If you have cash to stash, Paragon fixed, 1-5 years, all the same rate. Presumably you need 1K min. Usually the way.
Of course all my ready cash got blown and I'm trapped in deals as low as 1.12%!
But some are 3%
And some end in < 6 months, hope these are still going!
Of course some give you loyalty offers at the end.
The good thing about the low rates is inflation was only 2% back then!
4% interest available
Re: 4% interest available
I noticed that Martin Lewis has been pushing some of the top interest rate accounts, but at no-name branches that have TERRIBLE customer service and online reputations. I won't name them here, but interest with rubbish service is not the way I want to go.Frnc wrote: ↑Tue Feb 07, 2023 2:58 pm If you have cash to stash, Paragon fixed, 1-5 years, all the same rate. Presumably you need 1K min. Usually the way.
Of course all my ready cash got blown and I'm trapped in deals as low as 1.12%!
But some are 3%
And some end in < 6 months, hope these are still going!
Of course some give you loyalty offers at the end.
The good thing about the low rates is inflation was only 2% back then!
Also, ML has been pushing us away from ISAs, but if you switch ISA to ISA, even at the same bank, you can get better interest than some equiv instant access accounts.
Some fixed rate offerings are worth taking a penalty to leave.
Take all your money out and spend it. Completely trounces inflation
Sugar is today's red hot tip. 90p today: £1.19 next week.
Graceful Degradation! Prepping's objective summed up in two words. Turning Disaster into Mild Inconvenience by the power of fore-thought
Not Feeling Optimistic. Let me be wrong
Not Feeling Optimistic. Let me be wrong
Re: 4% interest available
I think I'd need special permission, you can't withdraw early. A bag of sugar lasts me years so I'm not too worried.jennyjj01 wrote: ↑Tue Feb 07, 2023 3:09 pmI noticed that Martin Lewis has been pushing some of the top interest rate accounts, but at no-name branches that have TERRIBLE customer service and online reputations. I won't name them here, but interest with rubbish service is not the way I want to go.Frnc wrote: ↑Tue Feb 07, 2023 2:58 pm If you have cash to stash, Paragon fixed, 1-5 years, all the same rate. Presumably you need 1K min. Usually the way.
Of course all my ready cash got blown and I'm trapped in deals as low as 1.12%!
But some are 3%
And some end in < 6 months, hope these are still going!
Of course some give you loyalty offers at the end.
The good thing about the low rates is inflation was only 2% back then!
Also, ML has been pushing us away from ISAs, but if you switch ISA to ISA, even at the same bank, you can get better interest than some equiv instant access accounts.
Some fixed rate offerings are worth taking a penalty to leave.
Take all your money out and spend it. Completely trounces inflation
Sugar is today's red hot tip. 90p today: £1.19 next week.
Re: 4% interest available
Similar Here. Though I plan to buy enough 2kg bags to make several home brews of beer and wine, which have been largely bumped off the shopping list. Maybe 20kg which will last 3 years. Beer used to use 'beer enhancer' but Sugar will suffice.
And, of course, flour which has been leaping up.
Graceful Degradation! Prepping's objective summed up in two words. Turning Disaster into Mild Inconvenience by the power of fore-thought
Not Feeling Optimistic. Let me be wrong
Not Feeling Optimistic. Let me be wrong
Re: 4% interest available
They can't lock you in on ISAs. I just switched mine Nationwide 1.4% to Nationwide 2.5%
Graceful Degradation! Prepping's objective summed up in two words. Turning Disaster into Mild Inconvenience by the power of fore-thought
Not Feeling Optimistic. Let me be wrong
Not Feeling Optimistic. Let me be wrong
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- Joined: Fri Feb 08, 2013 11:32 pm
Re: 4% interest available
For easy access try a Natwest Digital Saver 5.00% Gross, 5.12 AER. on balances up to £5000.
Must be tied to a current account and you can only pay in a maximum of £150 per month.
Must be tied to a current account and you can only pay in a maximum of £150 per month.
jennyjj01 wrote:"I'm not in the least bit worried because I'm prepared: Are you?"
"All Things Strive" Gd Tak 'GarLondonpreppy wrote: At its core all prepping is, is making sure you're not down to your last sheet of loo roll when you really need a poo.
Re: 4% interest available
I don't have any ISAs, don't know owt about them, I just get fixed rate deals eg 3% for two years. Luckily all the sub 2% stuff matures this summer.
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- Posts: 3071
- Joined: Fri Feb 08, 2013 11:32 pm
Re: 4% interest available
If you're a basic rate Tax payer, you can earn something like £1000 interest on savings before The Revenue takes a bite...... This is roughly +30k. Most of us aren't likely to have this problem.
jennyjj01 wrote:"I'm not in the least bit worried because I'm prepared: Are you?"
"All Things Strive" Gd Tak 'GarLondonpreppy wrote: At its core all prepping is, is making sure you're not down to your last sheet of loo roll when you really need a poo.
Re: 4% interest available
Any interest over £1,000 goes against your tax, correct. In my case even if I got that much it would then get added to my other income, of which £7,500 is deducted on the Rent a Room scheme.ForgeCorvus wrote: ↑Wed Feb 08, 2023 5:46 pmIf you're a basic rate Tax payer, you can earn something like £1000 interest on savings before The Revenue takes a bite...... This is roughly +30k. Most of us aren't likely to have this problem.
So I'd get taxed on my pension, rent over £7,500, and interest over £1,000.
I see you don't get taxed on cash ISAs. So when I get my state pension might be worth switching some of my lump sum 'savings' to those, depending on interest rates. But interest rates will probably drop by then.
Re: 4% interest available
Not wishing to pry into your affairs, but any interest over £1000 would be added to your other gross income. Then your 12000* or so personal allowance is deducted. You only pay tax on the extra bit above that £13,000 or so.Frnc wrote: ↑Wed Feb 08, 2023 6:42 pmAny interest over £1,000 goes against your tax, correct. In my case even if I got that much it would then get added to my other income, of which £7,500 is deducted on the Rent a Room scheme.ForgeCorvus wrote: ↑Wed Feb 08, 2023 5:46 pmIf you're a basic rate Tax payer, you can earn something like £1000 interest on savings before The Revenue takes a bite...... This is roughly +30k. Most of us aren't likely to have this problem.
So I'd get taxed on my pension, rent over £7,500, and interest over £1,000.
I see you don't get taxed on cash ISAs. So when I get my state pension might be worth switching some of my lump sum 'savings' to those, depending on interest rates. But interest rates will probably drop by then.
* I can't be bothered looking it up
Graceful Degradation! Prepping's objective summed up in two words. Turning Disaster into Mild Inconvenience by the power of fore-thought
Not Feeling Optimistic. Let me be wrong
Not Feeling Optimistic. Let me be wrong