Savings interest rate thread

[MrBig]

Anyone gone with Chip? 5.1% AER variable seems like one of the best deals around for an ISA.

[CorradoTDI]

Chicken Chaser said:

I've got £10k looking for a new home in a month's time..is there anywhere offering over 5% which I can chuck it in for a year?

Easy Access Cash ISA's are paying this - Moneybox etc

[halo34]

MrBig said:

Anyone gone with Chip? 5.1% AER variable seems like one of the best deals around for an ISA.

Yeah dead easy to set up and transfer money in/out - app easy to use and you can see interest accrue daily.

[asfault]

Who are moneybox and chip backed by?

[g4ry13]

asfault said:

Who are moneybox and chip backed by?

Chip is powered by ClearBank.
Moneybox info is here

[Salted_Peanut]

Do you know which cash ISA has the best rate (for now) with monthly interest and that accepts transfers?

Zopa seems to offer it, but I’m unfamiliar with them. I think the Coventry Building Society does, too. Is there anyone else?

[Turbojuice]

Salted_Peanut said:

Do you know which cash ISA has the best rate (for now) with monthly interest and that accepts transfers?

Zopa seems to offer it, but I’m unfamiliar with them. I think the Coventry Building Society does, too. Is there anyone else?

Plum is the best rate Cash ISA at 5.17% and allow transfers. Zopa is the best rate flexible Cash ISA that also allows transfers, at 5.08%.

[OldSkoolRS]

Chip are offering 5.10% AER but I'm not sure whether the rates will change overnight as we go into the new tax year. I'm waiting to see what I can open from tomorrow so that I keep my savings interest under my allowance, so I'll be keeping an eye on it too.

Easy access ISAs:

https://savingschampion.co.uk/best-buys/personal/e...

Fixed rate ISAs:

https://savingschampion.co.uk/best-buys/personal/f...

[AndyAudi]

OldSkoolRS said:

I'm waiting to see what I can open from tomorrow so that I keep my savings interest under my allowance…

Also waiting to shift some cash, it’s quite frustrating to think interest is now something reasonable & then loose a chunk of it!!!

If you’re already at your isa max & are expecting to be in a lower tax bracket in the not to distant future, NS&I growth bond? 3years interest paid & taxable all at once in 3 years time?

[mikey_b]

Turbojuice said:

Salted_Peanut said:

Do you know which cash ISA has the best rate (for now) with monthly interest and that accepts transfers?

Zopa seems to offer it, but I’m unfamiliar with them. I think the Coventry Building Society does, too. Is there anyone else?

Plum is the best rate Cash ISA at 5.17% and allow transfers. Zopa is the best rate flexible Cash ISA that also allows transfers, at 5.08%.

Remember that Plum only offers 4.29% if you transfer in. I can't quite work out whether you get that lower rate on just the transferred-in portion of the total, or whether the rate on the whole account becomes 4.29% if you transfer in anything at all. The savingschampion site suggests the former, but Plum's own website is less clear. Certainly worth bearing in mind if you want to do a transfer, anyway.

Edited by mikey_b on Friday 5th April 20:21

[Dav72D]

Does the Moneybox ISA look good?

[MrBig]

halo34 said:

MrBig said:

Anyone gone with Chip? 5.1% AER variable seems like one of the best deals around for an ISA.

Yeah dead easy to set up and transfer money in/out - app easy to use and you can see interest accrue daily.

Well I went with it. Didn’t have much time to make a decision due to the end of the tax year.

[OldSkoolRS]

AndyAudi said:

Also waiting to shift some cash, it’s quite frustrating to think interest is now something reasonable & then loose a chunk of it!!!

If you’re already at your isa max & are expecting to be in a lower tax bracket in the not to distant future, NS&I growth bond? 3years interest paid & taxable all at once in 3 years time?

Thanks but no good for me I'm afraid; I'll be using up my allowance for the next three years at least (starter savings rate + £1k 20% rate), so I'm moving savings bonds into ISAs each year as they mature. Receiving all the interest in one tax year would be worse for me than spreading it out over the term. Also the rate for those growth bonds seems about 0.5% lower than other fixed savings bonds available over 3 years, so not the best deal I can see.

Edited by OldSkoolRS on Saturday 6th April 09:41

[xyz123]

Couple if questions.

1. Notice ISA account-these tend to have higher rate but the rate is variable so you are at mercy of the provider. I hope not hit they can drop the rate down and then you are stuck for 60/90days. Anybody use these accounts and am I worrying too much abt sudden interest rate drop?

2. Does anyone use Plum or moneybox? Thinking of opening their cash ISA and transfer from another provider but not sure abt customer service in case it's needed. Any feedback welcome.

Thanks.

[Chainedtomato]

halo34 said:

MrBig said:

Anyone gone with Chip? 5.1% AER variable seems like one of the best deals around for an ISA.

Yeah dead easy to set up and transfer money in/out - app easy to use and you can see interest accrue daily.

I’m looking at Chip for the cash ISA and savings account. Is there anyway to deposit more than 5k at a time?

[22]

Chainedtomato said:

I’m looking at Chip for the cash ISA and savings account. Is there anyway to deposit more than 5k at a time?

It was a bit weird the app suggesting the deposit method was "good for transfers up to £5k" but yes you can (ISA at least).

[NRG1976]

22 said:

Chainedtomato said:

I’m looking at Chip for the cash ISA and savings account. Is there anyway to deposit more than 5k at a time?

It was a bit weird the app suggesting the deposit method was "good for transfers up to £5k" but yes you can (ISA at least).

It’s because chip is using the open banking platform, you would have to ask your bank to increase the open banking limit from 5k to whatever you need…

[NRG1976]

xyz123 said:

Couple if questions.

1. Notice ISA account-these tend to have higher rate but the rate is variable so you are at mercy of the provider. I hope not hit they can drop the rate down and then you are stuck for 60/90days. Anybody use these accounts and am I worrying too much abt sudden interest rate drop?

2. Does anyone use Plum or moneybox? Thinking of opening their cash ISA and transfer from another provider but not sure abt customer service in case it's needed. Any feedback welcome.

Thanks.

Rate reductions have to be pre-notified and I believe you can exit without notice in the event of a rate change. I suspect most pre-notification is voluntarily done by the orgs to match the notice period on the account…so I think legally they have to at least give 14 days notice, but most will extend that to 60 days for a 60 day notice account and 90 days to a 90 day notice account…I may be wrong though

[Chainedtomato]

NRG1976 said:

22 said:

Chainedtomato said:

I’m looking at Chip for the cash ISA and savings account. Is there anyway to deposit more than 5k at a time?

It was a bit weird the app suggesting the deposit method was "good for transfers up to £5k" but yes you can (ISA at least).

It’s because chip is using the open banking platform, you would have to ask your bank to increase the open banking limit from 5k to whatever you need…

I knew it was me being stupid

Thanks

[Armitage.Shanks]

Why is it many fixed rate bonds nowadays don't offer monthly interest? Ideally fixed rate for 2yrs suits Mrs S for income top up. Looks like it will have to be the 4.5% Skipton 30 month Bond (albeit it then transfers to a 1yr Bond at the prevailing rate) as there's not much variety.