The Money Thread...

[Godzilla]

Premium bonds odds have dramatically increased. Also the number of £50 and £100 prizes increased by a huge amount. One of the benefits of higher interest rates.

[Rocsteady]

As interest rates continue to rise some good saving accounts, fixed accounts and ISAs are popping up and may go higher.

Barclays Easy Access Saver (Existing Barclays Blue Reward Members Only) 5.12% on up to £5000
https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

4.11% AER, 1 Year Fixed saver with minimum £50 deposit (Existing UK Current Account Required) @ Atom Bank
https://www.atombank.co.uk/fixed-saver/

4% 1-Year Fixed Savings Account (Existing UK Current Account Required) @ Virgin Money
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_e_bond_issue_500/?clickref=1100lwbgH9ug

Limited access cash (Transfers in) ISA 2.25% from 7 October 22 - max 20,000 deposit @ Coventry Building Society
https://www.coventrybuildingsociety.co.uk/member/product/savings/cash_isa/limited-access-isa-online-3.html

NatWest / RBS Digital Regular Saver - 5.12% AER/ 5% Gross PA - Saving between £1pm to £150pm (Existing NatWest Account Required) @ NatWest
https://www.natwest.com/savings/digital-regular-saver.html

Thanks for posting. That atom Bank offer is tempting.

[Lagamorph]

I just wish you didnt need to get half a dozen accounts to get a decent rate on all your savings. I hate all the bullshit like "Maximum deposit of £200/month" or "Interest only paid on first £5000".

[Oblomov Boblomov]

Nationwide are offering £200 if you switch to a current account. Could be a huge help over Christmas – I'm hoping my wife and I will both be eligible, so we can buy a £400 turkey.

[Lagamorph]

I do need to switch my day to day current account. I'm with TSB at the moment but they closed my local branch this year.
Was originally with then for their amazing account years ago that had 5% interest and 5% cashback on all debit card purchases with no account fee, but they whittled away at it and now it has zero benefits at all.

[Captain Kinopio]

As interest rates continue to rise some good saving accounts, fixed accounts and ISAs are popping up and may go higher.

Barclays Easy Access Saver (Existing Barclays Blue Reward Members Only) 5.12% on up to £5000
https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

4.11% AER, 1 Year Fixed saver with minimum £50 deposit (Existing UK Current Account Required) @ Atom Bank
https://www.atombank.co.uk/fixed-saver/

4% 1-Year Fixed Savings Account (Existing UK Current Account Required) @ Virgin Money
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_e_bond_issue_500/?clickref=1100lwbgH9ug

Limited access cash (Transfers in) ISA 2.25% from 7 October 22 - max 20,000 deposit @ Coventry Building Society
https://www.coventrybuildingsociety.co.uk/member/product/savings/cash_isa/limited-access-isa-online-3.html

NatWest / RBS Digital Regular Saver - 5.12% AER/ 5% Gross PA - Saving between £1pm to £150pm (Existing NatWest Account Required) @ NatWest
https://www.natwest.com/savings/digital-regular-saver.html

Thanks for posting. That atom Bank offer is tempting.

Which major bank offers the best ISA rate at the moment. My Lloyds rate is about 0.0000000001% because Lloyds are banana splits. I'm kind of sick of it. Looking at those Savings accounts above I might take the opportunity to open a new current account and open a savings account then switch my ISA when I can. Speaking of which, how do you actually bulk transfer an ISA and how do the rules about only paying into one ISA in a year affect that?

[KingK]

It’s really simple to transfer an ISA. just ask your new ISA provider to do it all for you and they will.

Whatever you do, don’t close and withdraw the cash/chq from the current provider though as that would mean you are effectively opening a new isa with the usual restrictions.

By transferring between providers, you can transfer an unlimited £value from your current ISA. All of your subscriptions data is passed over too.

You’ll lose the ability to replace any funds you’d withdrawn this tax year though but that is only an issue if you’re likely to want to pay in more than £20k this tax year

[BTB]

Yeah that Atom 1yr saver looks very tempting, has anyone used Atom before? I've not really heard of them.

[Grumpy David]

Yeah that Atom 1yr saver looks very tempting, has anyone used Atom before? I've not really heard of them.

They're a mortgage lender / savings account company, been about for a good few years now.

Your money would be protected by the FSCS in the unlikely event they went bust.

[poshrule_uk]

Anyone have a co-op bank account want to refer me to earn £50 for them and me?

[Dual]

Anyone have a co-op bank account want to refer me to earn £50 for them and me?

I've just applied to open one mate so I can if you can wait for my account number to come through.

I've opened it as a mule account to start bringing in some switch account bonuses.

[poshrule_uk]

Perfect, I'll wait, let me know when you have the details you need for yourself and I'll sign up

[Curls]

Co op are back with account switches hey? £50 seems a bit low.I may wait a little while and see if they up that to match the competition before losing my 'away from account' time. Think i was last with them in 16/17.

[Hexx]

One of the good things about recent changes - virgin doing a 4.4% 3 year fixed cash isa!

[Tomous]

One of the good things about recent changes - virgin doing a 4.4% 3 year fixed cash isa!

Any limits on this?

[Hexx]

One of the good things about recent changes - virgin doing a 4.4% 3 year fixed cash isa!

Any limits on this?

https://uk.virginmoney.com/savings/prod ... issue_535/

There's ISA contribution limits, but doesn't appear to be a limit on transfers from existing ISAs

[KK]

If you invest £1,000 with Nutmeg before 5th April 2023 via the Chase app they'll add £100 on top. Capital at risk and all that.

[jiggles]

Making a bit of a risky play here but (thanks to a windfall) I’ve *just about* enough in savings now to settle my car finance early, so I’m doing that this week. I’m only 5 months in to the 45 month PCP agreement so it’s certainly an extreme action cutting out 40 monthly payments PLUS the huge final payment, but it saves me about £6k in interest over the remaining term.

strawberry floating bricking it though. I should be able to build back up, but my mortgage is up this year, the energy prices go up next month when the govt support changes and I pre-paid a ton of gas before the price hikes (which is now running low), so my monthly outgoings will take a few jumps by the end of the year. The car payments being gone will hopefully offset the increases, but I imagine I’ll have to ask to extend the term of my mortgage when I renew to stop it getting silly. I have it down to 9 years so there’s plenty of “working age” to work with.

I’m sure I’d save much more money in the long term if I overpaid the mortgage instead of settling the car, but the ticking clock of having to come up with the final payment all over again by the end date or lose the car is something I’d rather avoid.

[Tomous]

If you invest £1,000 with Nutmeg before 5th April 2023 via the Chase app they'll add £100 on top. Capital at risk and all that.

How does this work? Can you withdraw straight away?

[Oblomov Boblomov]

Making a bit of a risky play here but (thanks to a windfall) I’ve *just about* enough in savings now to settle my car finance early, so I’m doing that this week. I’m only 5 months in to the 45 month PCP agreement so it’s certainly an extreme action cutting out 40 monthly payments PLUS the huge final payment, but it saves me about £6k in interest over the remaining term.

strawberry floating bricking it though. I should be able to build back up, but my mortgage is up this year, the energy prices go up next month when the govt support changes and I pre-paid a ton of gas before the price hikes (which is now running low), so my monthly outgoings will take a few jumps by the end of the year. The car payments being gone will hopefully offset the increases, but I imagine I’ll have to ask to extend the term of my mortgage when I renew to stop it getting silly. I have it down to 9 years so there’s plenty of “working age” to work with.

I’m sure I’d save much more money in the long term if I overpaid the mortgage instead of settling the car, but the ticking clock of having to come up with the final payment all over again by the end date or lose the car is something I’d rather avoid.

I know you've already addressed this speculative point, but if you put all the money into your mortgage instead, would it bring your term down to within 40 months?