The Top Regular Savers Discussion Thread

allegro120

nomorekids said:

friolento said:

Theleak250 said:

So the conclusion is if you are a higher rate tax payer the savers are not much worth it??

Any account that pays, after any tax, more interest than another one, is much worth it for me as an HR tax payer.

exactly this, just adjust the spreadsheet to net once the PSA is blown, or rather nearly blown in our case, with this in mind, I'm late to the close and reopen to following tax year "renew" party is there a list of easily renewable regular savers? Looking to renew Santander 5%, Progressive 5.5% and Co op 7% for sure and wish I could for TSB, Cambridge and Market Harborough but the latter two are fixed no withdrawals and I expect TSB is like Halifax and only one per year. 

Santander.  If you have standing order set up your account will renew automatically.
Progressive. Very easy to renew in my experience.
Co-op.  It takes a couple of days to renew, but worth it for 7%.
TSB allows unlimited withdrawals.

Hattie627

I have to do a self-assessment return every year due to receiving rental income. I keep a detailed record of all income received, including (obviously) bank/building society interest paid on approximately 35 accounts (the number of accounts does vary). I enter details of interest in my records as the income is paid/credited throughout the tax year. This makes it much easier at the end of the tax year when preparing my return as I don't have to wade through dozens of online accounts to check the details. The total figure for untaxed interest which I have received in the tax year goes into the automatic tax calculation produced at the end of the online self-assessment return process. I have not (so far) had the figure challenged by HMRC. As someone has pointed out, I would expect that HMRC's own figure from reported interest paid to me given to them by banks etc is probably lower. I keep meticulous records, so I would be able to defend myself against any challenge on the basis that my own figure is under-declared. In a way, I am quite glad that I have to do a SA return as I need to be very disciplined with my record keeping and I am confident (as far as it is ever possible to be) that my figures are correct.

csw5780

https://www.monbs.com/savings/app-exclusive-regular-saver/

Balance now showing in both the app and online access at monbs.com 👍🏻

mhoc

If your savings interest exceeds your personal savings allowance then HMRC will write to you with an adjustment of your tax code if the amount is under £3k - this is what happened to my OH last year 
I do his self assessment - its just his state and work pension and the savings interest and this year when I submitted it was just under £200 underpayment so another tax code adjustment is expected - not sure if it will be 2024 or in the new tax year.
For this small amount of mither I dont think its worth keeping your savings interest strictly under the £1000 limit - if you are a higher rate tax payer though its an entirely other ball game.

I suppose really it all depends on how much effort regular savers take and if you feel its worth the bother for you and your lifestyle- the easiest thing would be just to have an easy access ISA, plus a few one year and 2 year bonds that mature in another tax year and the rest in premium bonds and then not have to worry about maturity dates, interest rates, HMRC etc

masonic

mhoc said:

If your savings interest exceeds your personal savings allowance then HMRC will write to you with an adjustment of your tax code if the amount is under £3k - this is what happened to my OH last year 
I do his self assessment - its just his state and work pension and the savings interest and this year when I submitted it was just under £200 underpayment so another tax code adjustment is expected - not sure if it will be 2024 or in the new tax year.

In my case, my savings interest is above £1000, but below £3000. I submit my tax return, normally in late November/December. Pay the tax owed in January by debit card. HMRC never writes to me and I retain a "normal" tax code. No questions asked over several years, even though I know what I am declaring won't be consistent with the information HMRC received.

I'm lucky to have been left on self-assessment after needing to register for 1 year to claim VCT tax relief. If I was taken off self-assessment, I'd seriously consider submitting a voluntary tax return.

clairec666

mhoc said:

If your savings interest exceeds your personal savings allowance then HMRC will write to you with an adjustment of your tax code if the amount is under £3k - this is what happened to my OH last year 
I do his self assessment - its just his state and work pension and the savings interest and this year when I submitted it was just under £200 underpayment so another tax code adjustment is expected - not sure if it will be 2024 or in the new tax year.
For this small amount of mither I dont think its worth keeping your savings interest strictly under the £1000 limit - if you are a higher rate tax payer though its an entirely other ball game.

I suppose really it all depends on how much effort regular savers take and if you feel its worth the bother for you and your lifestyle- the easiest thing would be just to have an easy access ISA, plus a few one year and 2 year bonds that mature in another tax year and the rest in premium bonds and then not have to worry about maturity dates, interest rates, HMRC etc

Just wondering, what is the timescale for getting a letter from HMRC re savings interest? Do you get it in time to fill in self assessment, i.e. so you are able to compare your figures with what HMRC has calculated?

(apologies for going off-topic in the regular saver thread)

friolento

clairec666 said:

mhoc said:

If your savings interest exceeds your personal savings allowance then HMRC will write to you with an adjustment of your tax code if the amount is under £3k - this is what happened to my OH last year 
I do his self assessment - its just his state and work pension and the savings interest and this year when I submitted it was just under £200 underpayment so another tax code adjustment is expected - not sure if it will be 2024 or in the new tax year.
For this small amount of mither I dont think its worth keeping your savings interest strictly under the £1000 limit - if you are a higher rate tax payer though its an entirely other ball game.

I suppose really it all depends on how much effort regular savers take and if you feel its worth the bother for you and your lifestyle- the easiest thing would be just to have an easy access ISA, plus a few one year and 2 year bonds that mature in another tax year and the rest in premium bonds and then not have to worry about maturity dates, interest rates, HMRC etc

Just wondering, what is the timescale for getting a letter from HMRC re savings interest? Do you get it in time to fill in self assessment, i.e. so you are able to compare your figures with what HMRC has calculated?

(apologies for going off-topic in the regular saver thread)

You could take your Q to a separate thread, seeing that tax is not limited to RS accounts. Come to think of it, there might already be one?

schiff

Re no change/reduction in interest rates - all I seem to be waiting for now are YBS and Gatehouse.

mon3ysav3r

clairec666 said:

Just wondering, what is the timescale for getting a letter from HMRC re savings interest? Do you get it in time to fill in self assessment, i.e. so you are able to compare your figures with what HMRC has calculated?

I sent HMRC a letter in June asking for a copy of their interest figures they had received for me for 2024/25, and they replied that they don't receive the information about interest until September (and presumably closed my "case"). This seems typical of a HMRC reply as they seem to like to close any enquiry as quickly as possible (presumably helps with their stats). I will send a letter again towards the end of September requesting the information again. I have also read (here probably) that sometimes the member of HMRC you get through to says they work at home without a printer and are therefore unable to print out and send that information (rather than forward the request to a colleague in an office to print and post, or offer some other secure method of sending the details).

exel1966

mon3ysav3r said:

clairec666 said:

Just wondering, what is the timescale for getting a letter from HMRC re savings interest? Do you get it in time to fill in self assessment, i.e. so you are able to compare your figures with what HMRC has calculated?

I sent HMRC a letter in June asking for a copy of their interest figures they had received for me for 2024/25, and they replied that they don't receive the information about interest until September (and presumably closed my "case"). This seems typical of a HMRC reply as they seem to like to close any enquiry as quickly as possible (presumably helps with their stats). I will send a letter again towards the end of September requesting the information again. I have also read (here probably) that sometimes the member of HMRC you get through to says they work at home without a printer and are therefore unable to print out and send that information (rather than forward the request to a colleague in an office to print and post, or offer some other secure method of sending the details).

June is far too early to get figures for 24/25, it can take up to 6 months for interest to be reported, but is usually done by November. They can send a BBSI at anytime, though it won't be complete if requested early.