Longer-Term Savings Interest Rate Stability

SVaz

Hargreaves Landsdown active savings.
Once you are set up with them it’s very easy to switch to the best rates with any of their partners. I currently have 4.06% with Shawbrook,  having switched from Paragon when they dropped rates. 

DRS1

eskbanker said:

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Doesn't Family BS have an account like that?
Fixed Year Bonds | Market Tracker Saver (1) | Savings
Of course the rate will probably go down in December.

poseidon1

On the flip side, periodically having to switch funds to better paying  accounts forms part of my regime to maintain a higher functioning level of mental acuity in retirement (at least as compared to my immediate peers).

This together with active management of various investment portfolios has been pretty much my 'day job'' during this last ten years. 

Last switch was a couple of weeks ago, when Chase bank interest dropped from 4.5% to  2.5%.

 The monies were redeployed to a 4.4% 3 month bond with Oxbury bank, and 4.2% instance access with Tesco Bank. The amounts involved ensure switching periodically is noticeably worthwhile. 

Still have a moderate 5 figure sum with Ford following a fixed rate maturity.  However at a current rate of 3.97% a qualified thumbs up for Ford.

Albermarle

Rich1976 said:

I’ve always found Ford Money very reliable. Currently about 4% for easy access. All customers new and old get the same rate. They also don’t seem to change the rates on a whim and seem in line with base rate changes. 

Another positive is money is credited to the account within 4 hours.

I think also the website is easy to use, very simple and only a handful of products.

eskbanker

DRS1 said:

eskbanker said:

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Doesn't Family BS have an account like that?
Fixed Year Bonds | Market Tracker Saver (1) | Savings
Of course the rate will probably go down in December.

Looks like it, yes - I see that the Family one is only reviewed quarterly and averages the top twenty rather than the top five, so not as good as the old Investec one but same concept.

Yorkie1

eskbanker said:

DRS1 said:

eskbanker said:

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Doesn't Family BS have an account like that?
Fixed Year Bonds | Market Tracker Saver (1) | Savings
Of course the rate will probably go down in December.

Looks like it, yes - I see that the Family one is only reviewed quarterly and averages the top twenty rather than the top five, so not as good as the old Investec one but same concept.

Looking at the details for the account, it says "Tax status: Interest is paid gross without deduction of income tax. You will need to declare any income from savings interest earned over your PSA through a self-assessment tax return to HM Revenue & Customs."

Do you think this is implying that they don't do a return to HMRC at all, of the interest paid?

eskbanker

Yorkie1 said:

eskbanker said:

DRS1 said:

eskbanker said:

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Doesn't Family BS have an account like that?
Fixed Year Bonds | Market Tracker Saver (1) | Savings
Of course the rate will probably go down in December.

Looks like it, yes - I see that the Family one is only reviewed quarterly and averages the top twenty rather than the top five, so not as good as the old Investec one but same concept.

Looking at the details for the account, it says "Tax status: Interest is paid gross without deduction of income tax. You will need to declare any income from savings interest earned over your PSA through a self-assessment tax return to HM Revenue & Customs."

Do you think this is implying that they don't do a return to HMRC at all, of the interest paid?

It could certainly be read that way, but they are obliged to make such returns, so I suspect that it's just inaccurate boilerplate wording, and what they really should be saying is that any interest over PSA would need to be paid separately (as opposed to deducted at source), which could be self-assessment (if already self-assessing or exceeding £10K interest across all providers) or other methods.

Perhaps any holders of savings accounts with them could advise of actual experiences regarding whether Family submit BBSI returns?

Notepad_Phil

eskbanker said:

Yorkie1 said:

eskbanker said:

DRS1 said:

eskbanker said:

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Doesn't Family BS have an account like that?
Fixed Year Bonds | Market Tracker Saver (1) | Savings
Of course the rate will probably go down in December.

Looks like it, yes - I see that the Family one is only reviewed quarterly and averages the top twenty rather than the top five, so not as good as the old Investec one but same concept.

Looking at the details for the account, it says "Tax status: Interest is paid gross without deduction of income tax. You will need to declare any income from savings interest earned over your PSA through a self-assessment tax return to HM Revenue & Customs."

Do you think this is implying that they don't do a return to HMRC at all, of the interest paid?

It could certainly be read that way, but they are obliged to make such returns, so I suspect that it's just inaccurate boilerplate wording, and what they really should be saying is that any interest over PSA would need to be paid separately (as opposed to deducted at source), which could be self-assessment (if already self-assessing or exceeding £10K interest across all providers) or other methods.

Perhaps any holders of savings accounts with them could advise of actual experiences regarding whether Family submit BBSI returns?

They certainly did for Mrs Notepad and my accounts when we were with them a few years ago, so yes it sounds just like a boilerplate warning.