Just to point out that regular savings accounts paying 'X% interest per annum' are normally for a year and have a monthly maximum contribution. The only amount that you actually get X% interest on is the first payment, as this is the only one that gets 12 months interest. The actual interest earned on the total contributions paid over the year works out to be 1/2 X%.
Just to point out that regular savings accounts paying 'X% interest per annum' are normally for a year and have a monthly maximum contribution. The only amount that you actually get X% interest on is the first payment, as this is the only one that gets 12 months interest. The actual interest earned on the total contributions paid over the year works out to be 1/2 X%.
I opened an account to get the 6.02% referred in the Martin Lewis article the other day. It is for 12 months, but that suits me. No restrictions on what you can put in. So it all goes in day one, therefore maximum interest on the lot.
My Santander cash Isa was making 0.06 p/cent interest for years so when 2.00 p/cent came up earlier this year I jumped at it thinking it ain't gonna go higher. Oops!
Just to point out that regular savings accounts paying 'X% interest per annum' are normally for a year and have a monthly maximum contribution. The only amount that you actually get X% interest on is the first payment, as this is the only one that gets 12 months interest. The actual interest earned on the total contributions paid over the year works out to be 1/2 X%.
I opened an account to get the 6.02% referred in the Martin Lewis article the other day. It is for 12 months, but that suits me. No restrictions on what you can put in. So it all goes in day one, therefore maximum interest on the lot.
Yes that was probably an ordinary savings account, I was referring to 'regular savings accounts' where you have to pay in a regular amount per month to get the headline amount, like the Nationwide Flex Regular Savings account paying 8% as in the article you posted, that only actually applies to the first payment. They are different types of account.
Just to point out that regular savings accounts paying 'X% interest per annum' are normally for a year and have a monthly maximum contribution. The only amount that you actually get X% interest on is the first payment, as this is the only one that gets 12 months interest. The actual interest earned on the total contributions paid over the year works out to be 1/2 X%.
I opened an account to get the 6.02% referred in the Martin Lewis article the other day. It is for 12 months, but that suits me. No restrictions on what you can put in. So it all goes in day one, therefore maximum interest on the lot.
Yes that was probably an ordinary savings account, I was referring to 'regular savings accounts' where you have to pay in a regular amount per month to get the headline amount, like the Nationwide Flex Regular Savings account paying 8% as in the article you posted, that only actually applies to the first payment. They are different types of account.
My Santander cash Isa was making 0.06 p/cent interest for years so when 2.00 p/cent came up earlier this year I jumped at it thinking it ain't gonna go higher. Oops!
@goldon You are allowed to transfer from one ISA to another during the same tax year to get a better rate. The old ISA will be closed and all the money goes into the new one. Do not just close the old one, without speaking to someone. There may well be a penalty on the interest you have accrued in the current ISA. I've just moved from one 1 year fixed ISA to another that pays more interest and I can now top it up, up to the maximum annual amount.
Santander are currently offering one at 5.6% I think.
Just to be clear, Everyone's circumstances are different so it may not be right for you and I'm not giving advice.
My Santander cash Isa was making 0.06 p/cent interest for years so when 2.00 p/cent came up earlier this year I jumped at it thinking it ain't gonna go higher. Oops!
I cant give advice either, but you can transfer your funds from one ISA to another. All you need to do is get an ISA transfer form from whoever you intend to transfer the funds to. Fill it in and they do the rest. There is a link to the best rates available below. I think you have a choice of tying your money up from 1-5 years. Santander are showing 5.6% for a 1 year fixed, that allows transfers in. The best rate available for 1 year fixed is 5.83%. Some people will argue that interest rates are now at a peak, and it may pay to go for a longer term fixed rate, as rates are likely to fall soon. That will obviously depend on your personal circumstances.
My Santander cash Isa was making 0.06 p/cent interest for years so when 2.00 p/cent came up earlier this year I jumped at it thinking it ain't gonna go higher. Oops!
I opened the below savings account with NS&I. Its not an ISA. My wife is a long way off the tax threshold, so I opened the account for her. So even though its not an ISA she wont pay tax on the interest.
I opened an account to get the 6.2% referred in the Martin Lewis article the other day. It is for 12 months, but that suits me. No restrictions on what you can put in. So it all goes in day one, therefore maximum interest on the lot.
Martin Lewis highlights ‘outstanding best-buy’ fixed savings account paying 6.2% - ‘it’s totally safe’
My Santander cash Isa was making 0.06 p/cent interest for years so when 2.00 p/cent came up earlier this year I jumped at it thinking it ain't gonna go higher. Oops!
I cant give advice either, but you can transfer your funds from one ISA to another. All you need to do is get an ISA transfer form from whoever you intend to transfer the funds to. Fill it in and they do the rest. There is a link to the best rates available below. I think you have a choice of tying your money up from 1-5 years. Santander are showing 5.6% for a 1 year fixed, that allows transfers in. The best rate available for 1 year fixed is 5.83%. Some people will argue that interest rates are now at a peak, and it may pay to go for a longer term fixed rate, as rates are likely to fall soon. That will obviously depend on your personal circumstances.
My Santander cash Isa was making 0.06 p/cent interest for years so when 2.00 p/cent came up earlier this year I jumped at it thinking it ain't gonna go higher. Oops!
@goldon You are allowed to transfer from one ISA to another during the same tax year to get a better rate. The old ISA will be closed and all the money goes into the new one. Do not just close the old one, without speaking to someone. There may well be a penalty on the interest you have accrued in the current ISA. I've just moved from one 1 year fixed ISA to another that pays more interest and I can now top it up, up to the maximum annual amount.
Santander are currently offering one at 5.6% I think.
Just to be clear, Everyone's circumstances are different so it may not be right for you and I'm not giving advice.
Thanks "dragon1964" /HAYSIE . Have niece in the Banking World who advise me over the years she has been off work with Woman's problems and I didn't like to bother her. I took 2pr cent fixed one year end of April so any interest added end of term. Need to talk to the Adviser in the Bank see if deal can be done if I stay with them "Santander".
Grandfather, 63, was among 100 steelmen to lose their pensions to rogue financial advisor who told them to invest in a 'profitable and safe' scheme that saw him pocket £1million
Comments
It is for 12 months, but that suits me.
No restrictions on what you can put in.
So it all goes in day one, therefore maximum interest on the lot.
You are allowed to transfer from one ISA to another during the same tax year to get a better rate. The old ISA will be closed and all the money goes into the new one.
Do not just close the old one, without speaking to someone.
There may well be a penalty on the interest you have accrued in the current ISA.
I've just moved from one 1 year fixed ISA to another that pays more interest and I can now top it up, up to the maximum annual amount.
Santander are currently offering one at 5.6% I think.
Just to be clear,
Everyone's circumstances are different so it may not be right for you and I'm not giving advice.
All you need to do is get an ISA transfer form from whoever you intend to transfer the funds to.
Fill it in and they do the rest.
There is a link to the best rates available below.
I think you have a choice of tying your money up from 1-5 years.
Santander are showing 5.6% for a 1 year fixed, that allows transfers in.
The best rate available for 1 year fixed is 5.83%.
Some people will argue that interest rates are now at a peak, and it may pay to go for a longer term fixed rate, as rates are likely to fall soon.
That will obviously depend on your personal circumstances.
https://www.moneysavingexpert.com/savings/best-cash-isa/
Its not an ISA.
My wife is a long way off the tax threshold, so I opened the account for her.
So even though its not an ISA she wont pay tax on the interest.
I opened an account to get the 6.2% referred in the Martin Lewis article the other day.
It is for 12 months, but that suits me.
No restrictions on what you can put in.
So it all goes in day one, therefore maximum interest on the lot.
Martin Lewis highlights ‘outstanding best-buy’ fixed savings account paying 6.2% - ‘it’s totally safe’
https://www.msn.com/en-gb/money/other/martin-lewis-highlights-outstanding-best-buy-fixed-savings-account-paying-6-2-it-s-totally-safe/ar-AA1go3Eu?ocid=msedgntp&cvid=a68825f33dc148ffaeb458e2ed77470a&ei=8
Best rates for 1 year is 6.1%.
5.85% for 5 years.
https://www.moneysupermarket.com/savings/goals/?goal=SAV_EASYACCESS
https://www.msn.com/en-gb/money/other/uk-s-jeremy-hunt-plans-isa-overhaul-to-boost-share-ownership-ft/ar-AA1h7LRQ?ocid=msedgntp&cvid=dc55cd0b02364ccd97b7add6e2711921&ei=7
I took 2pr cent fixed one year end of April so any interest added end of term. Need to talk to the Adviser in the Bank see if deal can be done if I stay with them "Santander".
https://www.msn.com/en-gb/money/other/grandfather-63-was-among-100-steelmen-to-lose-their-pensions-to-rogue-financial-advisor-who-told-them-to-invest-in-a-profitable-and-safe-scheme-that-saw-him-pocket-1million/ar-AA1hJQpY?ocid=msedgntp&cvid=e62b7c11952b452dbb69e6c27ad6983a&ei=16
https://www.express.co.uk/finance/personalfinance/1820393/best-savings-accounts-isa-easy-access-fixed-interest-rates
https://www.msn.com/en-gb/money/other/ns-i-pulls-top-fixed-6-2-savings-rate-after-225k-sign-up-and-expert-warns-that-might-signal-the-peak-for-top-deals/ar-AA1hMFAR?ocid=msedgntp&cvid=771565f2cc2047578dd962b7a1fc568d&ei=56
https://www.msn.com/en-gb/news/uknews/i-lost-240-000-uk-fraud-victims-share-their-stories/ar-AA1hPbrz?ocid=msedgntp&cvid=06008168f90a42a189303e0da4f12cfd&ei=8
https://www.msn.com/en-gb/money/other/best-fixed-rate-savings-accounts-include-products-paying-6-11-per-cent-interest-rate-for-one-year/ar-AA1iiJxC?ocid=msedgntp&pc=NMTS&cvid=ce01a9b5420443f89535b357f3e0994c&ei=37