Savings interest rate thread
Discussion
Armitage.Shanks said:
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.
Yes, it seems that there are very few two-year fixed-rate bonds that offer a monthly option.However, RCI Bank (4.90%), Hodge Bank (4.90%) and Zopa (4.76%) all appear to offer monthly interest. You'd need to check that the interest could be withdrawn to a nominated account each month, if that's what you're planning to do.
C69 said:
Armitage.Shanks said:
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.
Yes, it seems that there are very few two-year fixed-rate bonds that offer a monthly option.However, RCI Bank (4.90%), Hodge Bank (4.90%) and Zopa (4.76%) all appear to offer monthly interest. You'd need to check that the interest could be withdrawn to a nominated account each month, if that's what you're planning to do.
The money is coming out of Zopa and fell foul of their monthly interest 'nominated account' which turned out to be the actual Bond account itself!
22 said:
From another thread. If you didn't have a Chase saver or had under £500 saved with them on 8/3 they've 'boosted' their rate to 5.1% until 4th November.
I’ve missed that one, but unfortunately (or not) I’m now earning enough to have lost any personal savings allowance. So my spare cash float that is currently in the Chase savings account now needs to find a new home in an easy access ISA.
Chip looks good but seems to bring with it an Open Banking faff (I haven’t used it). Is it user friendly?
OMITN said:
I’ve missed that one, but unfortunately (or not) I’m now earning enough to have lost any personal savings allowance.
So my spare cash float that is currently in the Chase savings account now needs to find a new home in an easy access ISA.
Chip looks good but seems to bring with it an Open Banking faff (I haven’t used it). Is it user friendly?
I'd not heard of it before so had a quick Google. It seems the open banking thing depends on your own bank's limit. Most banks have limits beyond an ISA allowance. So my spare cash float that is currently in the Chase savings account now needs to find a new home in an easy access ISA.
Chip looks good but seems to bring with it an Open Banking faff (I haven’t used it). Is it user friendly?
22 said:
OMITN said:
I’ve missed that one, but unfortunately (or not) I’m now earning enough to have lost any personal savings allowance.
So my spare cash float that is currently in the Chase savings account now needs to find a new home in an easy access ISA.
Chip looks good but seems to bring with it an Open Banking faff (I haven’t used it). Is it user friendly?
I'd not heard of it before so had a quick Google. It seems the open banking thing depends on your own bank's limit. Most banks have limits beyond an ISA allowance. So my spare cash float that is currently in the Chase savings account now needs to find a new home in an easy access ISA.
Chip looks good but seems to bring with it an Open Banking faff (I haven’t used it). Is it user friendly?
I assume the advantage for banks is more data and more opportunity to seek you stuff.
mikey_b said:
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%.Zopa seems to offer it, but I’m unfamiliar with them. I think the Coventry Building Society does, too. Is there anyone else?
Edited by mikey_b on Friday 5th April 20:21
> "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
C-J said:
I was just about to sign-up with Plum's cash ISA. However I (most unusually for me) read the T&Cs.
> "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
The rules have changed as you say so looks like them being slow/inccorrect in picking up. > "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
Teatowell said:
C-J said:
I was just about to sign-up with Plum's cash ISA. However I (most unusually for me) read the T&Cs.
> "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
The rules have changed as you say so looks like them being slow/inccorrect in picking up. > "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
I should add, I did pop a question on to their chat helpdesk. However it has taken 4 hours for them to respond to another query I had (unclear error message) with a standard looking message asking for all my personal identification details, which of course doesn't answer my question. So not sure how long it will take to answer question #2!
C-J said:
Teatowell said:
C-J said:
I was just about to sign-up with Plum's cash ISA. However I (most unusually for me) read the T&Cs.
> "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
The rules have changed as you say so looks like them being slow/inccorrect in picking up. > "2.6 You must not subscribe to a Cash ISA if you have already subscribed to any other cash ISA in the same tax year" - I thought the rules on this had changed this TY. Are the T&Cs perhaps just not updated yet? Or are providers able to set their own rules on this? Or am I misunderstanding something?
I was going to deposit a bit in this one, and perhaps a bit in another later in the year. It is probably not a deal breaker - however I'd like to know what the rules of engagement are. And I'm assuming that fro now the rules are the T&Cs that I sign up to - unless they break 'UK ISA rules'.
Or easier to just go with Chip?
I should add, I did pop a question on to their chat helpdesk. However it has taken 4 hours for them to respond to another query I had (unclear error message) with a standard looking message asking for all my personal identification details, which of course doesn't answer my question. So not sure how long it will take to answer question #2!
They asked me (18 hours later) to send info on the UK ISA rule change - as well as to supply them with a copy of their own T&C's.
Appreciate that it is a front line help-desk person, however the optics are not great! Call me old fashioned, however I tend to like the financial institutions to know more than myself!
Assuming that Chip know the ISA rules I may be swinging that way!
C-J said:
I have mentioned the specific new UK ISA Tax Rules to the Plum helpdesk together with the numbered extract from Plum T&Cs which contradicts this.
They asked me (18 hours later) to send info on the UK ISA rule change - as well as to supply them with a copy of their own T&C's.
For anyone else looking to sign up for Plum's Cash ISA, they have messaged back to confirm that it is now allowed by them, and therefore their T&Cs are being reviewed.They asked me (18 hours later) to send info on the UK ISA rule change - as well as to supply them with a copy of their own T&C's.
22 said:
From another thread. If you didn't have a Chase saver or had under £500 saved with them on 8/3 they've 'boosted' their rate to 5.1% until 4th November.
I moved all mine to Metro from Chase so been offered this. Will be moving it back as for one the metro rate is going down and two, everytime I've tried to move money out of my Metro account to add to my ISA I get an error message so I'm going to have to call them so may as well juat close it while I'm at it. Gassing Station | Finance | Top of Page | What's New | My Stuff