I thought it was a good idea us getting one for savings.

 

I've just read it and they pay 1% interest.

 

Thats 50 quid per year on a 5000 pound saving account.

 

Whats the fucking point?  Surely there must be one?

 

 

I thought it was a good idea us getting one for savings.

 

I've just read it and they pay 1% interest.

 

Thats 50 quid per year on a 5000 pound saving account.

 

Whats the fucking point?  Surely there must be one?

 

I assume it was paying more when you opened the ISA and either it was a variable rate that has dropped to 1% or a fixed rate that has now ended so gone to a variable rate of 1%. Look around for a better rate ISA that accepts "transfers in"

Read this Baz http://www.thisismoney.co.uk/money/saving/article-1723571/This-Moneys-favourite-best-buy-Isas.html

 

and hopefully you'll find a better home for your money

Santander pay 3% on £3000+ in a current account, with a £2 monthly fee.

 

Any you get cash back when paying bills out of that account, and when switching to them.

I pay money into an ISA purely to save cash. if i left the money i pay in each month in my bank account it would get spent/wasted

Basically. Even at 3% there's still an argument of what's the fucking point.

 

In my mind cash Isas main purpose is to encourage you to put money aside rather than as a money making scheme.

I pay money into an ISA purely to save cash. if i left the money i pay in each month in my bank account it would get spent/wasted

Beat me to it

Exactly tarian. Unless you have serious amounts of cash its hardly worth shopping around as 4/5th's of bugger all interest is all you will get anywhere. A better investment is whacking it off a mortgage if you have one

 A better investment is whacking it off a mortgage if you have one

 

I agree with this to a point, but it's always good to have £5K~£10K that you can get your hands on easily and quickly in case you need it for something, and an ISA is as good a place as any. What you don't want is that sort of money sitting in your current account as it's too easy to spend on frivolous shit, unless you are very well disciplined....which sadly most folk aren't.

Edited August 30, 201312 yr by CWP

My mortgage is on 1.4%, my ISA is paying 2.something%

 

So that wouldn't be a great investment.

 

I agree with CWP about having some ready cash available too.

Just put it all on Black.

Don't forget it's also tax free, and if you're doing it as a long term savings plan, you're limited as to how much you can put in each year, so by the time interest rates rise, you may well have more in there than you can put in in one year - so, if your money was elsewhere, you wouldn't be able to transfer it in.

 

Whilst the Santander current account offers a great interest rate, just remember, they're a shit bank and are idle bastards when you have problem, or want to take all your money out.

Santander pay 3% on £3000+ in a current account, with a £2 monthly fee.

 

But you have to pay tax on the interest...

Leave it under a mattress

Interest rates will rise.

 

Get it into this years allowance, use subsequent years and you could have a tidy sum.

 

You can take free income out of it, for life.

 

Then use your Stocks & Shares ISA and build and build.

Interest rates will rise.

 

Get it into this years allowance, use subsequent years and you could have a tidy sum.

 

You can take free income out of it, for life.

 

Then use your Stocks & Shares ISA and build and build.

 

We always try to use our full ISA allowance (myself and Mrs CWP) - we generally have to fanny aorund transferring every couple of years in order to get the very best rates though. When the interest rates do eventually rise, and they will, then we should be in a pretty good situation.

We always try to use our full ISA allowance (myself and Mrs CWP) - we generally have to fanny aorund transferring every couple of years in order to get the very best rates though. When the interest rates do eventually rise, and they will, then we should be in a pretty good situation.

 

You might die waiting.

You might die waiting.

 

I agree, I don't expect them to rise for the next 5~10 years if I'm honest............but if I don't put my money away somewhere then I'll just spunk it away probably.

 

Anyway, when this $45M arrives that this bloke in Nigeria has promised me, I'll not need to worry about interest rates at all......

I agree, I don't expect them to rise for the next 5~10 years if I'm honest............but if I don't put my money away somewhere then I'll just spunk it away probably.

 

Anyway, when this $45M arrives that this bloke in Nigeria has promised me, I'll not need to worry about interest rates at all......

 

 

Interest rates will rise sooner than people expect.

 

Sometime shortly after the next election

 

IMFHO

When's that? I need them to stay at 0.5% for 3 years whilst I pay off my mortgage.

When's that? I need them to stay at 0.5% for 3 years whilst I pay off my mortgage.

 

Obviously nobody knows, but I reckon they'll be down at 0.5% for at least another 3~5 years.

When's that? I need them to stay at 0.5% for 3 years whilst I pay off my mortgage.

 

 

Next election is May 2015

stocks and shares isa, how likely are you to lose or gain money?

 

mate of mine reckons he had 5k in one and withdrew at 14k. I called bullshit.

stocks and shares isa, how likely are you to lose or gain money?

mate of mine reckons he had 5k in one and withdrew at 14k. I called bullshit.

Does it not depend on when he put his money in and when he took it out, and also what the money was invested in?

stocks and shares isa, how likely are you to lose or gain money?

 

mate of mine reckons he had 5k in one and withdrew at 14k. I called bullshit.

 

 

Entirely possible.

 

Depends on the shares or funds chosen (and the timing)