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The Top Regular Savers Discussion Thread
Comments
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Unless it's to stop you going over the PSA in the 2026-27 tax year, I don't really see the point in closing accounts early to get the interest paid this tax year. The higher tax rate doesn't apply until 6 April 2027. After that, yes, you'll be paying 2% more tax on the interest, but you have another 9 months to earn interest on the interest before paying that tax (even longer if you pay it through PAYE rather than a lump sum).
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There's a Bank of Scotland glitch - sounds like you've encountered it. I've not found a self-service workaround. If there is a fix it probably means phoning BoS to get their IT department to investigate.
I've not done that myself as I don't want to explain to a CS rep why I'm trying to do what I'm doing, or have them looking more closely at recent account renewals.
Having the BoS glitch doesn't impact on Lloyds or Halifax accounts, so I figure it is better to have what I have, and not push to be able to renew BoS accounts as well.
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The
newsame account you mention also retains its capital. So, you're not closing the account at all, you're just getting it renamed 😁1 -
It's not to get the interest this year, it's to get the interest next year, before the increase in savings interest tax.
Although only 2%, that actually represents in increase of 10% of the tax paid (2 being a tenth of 20).
It all adds up at the end of the year - I'm expecting to pay ~£700 in tax on my interest this year, so assuming interest earned will be the same in 2027/28, that will be an extra £70
I consider myself to be a male feminist. Is that allowed?4 -
Hadn't thought of it like that! Might not be what's intended, but it is what is written!
I consider myself to be a male feminist. Is that allowed?1 -
I have the same, hoping it will be ok later this evening or tomorrow, Nationwide wouldn't allow me to reopen a regular saver today but hoping for the same. Meanwhile having a mare of a time with Monmouthshire and fear it might be too late to renew issue8 now
If you want to be rich, never, ever have kids
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It's very simple to see that you'll pay £22 in tax for every £20 you would have paid a year earlier. Where are you going to find an account paying the 10% (net) p.a. required on that reinvested interest just for parity?
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Nationwide
From memory, there's always one day delay for being able to open a new one.
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Why would I want to stick it in an account paying 4%, when I would be sticking it in accounts paying 5, 6 or 7%?
And if I stick it in those accounts paying 5, 6 or 7%, I would rather pay 20% tax on the proceeds rather than 22%.
I consider myself to be a male feminist. Is that allowed?2 -
Monmouthshire…
Both regular savers (6% and 7%) are saying "Next interest due date: 31/3/2026". I recall someone saying previously that this is a mistake and interest is only paid on maturity - can anyone confirm this? Website says interest paid at the end of the term.
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