More on this update on our site becleverwithyourcash.com/february-2025s-savings-round-up-news/?Organic_TH-cam&Banking_savings&January25_link_in_YT_description
Yup. Now only worth keeping a nominal amount there to service the 1% cashback. I wouldn't be surprised if they change the rules on that soon in their rush to become as uncompetitive as possible. The final straw for me was offering a super duper interest rate for new customers while expecting their existing ones to pay for it. Then again if you're taking a 1.25% hit to get 1% back you have to ask if that's worthwhile either.
Should really mention the regular savers from NatWest and RBS. Although the rate is seemingly below the ones you mention here at 6.17, they don't have a termination date which means you're actually going to get the headline rate for your entire balance rather than just for the first month.
@@jonathancope3369Most regular savers have a date at which they mature. Because you can only pay in a maximum amount each month, each month's sub's accrued interest at the end on the term is less than the one before. So although your final deposit is getting, say, 8% pro rata each day it's only getting it for a maximum of 31 days. This means that the interest you see on your account when it matures is about half the headline rate. The NatWest and RBS accounts do not mature but keep going which means one year after you make a deposit it will have earned their headline rate. Once you get to £5000, though, you should stop depositing and cream off the interest each month. That's not to say maturing regular savers aren't useful. Your initial deposits will yield a higher rate than the market average but you really need to do some sums and work out at what point you should or shouldn't stop or reduce your deposits (if the T&C's allow) so that they can be yielding a higher amount elsewhere depending on your personal circumstances. Hope that clarifies.
@@jonathancope3369Most regular savers have a maturity date. The advertising makes it look like the amount of interest you'll receive is applied to the sum you can deposit, but the reality is that the interest you'll see in the account at maturity is about half of the headline rate. NatWest and RBS regular savers do not mature but keep rolling so the amount you deposit in any particular month will have earned 6.17% a year later. Once the account reaches £5000 you should stop depositing and cream off the interest, however. I'm not saying that maturing regular savers aren't any good, but you need to do some sums to evaluate whether there is a point where you'd be better off reducing your subscriptions and putting the cash somewhere else or keep going depending on your circumstances. Hope this clarifies.
@@jonathancope3369 natwest and rbs doesnt automatically close after a fixed 12/18 months. So you can save £150 in each, get paid interest monthly and eventually could have £5k in each at ~6.17%
Subbed, i had the chase boosted 1%, so need to more the money out now, shame really as i like the ease of use for chase, cheers, enjoy your presentation
Shawbrook has in their T&C " you may make additional deposits in the same year up to the maximum or your ISA allowance, that's why I am going for them with a 3 year fix, it's not exact wording, but it's just about that
Thanks for this, this is really helpful. I’m just starting out on my investing journey & there’s so much out there that’s slightly overwhelming! Is there any chance you can start including Junior ISAs on your Savings Update videos please? It’s really useful for someone like me who doesn’t really know where to start, but I’d imagine for most parents too. I can’t seem to find anyone covering this in their videos.
Thanks for helpful video. If I move from cash isa with cynergy to plum will I still get paid interest from cynergy? As says my internet there not paid to me u til march thanks for any thoughts
T212 is a Bulgarian Co .having had various dealing with other companies in Bulgaria, they seem to have totally different ethics in business... so I would never, ever deal with Bulgarian companies again... so for that reason, T212..Im out
Just moved my old cash ISA into Coventry Building Society cash ISA rate 4.46%. Six withdrawals a year allowed. The higher rates offered of 5.1% are with non banks.
You should do whatever you're most comfortable with. Personally, I'd check whether Fscs protection is available and feed that into the decision. Even though T212 is, as you say, an investment platform rather than a bank they hold the ISA deposit in actual banks which means your capital is protected provided it doesn't push you over the £85000 limit with any of those institutions. Where T212 gets risky is with their premium non-ISA rate as in order to get it you have to give them permission to invest your 'uninvested' capital if they so wish which means all or part of it will not be covered by Fscs. I believe their platform will show where the money is, though, so you're fully informed of the risk you're taking.
Just opened a T212 cash ISA yesterday and got the 5.10% rate as a new customer. However, if I take the daily interest they've calculated, multiply by 366 days and work out as a percentage of the cash input, it works out as 4.98675% interest - are others finding this too?
I contacted T212 with a similar query. They replied with a massive calculation fraction. If you contact them via online chat they are quick to respond.
Andy, the Santander Edge Current account says you need two direct debits and £500 coming in each month. Is this required to keep the account open, or only necessary to avail of their switch bonus?
You need to pay in £1500 within the first month and set up 2 direct debits to get the bonus. Then an ongoing min £500 each month to keep the interest rates.
No rate cuts are bad. It encourages more people to go into debt to buy things they clearly can't afford while reducing everyone's savings. Lower interest rates on mortgages don't help either as the lower rates = higher house prices.
More on this update on our site becleverwithyourcash.com/february-2025s-savings-round-up-news/?Organic_TH-cam&Banking_savings&January25_link_in_YT_description
Chase only really worth keeping for every day spending, only pocket money in the savings account now.
Yes, moved savings to 212 at 4.9%
Yup. Now only worth keeping a nominal amount there to service the 1% cashback. I wouldn't be surprised if they change the rules on that soon in their rush to become as uncompetitive as possible. The final straw for me was offering a super duper interest rate for new customers while expecting their existing ones to pay for it. Then again if you're taking a 1.25% hit to get 1% back you have to ask if that's worthwhile either.
Should really mention the regular savers from NatWest and RBS. Although the rate is seemingly below the ones you mention here at 6.17, they don't have a termination date which means you're actually going to get the headline rate for your entire balance rather than just for the first month.
I am confused by the comment. How does the NatWest regular saver differ from the first direct one other than the interest rate?
@@jonathancope3369Most regular savers have a date at which they mature. Because you can only pay in a maximum amount each month, each month's sub's accrued interest at the end on the term is less than the one before. So although your final deposit is getting, say, 8% pro rata each day it's only getting it for a maximum of 31 days. This means that the interest you see on your account when it matures is about half the headline rate.
The NatWest and RBS accounts do not mature but keep going which means one year after you make a deposit it will have earned their headline rate. Once you get to £5000, though, you should stop depositing and cream off the interest each month.
That's not to say maturing regular savers aren't useful. Your initial deposits will yield a higher rate than the market average but you really need to do some sums and work out at what point you should or shouldn't stop or reduce your deposits (if the T&C's allow) so that they can be yielding a higher amount elsewhere depending on your personal circumstances.
Hope that clarifies.
@@jonathancope3369Most regular savers have a maturity date. The advertising makes it look like the amount of interest you'll receive is applied to the sum you can deposit, but the reality is that the interest you'll see in the account at maturity is about half of the headline rate.
NatWest and RBS regular savers do not mature but keep rolling so the amount you deposit in any particular month will have earned 6.17% a year later. Once the account reaches £5000 you should stop depositing and cream off the interest, however.
I'm not saying that maturing regular savers aren't any good, but you need to do some sums to evaluate whether there is a point where you'd be better off reducing your subscriptions and putting the cash somewhere else or keep going depending on your circumstances.
Hope this clarifies.
@@jonathancope3369Sorry, I've tried to explain twice but TH-cam keeps deleting my reply.
@@jonathancope3369 natwest and rbs doesnt automatically close after a fixed 12/18 months. So you can save £150 in each, get paid interest monthly and eventually could have £5k in each at ~6.17%
Subbed, i had the chase boosted 1%, so need to more the money out now, shame really as i like the ease of use for chase, cheers, enjoy your presentation
I had the same issue with trying to open a starling saver account. Immediately moved to Chase.
You are amazing and I appreciate you! ❤👌🌟
Thanks, opened the Atom 4.85% account
Can you talk about Side Kick app pls? thanks
T212 is my pick now Chase is…meaner!
Same!
Same, cash isa and stocks isa 4.9% for both. Cash waiting to be invested in stocks isa has 4.9%.
Shawbrook has in their T&C " you may make additional deposits in the same year up to the maximum or your ISA allowance, that's why I am going for them with a 3 year fix, it's not exact wording, but it's just about that
Thanks for this, this is really helpful. I’m just starting out on my investing journey & there’s so much out there that’s slightly overwhelming!
Is there any chance you can start including Junior ISAs on your Savings Update videos please? It’s really useful for someone like me who doesn’t really know where to start, but I’d imagine for most parents too.
I can’t seem to find anyone covering this in their videos.
Damien Talks Money speaks on it in a few videos in general but no comparisons of accounts. Maybe it’s not what you need but I thought it could help
Search Toby Newbatt covered the best Junior ISAs
I opened a Trading 212 Cash ISA few days ago and strangely its showing the interest rate is 4/9%. Dont know whats going on
That's the new rate they're offering. Still a very competitive rate.
Same here, wonder will this new rate apply to everyone or only for new users
Was offering extra 0.2% boost to 5.1%
….for new users
The website is promoting 4.9% now, are you still able to get the 5.1% as a new customer or has this definitely come down? Thanks
I do like Chase for using card on holiday with zero fees - but lower it gets maybe time to find somewhere else
Thanks for helpful video. If I move from cash isa with cynergy to plum will I still get paid interest from cynergy? As says my internet there not paid to me u til march thanks for any thoughts
Is the Chase savings app down?
T212 is a Bulgarian Co
.having had various dealing with other companies in Bulgaria, they seem to have totally different ethics in business... so I would never, ever deal with Bulgarian companies again... so for that reason, T212..Im out
What do you think to the Coventry Building society savings accounts?
I'm with them current cash ISA rate 4.46%
Just moved my old cash ISA into Coventry Building Society cash ISA rate 4.46%. Six withdrawals a year allowed.
The higher rates offered of 5.1% are with non banks.
You should do whatever you're most comfortable with. Personally, I'd check whether Fscs protection is available and feed that into the decision. Even though T212 is, as you say, an investment platform rather than a bank they hold the ISA deposit in actual banks which means your capital is protected provided it doesn't push you over the £85000 limit with any of those institutions.
Where T212 gets risky is with their premium non-ISA rate as in order to get it you have to give them permission to invest your 'uninvested' capital if they so wish which means all or part of it will not be covered by Fscs. I believe their platform will show where the money is, though, so you're fully informed of the risk you're taking.
Just opened a T212 cash ISA yesterday and got the 5.10% rate as a new customer. However, if I take the daily interest they've calculated, multiply by 366 days and work out as a percentage of the cash input, it works out as 4.98675% interest - are others finding this too?
I think the 5.1% includes compounding interest
@wdudafa6958 just did a little searching and you are right, cheers!
I contacted T212 with a similar query. They replied with a massive calculation fraction. If you contact them via online chat they are quick to respond.
Yes that's right. Interest is added daily and then you get interest on the initial sum plus the interest added up to that point.
@wdudafa6958 just did a little search and you are right, it takes compound into account. Thanks!
If I’m about to lock a mortgage in…this week….should I just wait until next week?
I would suppose to be going down to 4.5%
It’s very unlikely it goes up, so worst case scenario it stays the same. So waiting probably pays off in case they cut the rate
im with t212 at that sweet 4.9%
Andy, the Santander Edge Current account says you need two direct debits and £500 coming in each month. Is this required to keep the account open, or only necessary to avail of their switch bonus?
You need to pay in £1500 within the first month and set up 2 direct debits to get the bonus. Then an ongoing min £500 each month to keep the interest rates.
8 of Februrary is a Saturday
Rate cuts are mostly positive, lower interest rates for mortgages and better borrowing for UK businesses. Invest your money and save a little I say!
No rate cuts are bad. It encourages more people to go into debt to buy things they clearly can't afford while reducing everyone's savings. Lower interest rates on mortgages don't help either as the lower rates = higher house prices.
Got rejected starling
Sorry to be pedantic but Bank of England don't meet on a Saturday, they meet on 6th Feb, sure you said 8th, apologies if I misheard.
Yep, my bad! Slip of the tongue
Chase is definitely loosing its appeal!
Don’t choose revolut , they have many security issues
I just don't think I would feel safe putting my money with trading 212 ,at least chase is a proper bank
They're FCA regulated, and cash ISA funds are held with JPMorgan, NatWest and Barclays. Trust me, you're good up to £85K
read up trading212 then you will change your mind
@jamie_j0h You are good up to 4 times that since they split your money 4 ways between the banks above and money market funds. I have 350k in T212
I have both Trading 212 and Chase! So far, I'm happy with both
🤦♂️