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Remember you may pay tax on your savings - cash ISAs are becoming worthwhile
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There are various threads about savings returns as they increase and people wanting the highest rates.
As savings rates increase and returns increase, you will start to hit the tax thresholds which will reduce your returns.
If you are a basic rate payer (up to £50k) you have £1,000 tax free interest income.
For a higher rate payer this drops to £500.
Anything above your interest free threshold gets taxed at your income tax rate, so while you might see a 4.5% rate advertised, that doesn't mean you will get 4.5%.
Banks can't advertise your personal savings rate as it will depend on your individual circumstances.
E.g. (based on another post)
4.5% interest on £40k is £1,800 per year.
If you earn under £50k gets taxed down to £1,640 (4.1% effective post-tax). £1,000 tax free, £800 taxed at 20%.
If you earn over £50k it's £1,280 (3.2% effective rate). £500 tax free, £1300 taxed at 40%.
If you put money in an ISA, you might get a higher return even if the headline rate is lower. E.g. for the higher rate payer, putting £20k in 4.5% outside an ISA would get £740 (£500+£240*.6), or 3.7% return, and putting money in an ISA at 4.1% would get you 4.1%. Net return on the same £40k goes from 3.2% outside the ISA to 3.9% when half is in an ISA.
So make sure to consider whether it's worth putting money in an ISA. Don't just look at headline rates, consider post-tax returns as well.
Other key points:
- The banks will report to HMRC how much interest they paid you and HMRC will adjust your future tax code to get their money, it won't be deducted in advance
- The payment timing will impact the tax treatment. HMRC cares about when it's available, not when it "accrues". If you have a 2 year FTD which pays out in 2024 with all the interest at the end, ALL of the interest goes into your 2024 tax year, you don't get half in 2023 and half in 2024. If it's paid monthly then it will be spread.
- Joint accounts will usually be reported 50/50 so you can spread the returns and tax between you and a partner/etc if you have a joint account - but not all banks offer joint accounts.
- You can only open one type of Cash ISA per year, so don't start opening loads all over the place. You can transfer money from one ISA to another though. https://www.gov.uk/individual-savings-accounts
- As pointed out in a comment, premium bonds are also tax free. So the 1.98% (IIRC) expected return excluding large prizes is 1.98%, with no tax. Money at c.1.98% in premium bonds is better than 2% or more in an instant access savings account if you are paying tax. ( https://www.moneysavingexpert.com/news/2022/09/ns-i-premium-bond-rate/)
Top Comment: Premium Bonds are also tax free if you've used up your ISA allowance.
Cash Shop Update for May 1
Main Post: Cash Shop Update for May 1
Top Comment: Jesus Christ. Males cosmetics keep getting derpier and derppier
MEGATHREAD - CASH/CODES/COUPONS - May 2024
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Hi Everyone!
This monthly megathread is the place to share or request all cash/codes/coupons, including referral codes! (Referral codes/affiliate links in any other thread will be removed and result in a ban.)
Please note:
- REFERRAL CODES MAY ONLY BE POSTED ONCE PER MEGATHREAD. Spamming this megathread with your referral code will result in a ban! Deleting and reposting your referral code (unless it has an expiration date) will cause your comment to be removed.
- Some popular/common codes (such as Rakuten, Rothy's, and Stitchfix) have special comment sections. If you're sharing or requesting one of those codes, please post that as a reply to the appropriate comment or it will be removed.
- Codes and requests that are not directly related to female fashion may be removed.
- Please reply if you have used a code to save others time :)
- Please do not ask others to DM you for a code. If a user is asking you to DM them for a code or sign up for something in exchange for a code, please report this to the moderators. One purpose of the megathread is to keep everyone as safe as possible so that you are not exchanging personal information.
- Be aware that providing a referral link or using someone else's link may reveal your personal information. For example, someone who clicks your referral link might see your full name, or a site may show your email address to the person who referred you. Different sites have different practices so you may feel more comfortable doing a little research before sharing or using a link.
Pro tip: Sort by "new" to find new codes!
Thanks and feel free to message the mods if you have any questions!
Top Comment: Abercrombie code for today?!? Plz 😘
One may treat the Union as a cash cow and its values with a grain of salt. But it is a very short-term game. Our times demand from Central Europe maturity and strategic seriousness. Take on your shoulders responsibility not only for yourselves but for Europe as a whole. [Donald Tusk]
Main Post: One may treat the Union as a cash cow and its values with a grain of salt. But it is a very short-term game. Our times demand from Central Europe maturity and strategic seriousness. Take on your shoulders responsibility not only for yourselves but for Europe as a whole. [Donald Tusk]
Top Comment:
Note: Donald Tusk is the President of the European Council, the strategic (but principally non-legislative) body for the heads of state or government from the member states.
The May 2024 upgrade to Bitcoin Cash (BCH), CHIP-2023-04 Adaptive Blocksize Limit Algorithm, is now active on chipnet at block #174519 (0000000068675ff881ff763de0c4b47b8da8f64c7800c016a9dac60f7f8e0007)! 🎉
Main Post: The May 2024 upgrade to Bitcoin Cash (BCH), CHIP-2023-04 Adaptive Blocksize Limit Algorithm, is now active on chipnet at block #174519 (0000000068675ff881ff763de0c4b47b8da8f64c7800c016a9dac60f7f8e0007)! 🎉
Top Comment:
(Copied below:)
The May 2024 upgrade to Bitcoin Cash (BCH), CHIP-2023-04 Adaptive Blocksize Limit Algorithm, is now active on chipnet at block #174519 (0000000068675ff881ff763de0c4b47b8da8f64c7800c016a9dac60f7f8e0007)! 🎉
This upgrade resolves an economic vulnerability that was introduced in 2010 and led to the BCH/BTC network split in 2017.
The algorithm automatically adjusts Bitcoin Cash's block size limit to reduce infrastructure costs during periods of lower usage while enabling up to a doubling of the maximum block size per year at peak growth.
Why Limit Block Size?
The block size limit caps the technical requirements of network infrastructure, enables reliable infrastructure cost projection, and prevents attacks that increase the cost of participating in the network.
Excessively large blocks could require users and businesses to waste resources on unnecessary infrastructure, switch to cheaper and less secure validation strategies, or even to abandon running their own infrastructure and instead rely on third-party service providers – reducing the overall privacy, independence, and financial freedom of all users.
Vulnerability of Static Block Size Limits
To limit block size, most bitcoin-like networks (BCH, BTC, BSV, XEC, etc.) employ a static block size limit. For Bitcoin Cash mainnet, this limit is currently 32MB.
If a payment network is growing, usage will eventually approach any previously-established static limit. If this limit is reached before a successfully coordinated upgrade, network service degrades: transaction fees and confirmation times become less predictable as size-limited blocks become more common.
Uncorrected, market actors begin to adapt to this artificial scarcity by using alternatives to on-chain transactions: custodians, intermediaries, and competing networks. This in turn compromises the long-term economics of mining – cumulative transaction fee revenue is suppressed, and long-term network security grows to rely on continuous inflation via block subsidies.
Because static block size limits can only be changed as part of a widely coordinated network upgrade, they present a focal point for network interruption or capture by motivated attackers: rent seeking institutions, competing networks, opponents of peer-to-peer cash, etc. To make matters worse, the attackers have a significant coordination advantage – while honest network participants must achieve near-unanimous consensus to activate an upgrade, attackers must only create sufficient uncertainty among the honest participants to delay limit increases, as inaction results in degradation of the network’s functionality and long-term security.
Adaptive Block Size Limits
Adaptive block size limits resolve the economic vulnerability of static limits by automatically adjusting the maximum block size over time.
While an adaptive block size limit could still diverge from a hypothetical "ideal" size due to significant changes in the rate of technological advancement or the availability of capital, such divergences would likely remain much smaller than with static limits, and attackers are no longer afforded an advantage.
Bitcoin Cash's Adaptive Algorithm
The new algorithm is conservative and based on observed usage. In cooling-off periods of falling network usage, the limit slowly decreases to preserve the resources of infrastructure operators. On the other hand, during periods of rapid growth, the limit can increase at a rate of up to 2x per year.
This post is adapted from my earlier blog post about the May 2024 upgrade. You can find more information about this upgrade and Bitcoin Cash's upgrade process in that post (link in bio). Thanks for reading!
Class Action Settlement? Is this Cashapp or a scam?
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My sister woke up to this email claiming to be cash app. I think it’s a scam but she’s not sure. First two images are the email itself (her information is blacked out). Last slide is the contact that sent the email. Neither of us know anything about legal stuff so we didn’t understand a thing this email said. I just thought it was weird that they told us not to contact any court. If this is real can someone explain what it is?
Top Comment: u/Careful_Friendship52 - This message is posted to all new submissions to r/scams ; please do not message the moderators about it. New users beware: Because you posted here, you will start getting private messages from scammers saying they know a professional hacker or a recovery expert lawyer that can help you get your money back, for a small fee. We call these RECOVERY SCAMMERS, so NEVER take advice in private: advice should always come in the form of comments in this post, in the open, where the community can keep an eye out for you. If you take advice in private, you're on your own. A reminder of the rules in r/scams : no contact information (including last names, phone numbers, etc). Be civil to one another (no name calling or insults). Personal army requests or "scam the scammer"/scambaiting posts are not permitted. No uncensored gore or personal photographs are allowed without blurring. A full list of rules is available on the sidebar of the subreddit, or clicking here . You can help us by reporting recovery scammers or rule-breaking content by using the "report" button. We review 100% of the reports. Also, consider warning community members of recovery scammers if you see them in the comments. Questions about subreddit rules? Send us a modmail clicking here . I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
Has anyone actually tried that “[Month] Cash 2023” thing?
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I drive around a lot and I pretty much just keep 104.5 The Cat on at all times, so I listen to commercials and all. One ad I hear a lot is for something called “September (or whatever month it currently is” Cash 2023 .com”. They make it sound like you can just go to their website and get $750 for free. They also stress how you need to act NOW because you can ONLY get it in September, but I’ve heard the same ad with the month changed every month since I moved here in February. Has anyone actually tried this? I’m assuming they’re not just giving away free money, so what’s the catch? I’m pretty sure it’s a scam so I don’t wanna actually go to their website to see for myself.
(104.5 The Cat is the only place I ever hear this ad, hence why I’m asking this here).
Top Comment:
It's a scam