home in the UK?

Cahoot appear to not support this.  If I set my nationality to American on the application, I can't set my tax home to the UK. 

We also want a joint account. 


So far, the best I've found is Virgin Money Private Savings at 4.75%.  You must hold their private current account which has a £15/month fee.    The current account pays 4%. 

sv511

Annie021063 said:

Hello, I have 20k to invest for 5 years but really don’t know the best place to start. Could anyone advise please

Probably not easy access then, which is what this thread appears to be for. 


Most likely you want a fixed  ISA, but that depends on your tax situation.  

If you are a higher or additional rate taxpayer, an ISA could save you from paying tax on the interest.     Disclaimer - I'm not an expert and am in no way qualfied to provide tax advice.   I'm not even a UK citizen, I just live here. 



 

Bridlington1

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Beddie

Annie021063 said:

Hello, I have 20k to invest for 5 years but really don’t know the best place to start. Could anyone advise please

Do you mean "invest" as in stocks and shares? Maybe start a new post, if so. If you want to save the money then you can do a 5 year fix, or any term you like. And consider using your ISA allowance if you haven't already.

All the rates are here: 

https://moneyfactscompare.co.uk/savings-accounts/

You can look for ISA, fixed rate, easy access etc.

sv511

JamesRobinson48 said:

sv511 said:

Any easy access savings recomendations for American expats with their tax home in the UK?

Cahoot appear to not support this.  If I set my nationality to American on the application, I can't set my tax home to the UK. 

We also want a joint account. 


So far, the best I've found is Virgin Money Private Savings at 4.75%.  You must hold their private current account which has a £15/month fee.    The current account pays 4%. 

If you live in the UK and are a US citizen, presumably you are deemed to have dual tax residence: both US and UK?  AFAIK, every US citizen is obliged to file an annual US tax return.

Our tax home (residence) is in the UK.  We declare this on our annual US tax return.  We pay our taxes in the UK.  There is a tax treaty between the US and the UK which allows this.

friolento

sv511 said:

JamesRobinson48 said:

sv511 said:

Any easy access savings recomendations for American expats with their tax home in the UK?

Cahoot appear to not support this.  If I set my nationality to American on the application, I can't set my tax home to the UK. 

We also want a joint account. 


So far, the best I've found is Virgin Money Private Savings at 4.75%.  You must hold their private current account which has a £15/month fee.    The current account pays 4%. 

If you live in the UK and are a US citizen, presumably you are deemed to have dual tax residence: both US and UK?  AFAIK, every US citizen is obliged to file an annual US tax return.

Our tax home (residence) is in the UK.  We declare this on our annual US tax return.  We pay our taxes in the UK.  There is a tax treaty between the US and the UK which allows this.

Most UK providers shun American citizens due to their obligations and resulting costs under FATCA.

You could try one of international banks located in the Isle of Man or the Channel Islands. Skipton International might be an option.

10_66

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

Bridlington1

10_66 said:

Bridlington1 said:

@soulsaver
Chip Easy Access Saver `Tri' 5% (up from 4.84%) (4.07% BOE BRT plus 0.93% 12 mth boost (up from 0.77%))

Is this available in the app now as I can't see it, please.  I had difficulty with the 4.84% issue, it wasn't available on the app on my old iPad, but was on my iPhone 13.  I'm wondering if the 5% isn't available on this one now.

I've managed to open it on my android 9 phone without any issues and my phone was rather cheap to start with and isn't compatible with a few of the other banking apps.