The Top Regular Savers Discussion Thread

flaneurs_lobster

janusd said:

Bobblehat said:

Every penny of interest gets recorded in my spreadsheet every month, including an end-of-year column for 1st April to 5th April, by month for each account. The accounts are split into sections ... taxable interest/payments & non-taxable interest/payments. I even work out interest prediction figures(*) for future months and even for the next tax year if appropriate to the account. Actual interest figures are fill-coloured "green" when received (or confirmed as predicted) and "orange" for predictions. Anything amiss (or I miss  ) stands out well with this colour method and I can investigate when it's spotted. 

(*) This sounds like a fair amount of work, but once set up, it's the spreadsheet formulae that do nearly all of the work for me each month and each year. I just have to enter, and/or just change the fill colour of, a few interest figures received each month. For reference, I also have the time to do it, having retired well over a decade ago!

that sounds eerily similar to my spreadsheet - every account (saving, current, isa, rs) listed in a separate row, the year split into 13 months/columns (April there twice due to tax year split); sorted by interest rate; actual interest added when received (filled blue for tax liable, lilac for ISA, red for fixed interest that I don't have access to); column at the end filled green if I have the certificate of interest for that account and they match what's recorded (red if it doesn't *screams* or light green if it's one of those accounts that don't usually supply CoI); accounts closed/matured are struck through.

as you say, it's the formulae that does all the work - it can total based on cell colour, so I know my taxable liability at any time - per account, per month or annually; it counts the number of open accounts, number of closed/matured accounts, works out tracker rates based on current BoE rate... and following a bizarre conversation with my dentist about savings, now works out my average interest rate across all open accounts (he asked me and I literally had no idea what the figure should be)... for anyone interested, it's 4.45% for all saving accounts and 6.25% for RS specifically... useless info, but there you go.

I don't bother with estimating - those accounts with annual interest are a pleasant surprise when I get to know their amounts.

Thank-you both, this sounds exactly what I should be doing. I'll set this up as of today even though the actual totals will be of little use since they will have no YTD numbers nor the data from closed accounts which I've shifted elsewhere. Idea is to make sure everything works before running live in the new tax year.

I now realise that if I order my absolutely everything spreadsheet by interest rate there's no reason to have a separate subset monthly fund checklist sheet, just an extra column.

masonic

Kim_13 said:

Section62 said:

Kim_13 said:

...
If I ran out of other allowances and the difference between an ISA and an RS was fractions of a percent, I’d take the ISA knowing that would be tax free year after year.

...

It doesn't have to be an either/or though.  A flexible cash ISA allows withdrawals that could be used to fund RS accounts paying a higher rate of interest, and so long as the money is returned to the cash ISA before the end of the tax year the ISA allowance is retained.

Are Flexible ISAs not a little less useful than they once were though? Since prior year money must now be returned to the same ISA as it was withdrawn from, unless you are flexibly withdrawing all but the minimum balance, there’s a high chance said ISA is no longer the best payer during the year and as a result, money left in it is earning less than it could be. 

If it were only fractions of a percent, I’d likely still take the ISA and avoid the faff of tax code adjustments and checking that HMRC had done it all correctly.

Prior year money always must be returned to the same ISA that it was withdrawn from and that has been the case ever since ISA flexibility was first introduced.

jameseonline

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

Bob if you have seen the posts then surely you wouldn't need to ask?🤔

Principality send emails to people saying to login to view messages.

Seems to me it's an issue that doesn't really matter to you yet you want to stir the pot

Section62

Kim_13 said:

Section62 said:

Kim_13 said:

...
If I ran out of other allowances and the difference between an ISA and an RS was fractions of a percent, I’d take the ISA knowing that would be tax free year after year.

...

It doesn't have to be an either/or though.  A flexible cash ISA allows withdrawals that could be used to fund RS accounts paying a higher rate of interest, and so long as the money is returned to the cash ISA before the end of the tax year the ISA allowance is retained.

Are Flexible ISAs not a little less useful than they once were though? Since prior year money must now be returned to the same ISA as it was withdrawn from, unless you are flexibly withdrawing all but the minimum balance, there’s a high chance said ISA is no longer the best payer during the year and as a result, money left in it is earning less than it could be. 

If it were only fractions of a percent, I’d likely still take the ISA and avoid the faff of tax code adjustments and checking that HMRC had done it all correctly.

Yes, I do that (more or less) - the money is only in the cash ISA for 2 or 3 days so the rate is unimportant.

My circumstances are a bit atypical, but the point (and why this is relevant to the thread topic) is that having a portfolio of RS accounts isn't mutually exclusive to maximising use of ISA allowances (which will become more important when the limit drops in 2027)

jameseonline

flaneurs_lobster said:

GetRichOrDieSaving said:

This comment isn’t in relation to any specific RS but I do contribute to around 15-20 regular savers as result of this thread monthly and it is linked directly to this.
.
.
.

This isn’t a request for financial advice, I’m just pondering what other people’s thoughts are on tax on interest over tax free ISA savings and if I have the correct assumption to my current situation.  

I'd be interested to further this discussion - just wondering if it's suitable for this thread or worthy of its own?

I vote own thread, admins can we make this happen?

Bob2000

WillPS said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

My wife's were 3rd and 5th Dec, maturity information added around 6pm on the 2nd and the 4th respectively.

Both maturity instructions were carried out at around 0915 on the 3rd and 5th, but then subsequently the accounts were closed with the remaining £200 returned around 1600 both days.

We've had to shift strategy pretty rapidly - so it's a great vindication for speculatively opening accounts just outside current usefulness - Darlington @ 6% had gone unfunded since August but is now back on the 'fully fund' list. Finally opened a Skipton accounts as they have just hovered under our usefulness radar up to now (the heady 8% days were all missed because we hadn't been members long enough).

Also refreshed and funded Halifax @ 5.5%. Had to close BOS as no renewal options presented but that too will be refreshed and funded once that's actioned. Depressingly even opened and funded a Lloyds Monthly Saver @ 5.25%... although likely just an easy access saver than one that'll get fully funded. 

Still no online access for Loughborough Holiday Saver @ 5.6% but given it's within 6 months of term this too might unexpectedly get a little more than the minimal funding it's had. My notes say the account allows 1 withdrawal and a branch trip is doable if needs be.

So, in your case, they returned  the funds almost  immediately. (Principality) I've got 3 accounts  maturing in the next few weeks, but am not sure now whether to chance applying for duplicates of already holding accounts?

chris_the_bee

Kim_13 said:

Section62 said:

Kim_13 said:

...
If I ran out of other allowances and the difference between an ISA and an RS was fractions of a percent, I’d take the ISA knowing that would be tax free year after year.

...

It doesn't have to be an either/or though.  A flexible cash ISA allows withdrawals that could be used to fund RS accounts paying a higher rate of interest, and so long as the money is returned to the cash ISA before the end of the tax year the ISA allowance is retained.

Are Flexible ISAs not a little less useful than they once were though? Since prior year money must now be returned to the same ISA as it was withdrawn from, unless you are flexibly withdrawing all but the minimum balance, there’s a high chance said ISA is no longer the best payer during the year and as a result, money left in it is earning less than it could be. 

If it were only fractions of a percent, I’d likely still take the ISA and avoid the faff of tax code adjustments and checking that HMRC had done it all correctly.

Can you not return all the prior year money, transfer the ISA to another provider (if any accept prior year money) and then withdraw the prior year funds again?

Bob2000

jameseonline said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

Bob if you have seen the posts then surely you wouldn't need to ask?🤔

Principality send emails to people saying to login to view messages.

Seems to me it's an issue that doesn't really matter to you yet you want to stir the pot

I have seen the posts, yes,
l'm asking because l dont log in every day on the forum and noticed folks saying about Principality being more proactive  regarding duplicate accounts.

It does matter to me because l have some accounts due to mature  in the next few weeks. Having already 2 Xmas RS,1 issue4 6month RS(which l was/might try to get more?).
I've got enough pots to stir today with a Sunday roast. l definitely  don't need another one!

masonic

chris_the_bee said:

Kim_13 said:

Section62 said:

Kim_13 said:

...
If I ran out of other allowances and the difference between an ISA and an RS was fractions of a percent, I’d take the ISA knowing that would be tax free year after year.

...

It doesn't have to be an either/or though.  A flexible cash ISA allows withdrawals that could be used to fund RS accounts paying a higher rate of interest, and so long as the money is returned to the cash ISA before the end of the tax year the ISA allowance is retained.

Are Flexible ISAs not a little less useful than they once were though? Since prior year money must now be returned to the same ISA as it was withdrawn from, unless you are flexibly withdrawing all but the minimum balance, there’s a high chance said ISA is no longer the best payer during the year and as a result, money left in it is earning less than it could be. 

If it were only fractions of a percent, I’d likely still take the ISA and avoid the faff of tax code adjustments and checking that HMRC had done it all correctly.

Can you not return all the prior year money, transfer the ISA to another provider (if any accept prior year money) and then withdraw the prior year funds again?

You can, but typically you'd use a dedicated ISA with a £1 minimum balance and so the interest rate would be irrelevant. A clearing bank's instant access ISA is often ideal for this sort of thing and will only hold significant amounts of money for a couple of days each tax year. True instant access and immediate crediting of inward FP > rate.

chris_the_bee

Bob2000 said:

WillPS said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

My wife's were 3rd and 5th Dec, maturity information added around 6pm on the 2nd and the 4th respectively.

Both maturity instructions were carried out at around 0915 on the 3rd and 5th, but then subsequently the accounts were closed with the remaining £200 returned around 1600 both days.

We've had to shift strategy pretty rapidly - so it's a great vindication for speculatively opening accounts just outside current usefulness - Darlington @ 6% had gone unfunded since August but is now back on the 'fully fund' list. Finally opened a Skipton accounts as they have just hovered under our usefulness radar up to now (the heady 8% days were all missed because we hadn't been members long enough).

Also refreshed and funded Halifax @ 5.5%. Had to close BOS as no renewal options presented but that too will be refreshed and funded once that's actioned. Depressingly even opened and funded a Lloyds Monthly Saver @ 5.25%... although likely just an easy access saver than one that'll get fully funded. 

Still no online access for Loughborough Holiday Saver @ 5.6% but given it's within 6 months of term this too might unexpectedly get a little more than the minimal funding it's had. My notes say the account allows 1 withdrawal and a branch trip is doable if needs be.

So, in your case, they returned  the funds almost  immediately. (Principality) I've got 3 accounts  maturing in the next few weeks, but am not sure now whether to chance applying for duplicates of already holding accounts?

Principality
Has to be worth a chance. I had two duplicate 6MRS rejected and funds returned to me, but a duplicate X-masRS was accepted.