The Top Regular Savers Discussion Thread

mhoc

TheQuaker said:

Usually it's better to think about maximising your gains after tax rather than always avoiding paying tax e.g., 7% is 5.6% net of 20% tax and is still better than most Isa accounts, 6% is 4.8% net at 20%.

Very true. Thanks for that. Makes me think having money in cash ISAs is not worth it if playing this game.

Still worth doing even if you exceed your savings allowance - its 20p on each pound over. Mostly HMRC will just adjust your tax code to pay any outstanding tax and send you a letter so mostly its not worth worrying about until your interest exceeds £4K  

Kim_13

liamcov said:

West Brom Reglar Saver issue 7

Maturity letter just says it will convert to a EA. Says can get passbook updated in branch. How is best to access the money (avoiding going to a branch)

Got mine out online when it matured, but no replacement account unless you go to a branch.

poolboy

Another progressive 5.5 here, I ll keep funding as its still a good deal, it's just not as good as the 7.

Well done anyone getting the 7, must be near the top of current leader board of rs es.

Just culled my sub 5.0% ones, some I ve been with for ages but theres no sentiment in this...good luck all.

flaneurs_lobster

liamcov said:

West Brom Reglar Saver issue 7

Maturity letter just says it will convert to a EA. Says can get passbook updated in branch. How is best to access the money (avoiding going to a branch)

Do you have online access to WestBrom? They do seem to distinguish between online and branch versions of the same product so do you know what type of EA you have?

Kim_13

mhoc said:

TheQuaker said:

Usually it's better to think about maximising your gains after tax rather than always avoiding paying tax e.g., 7% is 5.6% net of 20% tax and is still better than most Isa accounts, 6% is 4.8% net at 20%.

Very true. Thanks for that. Makes me think having money in cash ISAs is not worth it if playing this game.

Still worth doing even if you exceed your savings allowance - its 20p on each pound over. Mostly HMRC will just adjust your tax code to pay any outstanding tax and send you a letter so mostly its not worth worrying about until your interest exceeds £4K  

What’s the significance of £4K? I was aware of the tax return at £10K, but is £4K the point at which HMRC send a bill for the unpaid tax rather than adjusting the tax code to recover it? If so, some would prefer that.

Less than £4K can also be a problem - if someone’s earning £50K, less than £300 taxable interest will turn them into a higher rate taxpayer and lose half of their PSA.

CricketLady

castle96 said:

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

If this helps I tried to withdraw from mine and got an email from them almost immediately saying that I couldn't withdraw, but that if I went back in to my account and clicked to close the account, my funds would be sent to my nominated account.  I did this and the funds were available in my nominated account the next morning.

I had £2800 in it, they added £50.41 interest - it was due to mature on the 31st January 2026 xxx

TheQuaker

Received my Scottish Building Society pass book in the post. How cute, takes me back. Didn't realise such things still existed ! 

Chaykin

Scottish BS

Going to apply for their RS via post - got my printed & completed form, photocopy of driving licence, & cheque ready. Now just to decide whether to pay for a stamp or ask them to post me a pre-paid envelope.

For people saying to use a Freepost licence number/address - how do you do that? Any successes with that approach? According to the below from Royal Mail handwriting is not allowed since 30th of March 2015 unless business uses "Freepost NAME" service - and Scottish BS seems not to have that as they use a licence number? https://www.royalmail.com/sites/royalmail.com/files/2022-09/response-services-user-guide_september-2022.pdf

where_are_we

Sorry - "The Quaker" - I do not get sentimental with passbooks. I have a number of passbook RS`s including this one and they only add to admin. At least Scottish BS do online so ,after initial postal baloney, their RS can be managed easily. Lets hope the Maturity process doesn`t require posting in the passbook.

TheQuaker

where_are_we said:

Sorry - "The Quaker" - I do not get sentimental with passbooks. I have a number of passbook RS`s including this one and they only add to admin. At least Scottish BS do online so ,after initial postal baloney, their RS can be managed easily. Lets hope the Maturity process doesn`t require posting in the passbook.

Haha, apologies I've not seen one for years. Sounds like the novelty wears off