Savings interest rate thread

[g4ry13]

CSLM3CSL said:

I saw the t212 and was concerned if was a bit risky. Looks like the money is invested in money market funds.

They are covered by FSCS. If things went tits up you would eventually get your money back (assuming you don't exceed the £85k allowance).

[bmwmike]

981Boxess said:

bmwmike said:

asfault said:

btw for anyone with one or just open one up t212 pays 5.2% interest daily on uninvested cash.

Is tht the best in the market right now an actual stocks and shares account?

Tax free too

Why would it be tax free (genuine question)

Or are we assuming the unused cash is sitting inside an ISA wrapper, as opposed to unused trading funds.

T212 ISA, cash uninvested = tax free.

[okgo]

bmwmike said:

T212 ISA, cash uninvested = tax free.

That isn’t unique then, it’s simply using your isa allowance for cash holdings.

[bmwmike]

okgo said:

bmwmike said:

T212 ISA, cash uninvested = tax free.

That isn’t unique then, it’s simply using your isa allowance for cash holdings.

Correct. I don't think anyone claimed it was unique. Its just an S&S ISA with a good rate for uninvested cash.

[981Boxess]

bmwmike said:

981Boxess said:

bmwmike said:

asfault said:

btw for anyone with one or just open one up t212 pays 5.2% interest daily on uninvested cash.

Is tht the best in the market right now an actual stocks and shares account?

Tax free too

Why would it be tax free (genuine question)

Or are we assuming the unused cash is sitting inside an ISA wrapper, as opposed to unused trading funds.

T212 ISA, cash uninvested = tax free.

Shame - I was rather hoping you had spotted something I had missed.

[CSLM3CSL]

g4ry13 said:

CSLM3CSL said:

I saw the t212 and was concerned if was a bit risky. Looks like the money is invested in money market funds.

They are covered by FSCS. If things went tits up you would eventually get your money back (assuming you don't exceed the £85k allowance).

I was looking at it last night and I could be wrong, but I got the impression they were describing it in a very disingenuous was to look it was covered under the FSCS. All cash cash deposits in a bank account would be covered but as they are investing the money to get that return presumably it won't be in a bank account.

[bmwmike]

981Boxess said:

Shame - I was rather hoping you had spotted something I had missed.

Not sure what i said to make you think that, but nope, just a regular bogo standard S&S ISA with a good interest rate..

[NRG1976]

CSLM3CSL said:

g4ry13 said:

CSLM3CSL said:

I saw the t212 and was concerned if was a bit risky. Looks like the money is invested in money market funds.

They are covered by FSCS. If things went tits up you would eventually get your money back (assuming you don't exceed the £85k allowance).

I was looking at it last night and I could be wrong, but I got the impression they were describing it in a very disingenuous was to look it was covered under the FSCS. All cash cash deposits in a bank account would be covered but as they are investing the money to get that return presumably it won't be in a bank account.

Is your money protected?

Where we hold your money with a bank, you are protected by the FSCS up to a limit of £85,000. Learn more about how your money is protected here.

Money placed with a QMMF is treated as an investment and not as money held with a bank. In the unlikely event that the QMMF fails to maintain their low-risk strategy, as with any investment, the protection will not be available. We carefully select all QMMFs to ensure that they are highly liquid, stable in value and maintain their highly regulated status.

[Teatowell]

NRG1976 said:

Is your money protected?

Where we hold your money with a bank, you are protected by the FSCS up to a limit of £85,000. Learn more about how your money is protected here.

Money placed with a QMMF is treated as an investment and not as money held with a bank. In the unlikely event that the QMMF fails to maintain their low-risk strategy, as with any investment, the protection will not be available. We carefully select all QMMFs to ensure that they are highly liquid, stable in value and maintain their highly regulated status.

Only word of caution though would be as to payout timings should the worst happen. If it’s held as a pooled deposit it’s another layer of data to trace the deposit back to the customer as opposed to dealing direct with the insuring bank.

[2HFL]

I was wondering what the consensus is on likely ISA interest rates in the new tax year?

Likely to remain static or drop slightly in line with general savings rates which have come off the highs?

Thanks!

[Teatowell]

2HFL said:

I was wondering what the consensus is on likely ISA interest rates in the new tax year?

Likely to remain static or drop slightly in line with general savings rates which have come off the highs?

Thanks!

In easy access or fixed?

[2HFL]

Teatowell said:

2HFL said:

I was wondering what the consensus is on likely ISA interest rates in the new tax year?

Likely to remain static or drop slightly in line with general savings rates which have come off the highs?

Thanks!

In easy access or fixed?

Fix for 12 months seemed to pay the highest rate.

[rossub]

Santander 5.2% dropping to 4.2% in May apparently

[emicen]

Reducing to 4.2% on 20th May

[Whistle]

Thanks for the heads up. I will pull everything out before then.

[OldSkoolRS]

Whistle said:

Thanks for the heads up. I will pull everything out before then.

Also thanks, though I'm not sure where I'll move it as that's just my ready use cash account in case of emergency. I imagine the others will be dropping soon as well in that case. The Newcastle tracker one is currently higher than Santander will drop to, but will see where it's at by then.

[LH.]

Will remove from Santander near the time and drop over to Tandem at 4.9%

[Teatowell]

LH. said:

Will remove from Santander near the time and drop over to Tandem at 4.9%

Still others offering around 5.10% at the moment

[Steamer]

Teatowell said:

LH. said:

Will remove from Santander near the time and drop over to Tandem at 4.9%

Still others offering around 5.10% at the moment

Just saw the Santander announcement

There is still Monument - they offer 5.15% on a 60 day notice current account

[Teatowell]

2HFL said:

Fix for 12 months seemed to pay the highest rate.

Virgin are offering 5.25% Fixed 1yr ISA at the moment, some 25bps above most others which is worth a look; otherwise expect rates in that space to continue to trickle downward. 1yr rates are otherwise pretty similar to variable at the moment, even slightly below.