BEST SAVINGS ACCOUNTS: 5.2% easy access (best in 14 years) + 4.65% ISA & 8% regular save (Sept 2023)
Вставка
- Опубліковано 3 сер 2024
- A bonus savings update! A new top of the table easy access account has launched - but it's only going to be around for a week or so!
Plus two more best buys in a regular saver at 8% (though most won't get it) and 4.65% on a cash ISA.
*Find the latest accounts in my regularly updated savings account best-buy article over on my blog
becleverwithyourcash.com/savi...
*More on these updates on the blog
becleverwithyourcash.com/sant...
W A T C H N E X T
Updates on the best savings, current accounts and credit cards
• The best children's sa...
Should you move your savings?
• Is it worth moving sav...
Regular Savings accounts explained
• Are Regular Savers wor...
#Savings #HighInterest #BestSavingsAccounts
TIMESTAMPS
00:00 Santander 5.2% easy access
03:50 Will you pay tax on interest?
05:50 How it compares to other accounts
08:28 Monmouth Building Society 8% regular saver
08:56 Moneybox 4.65% limited access Cash ISA
MORE
S U B S C R I B E / @becleverwithyourcash
N E W S L E T T E R - becleverwithyourcash.com/news...
(You'll also get a free Quidco bonus for signing up)
T W I T T E R - / andyclevercash
I N S T A G R A M - / andyclevercash
F A C E B O O K C O M M U N I T Y - / 2661970707423383
B L O G - becleverwithyourcash.com
A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Amazing timing, I’m new to all this and just opened the Santander Edge Saver account (based on your last update) over the weekend, so opening an Easy Access account for anything above the £4000 is perfect - thanks!
Minor thing but you mentioned monthly limit of £250 on first direct, it's £300.
Yep! Off the top of my head couldn’t recall
Surprised by Santander. The big banks normally lag behind the new/start up/online only banks but they just leap frogged everyone in one go.
Santander have reduced that instant saver to 2.5 % from Wednesday 13th for new applicants.
Class thank you Andy, will open the Santander as I just joined them for the edge offer. Thanks for notifying me!
Regular savers only pay HALF the advertised rate on the total amount invested in the year.
Another point is that if you see a 6 or 9month account advertised at 6%, that is the AER %, so 6months would be 3% and 9months 4.5%.
You need to understand the wording as I followed advice here and lost a lot of money with regular savers when standard accounts were better.
Excellent presentation as usual Andy! Thanks
I've learnt and made so many changes in my lifestyle thanks to your videos.
Thank you, Andy.
thanks for the heads up, just opened the santander account as an exsisting customer it went live in about 5 mins
Hi Andy, would you recommend this for students?
Worth noting if you choose the monthly interest option from santander, the interest is only 5.08%, not 5.20% which will only apply if you choose the annual payout option
It’ll compound (the interest will earn interest) so it’s the same amount earned over a year
@@BeCleverWithYourCash
Edit: The press release article does specify the 5.08% is the gross interest my bad. However the summary box is still confusing, and in the santander app its still quoted as 5.08%, prob not very helpful of the devs part
Old:
maybe but the web page is not very clear, the figures on the summary box should all be quoted in AER so that 5.08 would otherwise indicate the annual equivalent
@@provian👍
What’s the personal savings interest on low income
Ive got the santander easy access account but its only showing as 3.8%
Barclays Rainy Day Saver at 5.12% is still pretty damn good
5k tops unfortunately
Should I put money in fixed Isa now or hold off for a few more months to see how high the interest gets?
Was with Atom but disappointing interest rate at present.
5% with Tandem Easy Access (however I think it’s closed to new applications now)
Hi Andy
My partner and I both don’t work, we put £196,000 into a joint Ns&i 1 year fixed at 6.2% which pays interest monthly. So we will be getting over a grand per month. Will we need to pay any tax on our interest each year?
Thanks
I still get 6.25% on Lloyds? Why would I change to something low?
My wife opened it on Monday! Intended to increase the amount 20k in due course! Now, after this advice, limit the amount to 19k 👍🏿
Glad I helped!
Thanks Andy! Opened up a Santander easy access saver whilst watching the video and it’s already set up in my app!
Fantastic!
If I earn below the tax threshold, can I earn more than £1000 interest completely tax free?
If you are on low income you can earn up to £5000 in interest tax free. If you earn less than the personally allowance then it's the full £5000 and reduces as you go up to £5000 above your allowance. Search for starting rate for savings.
It says 5.2% AER for annual interest but only 5.08% AER for monthly.
Yeah it’s still 5.2% AER either way. I’ve flagged with their press office and they’re getting it corrected in the key terms
@@BeCleverWithYourCash Great thanks for clarification.
Presumably the hack of not paying the santander fees (so not eligible for cashback on bills but can still access their savings account) doesn't look possible?
I can’t find an isa with a good rate that o can deposit funds into on a monthly basis. Please help. There are fixed isa accounts which are confusing and I nearly got caught out opening one.
Cheers Andy. My pathetic savings builder at Nat West is a measly 2.6% and by the looks, they're not budging. So, will transfer my savings over to this.
You can shove £150 a month into their digital regular saver at 6.17%. You can add a little bit over that using roundups. But I agree you should move any bulk amounts you already have in.
@@CrYou575 Thanks. I have one of them already, but have a bulk amount that I want to move over.
@@davidbowie2046would you recommend me having a Santander saver (one in video) and then a NatWest digital saver where I can transfer £150 a month?
Great information thank you 👍
Hi Andy been trying to find the answer to this online and I can't find a definite answer
I have a basic PSA of £1000 and with my savings i should exceed this... so come march 2024 i will be paying some tax.
I know the usual method is HMRC ajust your tax code to take whats owed over the next year.
I was wondering can I just pay the owed tax in one go and keep my tax code the same. Am I allowed to do this? And then keep doing this each year so my tax code isnt played around with
Cheers9
Very confused so will i still be getting 5.20% interest even though i chose monthly payout??
Yes, it’s compounded
@@BeCleverWithYourCash whats your opinion, is it better to move crom tandem’s 5% to santander 5.20% then? I know its 0.2 but its still difference
Will there be a hard check affecting your credit score if you sign up to Santender?
Nope, not for the easy access account
Went and spent 10 mins searching for this clarity after watching your video, when I should have just read the comments & saved myself the time 😂. Thanks for this!
Thank you. Great help
Glad it helped!
Great video as always - keep doing what you're doing and you'll be at 100k subs in no time
With the withdrawal of the RBS switch offer today do we know if it will be honoured for those who began the switch prior to withdrawal?
Yep you’ll be ok as long as you meet the criteria
What happens to the easy access savings account opened a few months back? Does that get replaced when you open this new account?
No this account is a new issue, it will just be another account you have.
I currently have a NatWest regular saver. Am I better switching banks to get a higher rate..
That’s still a really decent rate at 6.17
It might be better to open up an account with the provider which you want to open a direct saver account and spare the pain and hassle of transferring your whole banking plus if you move your credit score is negatively affected because credit unions like stable long term history (ie if you want to get a mortgage). Put enough money in the new account that you need to transfer in to the direct saver
@@katem6562 thanks
@@BeCleverWithYourCash true,just the downside is to maximise the return you need to build a balance of £5,000 and it would take like 5 years to get there.
You can have both!
what do you think about Vanquis bank?
Does it pay only annual interest
Which one ?
Yeah but it’s Santander…
Santander is also for a year
Yep,
Can non-UK residents apply for Easy Access Saver account?
I doubt it
Nope
What’s the best fixed deposit or savings account for Non-UK resident british citizens
@@azeemshahkhan1offshore bank account in the Channel Islands is your best bet
The regular saver accounts look good, but due to the way interest is calculated on a daily rate, you only get 7% on the £300 you put in first direct for ONE day.
The rate you get is 3.1% on the 7% regular saver.
I felt conned as I expected 7% of £3600.
That is not how regular savers work, check the wording .
I only got less than half of what I expected and the bank made none of it clear and did not give examples. They are deliberately misleading customers. Even Andy doesn't understand how they work or what the actual return is, so how would a customer!
You missed Santanders sister back cahoot
Santander
mate I need someone to help me with this stuff . I've spent hours watching videos like this multiple times and I just can't understand or be interested in any of this. But inflation is eating my money away I feel I gotta do something about it. any ideas?
My issue is as a higher rate tax payer earning £500+ in interest is taxable at 40%. Absolute joke.
42% here in Scotland, and any overtime is at that rate too! 😤so basically it’s not worth pushing yourself!
Luckily for you, you are a higher rate tax payer so can afford it
ISAs exist for a reason
@@duppa I already max out my ISA but on stocks and shares. I put £4K into a S&S LISA and £16k into general S&S ISA). 95% in index funds, 5% a bit of fun in individual companies. The government are a joke and continue to punish the middle class
@@huskyhooligans999 what a joke. Whether it’s the Tories, Labour or the SNP. They are all controlled by the same people from the shadows.
the Santander is actually 5.08% when you open it
It’s 5.2 over the year
I think the 5.08 if you select monthly interest, its 5.2 for annual.
So wait i my still getting 5.2 the same overtime if i choose monthly?
@emmanuelm4491 it should work out pretty much the same.
Tandem has a 5% easy access account.
They dropped the 12 month bonus for new customers, so it’s only 4.65%
which is less than the santander 5.2% mentioned in the video, but the choice is yours
5.85% at a bonus rate offer, closed now for 1 year fixed savings
that's a good rate with tandem I'mma tell the mandem
crap bank...numerous times ive been to draw my money out on paydays and nothing has been payed in
Tandem is 5% easy access
Not for new customers
Can you withdraw your monthly interest thanks
Yes
Hi Andy, this isn't such a great deal if you look into the details. The interest rate is VARIABLE, though Santander doesn't advise what events would cause the interest rate to vary up or down. I checked online to see what impact the last change in the BOE base rate had on other savings accounts. From the info available on its website, I could see that when the BOE base rate increased by 0.25% last month, Santander only increased the interest on its savings account by 0.15% !!! I wonder what they would do if the BOE base rate fell by 0.25%. I suspect they would reduce the interest on savings by 0.25%, not 0.15%. Happy to be proved wrong though :)
Pretty much all easy access are variable. If you’re happy to fix you can get a locked in rate. The best 1 year is currently 6.2%