Savings interest rate thread

[markiii]

depends what you do with teh money waiting to go in

[2HFL]

Possibly a silly question, but I’ll ask anyway…

Why are we only allowed to earn a very limited amount of tax free interest in a regular savings account each year but within an ISA it’s tax free?

Why should it matter what type of account our money is held in?

[markiii]

Because theres no9 limit on how much you can save. There is how much can be tax free

[Bluevanman]

markiii said:

Because theres no9 limit on how much you can save. There is how much can be tax free

The correct answer is the government want as much of your money as they can get away with

[2HFL]

Bluevanman said:

markiii said:

Because theres no9 limit on how much you can save. There is how much can be tax free

The correct answer is the government want as much of your money as they can get away with

Yes, but why?

It just strikes me as a massively unfair system and why do the government feel the need to limit the amount of interest anyone can earn, it’s none of their business tbh, it’s my money not theirs!

So you work really hard to earn a decent salary, pay income tax on your earnings, what’s left you might try and save for the future and gain some interest, which the government then want another cut of? Ok then.

[Teatowell]

2HFL said:

Yes, but why?

It just strikes me as a massively unfair system and why do the government feel the need to limit the amount of interest anyone can earn, it’s none of their business tbh, it’s my money not theirs!

So you work really hard to earn a decent salary, pay income tax on your earnings, what’s left you might try and save for the future and gain some interest, which the government then want another cut of? Ok then.

Welcome to taxation. It’s everywhere. Income, pension, inheritance, capital gains, personal savings allowance etc etc etc.

[The Leaper]

Teatowell said:

2HFL said:

Yes, but why?

It just strikes me as a massively unfair system and why do the government feel the need to limit the amount of interest anyone can earn, it’s none of their business tbh, it’s my money not theirs!

So you work really hard to earn a decent salary, pay income tax on your earnings, what’s left you might try and save for the future and gain some interest, which the government then want another cut of? Ok then.

Welcome to taxation. It’s everywhere. Income, pension, inheritance, capital gains, personal savings allowance etc etc etc.

And it's anywhere that you want to spend your money...VAT, IPT, APT, FD, SD, etc, etc., so what you earn is taxed many times over. Politicians will argue that they tax everything they can and progressively so that money is redistributed from the supposed wealthy to the supposed poor. So-called wealth will be the next target, and soon.

I feel I can have a good moan about this...I've been paying tax now for 65 years; must have been a fair sum!

R.

[fourstardan]

Ive had a letter from Santander about reducing my savings account to another tier.

Im on early access saver (3.89%) and they are moving me to a Everyday saver (1.98%).

TBH im only using it to save and accru a bit of interest to pay of a CC on September so might not move, but is this just for me OR are they getting rid of the higher interest savings product?

[22]

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

[bmwmike]

22 said:

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

Same but thats on the hitlist to be dropped sometime late April iirc.

I'm with t212 for this tax year ISA, 5.2% for cash holdings.

[Sunday Drive]

bmwmike said:

22 said:

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

Same but thats on the hitlist to be dropped sometime late April iirc.

I'm with t212 for this tax year ISA, 5.2% for cash holdings.

That’s a good rate. I’m getting 4.65% with Hargreaves (Zopa).

[LH.]

bmwmike said:

22 said:

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

Same but thats on the hitlist to be dropped sometime late April iirc.

I'm with t212 for this tax year ISA, 5.2% for cash holdings.

20th May iirc Santander drop the rate moving mine gradually beginning of May to secure trust bank 4.98% instant access.

[g4ry13]

Sunday Drive said:

bmwmike said:

22 said:

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

Same but thats on the hitlist to be dropped sometime late April iirc.

I'm with t212 for this tax year ISA, 5.2% for cash holdings.

That’s a good rate. I’m getting 4.65% with Hargreaves (Zopa).

The T212 rate has a small amount of risk attached to it. Hence the slightly more generous rate than other places.

[fourstardan]

22 said:

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

[fourstardan]

22 said:

Was it 'easy' access saver? I'm on the second version and mine shows 5.08% online still.

[200Plus Club]

Monument still doing almost 5% Instant access

[davek_964]

fourstardan said:

Yep, had the same mail.

It's an account I use just for money I will owe to HMRC every year, but I will still shop around for another account some time before June

[bmwmike]

g4ry13 said:

The T212 rate has a small amount of risk attached to it. Hence the slightly more generous rate than other places.

What risk is that? Can you elaborate please?

[scot_aln]

bmwmike said:

g4ry13 said:

The T212 rate has a small amount of risk attached to it. Hence the slightly more generous rate than other places.

What risk is that? Can you elaborate please?

Interested too as I can see it's FCA registered as long as you haven't signed up to one of the few clones the register lists

https://register.fca.org.uk/s/firm?id=001b000000NM...

[C69]

bmwmike said:

g4ry13 said:

The T212 rate has a small amount of risk attached to it. Hence the slightly more generous rate than other places.

What risk is that? Can you elaborate please?

Because to achieve the rate that T212 is offering, part of your 'cash holdings' might actually be invested in a qualifying money market fund. QMMF holdings do not get FSCS protection. QMMFs can go down in value, too.

You can see how your 'cash holdings' have been allocated to QMMFs (not protected) and banks (protected) on your dashboard.

Out of interest (no pun intended) are you treating T212 purely as a cash ISA?