The Top Regular Savers Discussion Thread

happybagger

wiseonesomeofthetime said:

s71hj said:

surreysaver said:

flaneurs_lobster said:

subjecttocontract said:

Why?
* Maxing out an isa before tax year end is the last chance to do it.
* Temporary cash flow problem suggests money 'borrowed' from reg savers could be replaced later in April.
Simples.

s71hj said:

So I could get my ISA allowance up to the £20000 limit in this tax year which makes sense in the longer term for my situation. I have a 90 day account maturing on the 10th but that money would be too late for this tax year 

I understand the mechanism, just not seeing the underlying reason in meaningful financial advantage terms.

Is it not moving £10k earning 6% to ISA(s) earning something similar albeit tax-free for a few days? The increase in earnings will be what? A tenner?

I've got a flexible ISA and a flexible mortgage. Take money out of the flexible mortgage this week, put it into the flexible ISA and move the money back next week.
It allows me to max my ISA every tax year and carry that allowance over, so when I've got the cash it allows me to earn interest tax free

So can money be put in say today up to the 20000 max for this tax year, then withdrawn and does that secure that as isa allowance I could put money in in a subsequent tax year in excess of that tax year's £20000?

If it is a flexible ISA then you can withdraw money and replace it in the same ISA and in the same tax year without it affecting your £20,000 new money allowance.

If you top up today, and withdraw today, then you will not have that bridge for 2025/26 to replace the withdrawn funds as the transactions are in different tax years.

Hope that makes sense.

Must admit that was my understanding - only in the same tax year could withdrawn ISA subscriptions be replaced, if the isa was "flexible" Others seem to think differently. Hopefully someone can come up with the definitive tax manual answer

surreysaver

s71hj said:

surreysaver said:

flaneurs_lobster said:

subjecttocontract said:

Why?
* Maxing out an isa before tax year end is the last chance to do it.
* Temporary cash flow problem suggests money 'borrowed' from reg savers could be replaced later in April.
Simples.

s71hj said:

So I could get my ISA allowance up to the £20000 limit in this tax year which makes sense in the longer term for my situation. I have a 90 day account maturing on the 10th but that money would be too late for this tax year 

I understand the mechanism, just not seeing the underlying reason in meaningful financial advantage terms.

Is it not moving £10k earning 6% to ISA(s) earning something similar albeit tax-free for a few days? The increase in earnings will be what? A tenner?

I've got a flexible ISA and a flexible mortgage. Take money out of the flexible mortgage this week, put it into the flexible ISA and move the money back next week.
It allows me to max my ISA every tax year and carry that allowance over, so when I've got the cash it allows me to earn interest tax free

So can money be put in say today up to the 20000 max for this tax year, then withdrawn and does that secure that as isa allowance I could put money in in a subsequent tax year in excess of that tax year's £20000?

As long as the money is in the ISA by 5th April, and taken out on or after 6th April, and redeposited by 5th April next year and so on.
Need to be careful this year, as tax year ends on a weekend, so depends when funds will be shown as credited to the account 

Kim_13

Principality 1 Year Triple Access

Maturity warning letter arrived today, not the usual pack with a number of options and prompting to go online/post off to select one. Just a single side of A4 warning the default will pay 2.9% which is among their lowest rates, and advising that you can close the account or transfer money from the Maturity account to another account with them.

So it looks like there’s no more securing an account ahead of time - and the loophole of getting multiple of one RS via maturities closed.

allegro120

Kim_13 said:

allegro120 said:

Principality
I've sent £250 instead of £125 to Christmas by accident. It shows £125 on transactions statement.  Has anyone had an experience of exceeding the allowance in a singe transaction? Should I expect the surplus £125 to be automatically returned or do I need to call Principality to resolve this? 

Accidentally did this with the Maturity Winter - the excess arrived back within about 14 hours. They sent a letter explaining what they had done - no idea why they couldn’t just send a secure message and a text advising to read it.

Principality overpayment
Looks like you were lucky.  My excess has not yet arrived (4 days).  I've chased it today at both ends, Principality and receiving account (Chase).  I was told that the returns of overpayments are generated automatically and it can take 3-5 working days, the letter is in the post and they e-mailed it to me so I can share it with Chase. I hope the money will turn up on Monday.
It was also my chance to test Chase and Principality customer services.  Both were brilliant - competent, helpful, no waiting in queues etc.

I don't know why some banks and BSs still sending letters where there is no need for it.  It must cost them a lot of money.  I have to say Principality is not bad at all, I have 10 accounts with them and can't remember receiving any letters for ages.  Virgin sends me 2 statements every month for my 10.38% regular savers - they go straight into recycling bin, I can acces my accounts on app and online. I'm sure I've opted for paperless with Virgin years ago.

Kim_13

allegro120 said:

Kim_13 said:

allegro120 said:

Principality
I've sent £250 instead of £125 to Christmas by accident. It shows £125 on transactions statement.  Has anyone had an experience of exceeding the allowance in a singe transaction? Should I expect the surplus £125 to be automatically returned or do I need to call Principality to resolve this? 

Accidentally did this with the Maturity Winter - the excess arrived back within about 14 hours. They sent a letter explaining what they had done - no idea why they couldn’t just send a secure message and a text advising to read it.

Principality overpayment
Looks like you were lucky.  My excess has not yet arrived (4 days).  I've chased it today at both ends, Principality and receiving account (Chase).  I was told that the returns of overpayments are generated automatically and it can take 3-5 working days, the letter is in the post and they e-mailed it to me so I can share it with Chase. I hope the money will turn up on Monday.
It was also my chance to test Chase and Principality customer services.  Both were brilliant - competent, helpful, no waiting in queues etc.

I don't know why some banks and BSs still sending letters where there is no need for it.  It must cost them a lot of money.  I have to say Principality is not bad at all, I have 10 accounts with them and can't remember receiving any letters for ages.  Virgin sends me 2 statements every month for my 10.38% regular savers - they go straight into recycling bin, I can acces my accounts on app and online. I'm sure I've opted for paperless with Virgin years ago.

Very strange - my receiving account was also Chase.

Principality’s new go online and look at our account range means not receiving half a forest in options, at least - which I had two of last December. Just a shame they didn’t keep the maturity portal and put a check in to avoid any duplicate accounts being opened. Now if you want to guarantee an account, you have to early close, potentially moving some or all of the balance to a lower rate before you otherwise would have had to.

allegro120

Kim_13 said:

allegro120 said:

Kim_13 said:

allegro120 said:

Principality
I've sent £250 instead of £125 to Christmas by accident. It shows £125 on transactions statement.  Has anyone had an experience of exceeding the allowance in a singe transaction? Should I expect the surplus £125 to be automatically returned or do I need to call Principality to resolve this? 

Accidentally did this with the Maturity Winter - the excess arrived back within about 14 hours. They sent a letter explaining what they had done - no idea why they couldn’t just send a secure message and a text advising to read it.

Principality overpayment
Looks like you were lucky.  My excess has not yet arrived (4 days).  I've chased it today at both ends, Principality and receiving account (Chase).  I was told that the returns of overpayments are generated automatically and it can take 3-5 working days, the letter is in the post and they e-mailed it to me so I can share it with Chase. I hope the money will turn up on Monday.
It was also my chance to test Chase and Principality customer services.  Both were brilliant - competent, helpful, no waiting in queues etc.

I don't know why some banks and BSs still sending letters where there is no need for it.  It must cost them a lot of money.  I have to say Principality is not bad at all, I have 10 accounts with them and can't remember receiving any letters for ages.  Virgin sends me 2 statements every month for my 10.38% regular savers - they go straight into recycling bin, I can acces my accounts on app and online. I'm sure I've opted for paperless with Virgin years ago.

Very strange - my receiving account was also Chase.

Principality’s new go online and look at our account range means not receiving half a forest in options, at least - which I had two of last December. Just a shame they didn’t keep the maturity portal and put a check in to avoid any duplicate accounts being opened. Now if you want to guarantee an account, you have to early close, potentially moving some or all of the balance to a lower rate before you otherwise would have had to.

My 1 Year Triple matures on the 18th, didn't get the 'options' letter yet.  Tried to find out for myself, but can't login - website maintenance.... It's a shame that the loophole is closed, but I didn't expect it to last forever so not too disappointed

Baileys_Babe

allegro120 said:

Kim_13 said:

allegro120 said:

Kim_13 said:

allegro120 said:

Principality
I've sent £250 instead of £125 to Christmas by accident. It shows £125 on transactions statement.  Has anyone had an experience of exceeding the allowance in a singe transaction? Should I expect the surplus £125 to be automatically returned or do I need to call Principality to resolve this? 

Accidentally did this with the Maturity Winter - the excess arrived back within about 14 hours. They sent a letter explaining what they had done - no idea why they couldn’t just send a secure message and a text advising to read it.

Principality overpayment
Looks like you were lucky.  My excess has not yet arrived (4 days).  I've chased it today at both ends, Principality and receiving account (Chase).  I was told that the returns of overpayments are generated automatically and it can take 3-5 working days, the letter is in the post and they e-mailed it to me so I can share it with Chase. I hope the money will turn up on Monday.
It was also my chance to test Chase and Principality customer services.  Both were brilliant - competent, helpful, no waiting in queues etc.

I don't know why some banks and BSs still sending letters where there is no need for it.  It must cost them a lot of money.  I have to say Principality is not bad at all, I have 10 accounts with them and can't remember receiving any letters for ages.  Virgin sends me 2 statements every month for my 10.38% regular savers - they go straight into recycling bin, I can acces my accounts on app and online. I'm sure I've opted for paperless with Virgin years ago.

Very strange - my receiving account was also Chase.

Principality’s new go online and look at our account range means not receiving half a forest in options, at least - which I had two of last December. Just a shame they didn’t keep the maturity portal and put a check in to avoid any duplicate accounts being opened. Now if you want to guarantee an account, you have to early close, potentially moving some or all of the balance to a lower rate before you otherwise would have had to.

My 1 Year Triple matures on the 18th, didn't get the 'options' letter yet.  Tried to find out for myself, but can't login - website maintenance.... It's a shame that the loophole is closed, but I didn't expect it to last forever so not too disappointed

My 1 year Triple also matures on the 18th I received the options letter today, dated 2nd April.

slinger2

happybagger said:

wiseonesomeofthetime said:

s71hj said:

surreysaver said:

flaneurs_lobster said:

subjecttocontract said:

Why?
* Maxing out an isa before tax year end is the last chance to do it.
* Temporary cash flow problem suggests money 'borrowed' from reg savers could be replaced later in April.
Simples.

s71hj said:

So I could get my ISA allowance up to the £20000 limit in this tax year which makes sense in the longer term for my situation. I have a 90 day account maturing on the 10th but that money would be too late for this tax year 

I understand the mechanism, just not seeing the underlying reason in meaningful financial advantage terms.

Is it not moving £10k earning 6% to ISA(s) earning something similar albeit tax-free for a few days? The increase in earnings will be what? A tenner?

I've got a flexible ISA and a flexible mortgage. Take money out of the flexible mortgage this week, put it into the flexible ISA and move the money back next week.
It allows me to max my ISA every tax year and carry that allowance over, so when I've got the cash it allows me to earn interest tax free

So can money be put in say today up to the 20000 max for this tax year, then withdrawn and does that secure that as isa allowance I could put money in in a subsequent tax year in excess of that tax year's £20000?

If it is a flexible ISA then you can withdraw money and replace it in the same ISA and in the same tax year without it affecting your £20,000 new money allowance.

If you top up today, and withdraw today, then you will not have that bridge for 2025/26 to replace the withdrawn funds as the transactions are in different tax years.

Hope that makes sense.

Must admit that was my understanding - only in the same tax year could withdrawn ISA subscriptions be replaced, if the isa was "flexible" Others seem to think differently. Hopefully someone can come up with the definitive tax manual answer

You say "only in the same tax year could withdrawn ISA subscriptions be replaced," It's nothing to do with "subscriptions". With a flexible ISA you can withdraw MONEY and replace it in the same tax year without it affecting your annual allowance. Doesn't matter where that money came from, new money, old money, interest, transfers in, etc.

masonic

happybagger said:

wiseonesomeofthetime said:

s71hj said:

surreysaver said:

flaneurs_lobster said:

subjecttocontract said:

Why?
* Maxing out an isa before tax year end is the last chance to do it.
* Temporary cash flow problem suggests money 'borrowed' from reg savers could be replaced later in April.
Simples.

s71hj said:

So I could get my ISA allowance up to the £20000 limit in this tax year which makes sense in the longer term for my situation. I have a 90 day account maturing on the 10th but that money would be too late for this tax year 

I understand the mechanism, just not seeing the underlying reason in meaningful financial advantage terms.

Is it not moving £10k earning 6% to ISA(s) earning something similar albeit tax-free for a few days? The increase in earnings will be what? A tenner?

I've got a flexible ISA and a flexible mortgage. Take money out of the flexible mortgage this week, put it into the flexible ISA and move the money back next week.
It allows me to max my ISA every tax year and carry that allowance over, so when I've got the cash it allows me to earn interest tax free

So can money be put in say today up to the 20000 max for this tax year, then withdrawn and does that secure that as isa allowance I could put money in in a subsequent tax year in excess of that tax year's £20000?

If it is a flexible ISA then you can withdraw money and replace it in the same ISA and in the same tax year without it affecting your £20,000 new money allowance.

If you top up today, and withdraw today, then you will not have that bridge for 2025/26 to replace the withdrawn funds as the transactions are in different tax years.

Hope that makes sense.

Must admit that was my understanding - only in the same tax year could withdrawn ISA subscriptions be replaced, if the isa was "flexible" Others seem to think differently. Hopefully someone can come up with the definitive tax manual answer

You can read all about it here: https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas

Specifically:

As this is the regular savers thread, it's worth noting replacement also needs to be within the T&Cs of the account. You may not be able to replace a large sum if the monthly contribution limit is just a few hundred pounds.

s71hj

slinger2 said:

happybagger said:

wiseonesomeofthetime said:

s71hj said:

surreysaver said:

flaneurs_lobster said:

subjecttocontract said:

Why?
* Maxing out an isa before tax year end is the last chance to do it.
* Temporary cash flow problem suggests money 'borrowed' from reg savers could be replaced later in April.
Simples.

s71hj said:

So I could get my ISA allowance up to the £20000 limit in this tax year which makes sense in the longer term for my situation. I have a 90 day account maturing on the 10th but that money would be too late for this tax year 

I understand the mechanism, just not seeing the underlying reason in meaningful financial advantage terms.

Is it not moving £10k earning 6% to ISA(s) earning something similar albeit tax-free for a few days? The increase in earnings will be what? A tenner?

I've got a flexible ISA and a flexible mortgage. Take money out of the flexible mortgage this week, put it into the flexible ISA and move the money back next week.
It allows me to max my ISA every tax year and carry that allowance over, so when I've got the cash it allows me to earn interest tax free

So can money be put in say today up to the 20000 max for this tax year, then withdrawn and does that secure that as isa allowance I could put money in in a subsequent tax year in excess of that tax year's £20000?

If it is a flexible ISA then you can withdraw money and replace it in the same ISA and in the same tax year without it affecting your £20,000 new money allowance.

If you top up today, and withdraw today, then you will not have that bridge for 2025/26 to replace the withdrawn funds as the transactions are in different tax years.

Hope that makes sense.

Must admit that was my understanding - only in the same tax year could withdrawn ISA subscriptions be replaced, if the isa was "flexible" Others seem to think differently. Hopefully someone can come up with the definitive tax manual answer

You say "only in the same tax year could withdrawn ISA subscriptions be replaced," It's nothing to do with "subscriptions". With a flexible ISA you can withdraw MONEY and replace it in the same tax year without it affecting your annual allowance. Doesn't matter where that money came from, new money, old money, interest, transfers in, etc.

So if I put £5000 in today and take it out tomorrow I'll be able to put £25000 in from tomorrow up to and including 5th April 2026?