Savings bank account with high interest
What card would u recommend from Halifax, Santander, Lloyd’s ,HSBC ,natwest , barcalys for a savings account with high interest and no tax
THANKSSS
THANKSSS
Original post by Sunset_light
What card would u recommend from Halifax, Santander, Lloyd’s ,HSBC ,natwest , barcalys for a savings account with high interest and no tax
THANKSSS
THANKSSS
By card do you mean debit card? If so, then a debit card comes with a current account for everyday banking and they don't pay interest. For the latest information on savings account with the best interest rates, have a look at the following web site:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Banks pay all interest gross (ie no tax is taken off).
Original post by Sunset_light
What card would u recommend from Halifax, Santander, Lloyd’s ,HSBC ,natwest , barcalys for a savings account with high interest and no tax
THANKSSS
THANKSSS
https://www.lloydsbank.com/credit-cards/mastercard-world-elite.html
Virgin money does a good high interest savings account, but you don't get a card. You are allowed up to 3 withdrawals annually - if you withdraw more than 3 times, your interest rate drops dramatically.
As @normaw says, current accounts with debit cards aren't the same as savings accounts.
As @normaw says, current accounts with debit cards aren't the same as savings accounts.
Original post by Sunset_light
What card would u recommend from Halifax, Santander, Lloyd’s ,HSBC ,natwest , barcalys for a savings account with high interest and no tax
THANKSSS
THANKSSS
Savings accounts generally don't come with a card. These days you would normally access your savings by transferring to/from a current account.
The savings accounts offered by the high-street banks (like the ones you've named) generally offer poor rates of interest.
There are various sites on the web that collate the details of the accounts offered by the various banks/building societies. @normaw has pointed you at one of these sites; there's also
The best rates tend to be from banks you've never heard of. In many cases these are well-established banks whose business is mainly in other areas -- for example, in specialised lending (car loans, commercial mortgages), or dealing with businesses rather than individuals.
But as long as they are covered by the Financial Services Compensation Scheme any deposits of up to £85,000 are protected in full.
The best rates tend to be on accounts that have restrictions on access -- for example, they restrict you to no more than 3 withdrawals per year, or you need to give 30 days' notice of withdrawal. But some accounts do pay good rates with instant access and no limits on withdrawals. You just need to check the terms and conditions.
Note that in some cases, "easy access" can mean that withdrawals are processed the same day if requested before a specific cut-off time, and that requests after that point are paid the next working day. (Again, you need to check the Ts&Cs.) So you can't rely on money being transferred instantly in the way that you generally can with the high-street banks.
Re tax, interest is paid without tax being deducted. If you pay tax at basic rate, you can earn up to £1000 of interest a year without needing to pay tax on it; the allowance is £500 if you pay tax at 40%; but there's no allowance if you're taxed at 45%. So for most people, you won't pay tax on interest. If you do need to pay tax, HMRC generally collect this by adjusting your tax code.
See Tax on savings interest (gov.uk) and How tax on savings and investments works for more information.
Original post by martin7
Savings accounts generally don't come with a card. These days you would normally access your savings by transferring to/from a current account.
The savings accounts offered by the high-street banks (like the ones you've named) generally offer poor rates of interest.
There are various sites on the web that collate the details of the accounts offered by the various banks/building societies. @normaw has pointed you at one of these sites; there's also
The best rates tend to be from banks you've never heard of. In many cases these are well-established banks whose business is mainly in other areas -- for example, in specialised lending (car loans, commercial mortgages), or dealing with businesses rather than individuals.
But as long as they are covered by the Financial Services Compensation Scheme any deposits of up to £85,000 are protected in full.
The best rates tend to be on accounts that have restrictions on access -- for example, they restrict you to no more than 3 withdrawals per year, or you need to give 30 days' notice of withdrawal. But some accounts do pay good rates with instant access and no limits on withdrawals. You just need to check the terms and conditions.
Note that in some cases, "easy access" can mean that withdrawals are processed the same day if requested before a specific cut-off time, and that requests after that point are paid the next working day. (Again, you need to check the Ts&Cs.) So you can't rely on money being transferred instantly in the way that you generally can with the high-street banks.
Re tax, interest is paid without tax being deducted. If you pay tax at basic rate, you can earn up to £1000 of interest a year without needing to pay tax on it; the allowance is £500 if you pay tax at 40%; but there's no allowance if you're taxed at 45%. So for most people, you won't pay tax on interest. If you do need to pay tax, HMRC generally collect this by adjusting your tax code.
See Tax on savings interest (gov.uk) and How tax on savings and investments works for more information.
The savings accounts offered by the high-street banks (like the ones you've named) generally offer poor rates of interest.
There are various sites on the web that collate the details of the accounts offered by the various banks/building societies. @normaw has pointed you at one of these sites; there's also
The best rates tend to be from banks you've never heard of. In many cases these are well-established banks whose business is mainly in other areas -- for example, in specialised lending (car loans, commercial mortgages), or dealing with businesses rather than individuals.
But as long as they are covered by the Financial Services Compensation Scheme any deposits of up to £85,000 are protected in full.
The best rates tend to be on accounts that have restrictions on access -- for example, they restrict you to no more than 3 withdrawals per year, or you need to give 30 days' notice of withdrawal. But some accounts do pay good rates with instant access and no limits on withdrawals. You just need to check the terms and conditions.
Note that in some cases, "easy access" can mean that withdrawals are processed the same day if requested before a specific cut-off time, and that requests after that point are paid the next working day. (Again, you need to check the Ts&Cs.) So you can't rely on money being transferred instantly in the way that you generally can with the high-street banks.
Re tax, interest is paid without tax being deducted. If you pay tax at basic rate, you can earn up to £1000 of interest a year without needing to pay tax on it; the allowance is £500 if you pay tax at 40%; but there's no allowance if you're taxed at 45%. So for most people, you won't pay tax on interest. If you do need to pay tax, HMRC generally collect this by adjusting your tax code.
See Tax on savings interest (gov.uk) and How tax on savings and investments works for more information.
If you pay tax at the basic rate but your other income is less than £17,570 then your starting rate for savings is a maximum of £5,000. Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1.
If you pay tax at 45% but are an advanced rate taxpayer rather than an additional rate taxpayer, then you can earn up to £500 of interest a year without needing to pay tax on it.
Original post by Rakas21
There’s nothing that’s especially high interest so I wouldn’t bother unless you need instant access.
If you can buy for 2 years or more I’d go for a corporate bond for low risk, invest in a US ETF if prepared to bear risk.
If you can buy for 2 years or more I’d go for a corporate bond for low risk, invest in a US ETF if prepared to bear risk.
I would stay clear of the stock market for the moment!
I've started investing recently under my ISA shelter, not been nice for the since Deepseek
(edited 3 weeks ago)
Original post by meenu89
I would stay clear of the stock market for the moment!
I've started investing recently under my ISA shelter, not been nice for the since Deepseek
I've started investing recently under my ISA shelter, not been nice for the since Deepseek
Market is likely to hit bottom around Q3.
US has 30 recorded recessions, average is 10 months, market has only recorded negative growth from beginning to end in 12 of them. Historical data suggests that the market will see the growth signs before it's announced officially and respond accordingly. This is a confidence led recession rather than one that's crushing business for a valid reason (yet) so it probably won't last longer than average. So the historic data says August will be about bottom, maybe early October for Q3 data release.
Albeit worth saying that
Original post by meenu89
I would stay clear of the stock market for the moment!
I've started investing recently under my ISA shelter, not been nice for the since Deepseek
I've started investing recently under my ISA shelter, not been nice for the since Deepseek
Wait till prices rise again you mean?
Buy high, sell low.
Original post by Quady
Wait till prices rise again you mean?
Buy high, sell low.
Buy high, sell low.
I am in the market to buy to hold for the long term, I will not sell
(edited 3 weeks ago)
Original post by meenu89
Prices will fall again on Monday…. although I will buying more ETFs then anyway
I am in the market to buy to hold for the long term, I will not sell
I am in the market to buy to hold for the long term, I will not sell
I guess if you're buying then it makes sense to tell others to 'stay clear of the stock market for the moment!'.
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