The Top Regular Savers Discussion Thread

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.

Kim_13

exel1966 said:

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.

Isn’t June the deadline providers are given for making a statement of interest earned available to savers (whether it is posted out as a matter of course, made available for download or the customer needs to put in a request in order to get one?) Therefore it would be reasonable assume that HMRC would be aware of the interest by this time and I can understand the timing of the letter. HMRC could help the situation by adding information on the website/phone lines about when they get the information and how long it takes to process before they can provide the taxpayer with an accurate record.

Bridlington1

schiff said:

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

The following are yet to declare according to my records:

Beverley

Cumberland

Dudley

ESBS

Gatehouse

Hanley Economic

Mansfield

Market Harborough

Monmouthshire

Nationwide

Nottingham

Penrith

Suffolk

YBS

Zopa

Note not all of these have variable regular savers that pay a competitive enough interest rate for me to bother mentioning.

A full list of the cuts I have noted are on the post below (this link appears on P1 of the Archived thread for ease of reference):
https://forums.moneysavingexpert.com/discussion/comment/81581737/#Comment_81581737

clairec666

Bridlington1 said:

schiff said:

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

The following are yet to declare according to my records:

Beverley

Cumberland

Dudley

ESBS

Gatehouse

Hanley Economic

Mansfield

Market Harborough

Monmouthshire

Nationwide

Nottingham

Penrith

Suffolk

YBS

Zopa

Note not all of these have variable regular savers that pay a competitive enough interest rate for me to bother mentioning.

A full list of the cuts I have noted are on the post below (this link appears on P1 of the Archived thread for ease of reference):
https://forums.moneysavingexpert.com/discussion/comment/81581737/#Comment_81581737

Makes it sound like election night

Bridlington1

clairec666 said:

Bridlington1 said:

schiff said:

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

The following are yet to declare according to my records:

Beverley

Cumberland

Dudley

ESBS

Gatehouse

Hanley Economic

Mansfield

Market Harborough

Monmouthshire

Nationwide

Nottingham

Penrith

Suffolk

YBS

Zopa

Note not all of these have variable regular savers that pay a competitive enough interest rate for me to bother mentioning.

A full list of the cuts I have noted are on the post below (this link appears on P1 of the Archived thread for ease of reference):
https://forums.moneysavingexpert.com/discussion/comment/81581737/#Comment_81581737

Makes it sound like election night

And it's a very exciting election night, most of those yet to declare are key marginals, toss ups between the sensible party and the silly party. Oh, and Mary Whitehouse has taken Umbridge shortly after it was announced the previous winner has held onto Bristol.

Couldn't resist throwing in Monty Python into the mix.