SAGA - Your interest rate has increased

Mailed to me from Saga Savings:

We wanted to let you know that the underlying interest rates on our Easy Access Savings Account, Cash ISA and Maturity Saver have gone up.

The increase will be applied to your account(s) automatically. You started earning interest at the new rate on 9 March 2022.

New underlying interest rate Previous underlying interest rate
0.60% AER/gross* (variable) 0.50% AER/gross* (variable)

I’m trying to get excited … :015:

Wow, what was the old rate if you don’t mind me asking?

Previous underlying interest rate
0.50%* AER/gross* (variable)

Hi

I have similar from HSBC.

My savings account has gone up from 0.01% to 0.1%

I currently have £1.63 in my savings account, so this is not life changing.

My biscuit tin gets me a much better rate, negotiate for cash, the VAT disappears.

Wowza. No wonder you’re jumping for joy - not.

So we bought some M&S Roasted Red Pepper Houmous.

Jolly tasty. Reading the ingredients, Extra Virgin Olive Oil, Wow.

Reading more closely, Extra Virgin Olive Oil 0.5% …Wow

It’s makes me feel all Catholic innocence, bathed in purity.

I’m wondering when we will have negative interest rates.

At some point we will .

Update:

We wanted to let you know that the underlying interest rates on our Easy Access Savings Account, Cash ISA and Maturity Saver have gone up.

The increase has been applied to your account(s) automatically. You started earning interest at the new rate on 8 April 2022.

New underlying interest rate Previous underlying interest rate
0.90% AER/gross* (variable) 0.60% AER/gross* (variable)

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. Gross is the interest rate payable before tax is deducted. ISAs pay interest tax-free. Tax-free means the interest rate payable where interest is exempt from UK income tax. Your savings balance will be eligible for this tax benefit for so long as it is held in a valid cash ISA account.

Sadly, I am, unlike the CotE’s wife, ineligible to go non-dom but that would have no effect on this account, anyway … :man_shrugging:

You could go non-dom any time you like. Simply move abroad and claim your new home as your primary residence. Any money you earn there will be taxed at local rates.

@Judd ,Just be careful where you move to !!
Or you may end up in the shyte ??
Donkeyman! :roll_eyes::roll_eyes:

It’s not that easy .
You can’t just go non dom you can go non resident .
Non do is determined mainly where you were born . Sunaks wife was born in India .

And as such, any income she earns in India is taxable in India, money earned over here is taxable here, and to my knowledge, it’s been paid.

Except, perhaps, when she had a US Green Card.

Then there’s the Mauritius connection:

The wife of the chancellor, Rishi Sunak, is a shareholder in a restaurants business that funnelled investments through a letterbox company in the tax haven of Mauritius, in a structure that could allow its backers to avoid taxes in India.

The business, International Market Management (IMM), is hoping to build a chain of dozens of restaurants across India, via franchise agreements with the celebrity chef Jamie Oliver and the American fast food brand Wendy’s.

Sunak is bound by the ministerial code, which requires him to declare any financial interests that are ‘relevant’ to his responsibilities.

The involvement of Sunak’s wife, Akshata Murty, has emerged from an investigation by the Guardian into a range of financial assets held by Sunak and his close family, many of which have not been declared in the official register of ministers’ interests.

sagasavings.co.uk

We wanted to let you know that the underlying interest rates on our Easy Access Savings Account, Cash ISA and Maturity Saver have gone up.

The increase has been applied to your account(s) automatically. You started earning interest at the new rate on 19 May 2022.

New underlying interest rate Previous underlying interest rate
1.05% AER/1.04% gross* (variable) 0.90% AER/gross* (variable)

Yippee … :069: