Cash ISAs

[00dave]

After a pretty pathetic return on my instant cash ISA with nationwide this year, £18 pound on an account with £6500 in it ffs, I've decided to transfer it to another bank with a better interest rate.
So far I think Alliance and leicester have got the best rate for a transfered account but does anyone know of a bank with a better interest rate, a safe bank that is.

 

[rynnor]

After a pretty pathetic return on my instant cash ISA with nationwide this year, £18 pound on an account with £6500 in it ffs, I've decided to transfer it to another bank with a better interest rate.
So far I think Alliance and leicester have got the best rate for a transfered account but does anyone know of a bank with a better interest rate, a safe bank that is.

Theres a few with introductory rates for the first year but with nearly 4% inflation all the banks are actually offering a negative rate of real interest.

All the banks are equally safe/unsafe and your covered by the guarantee.

If you have a mortgage stick the savings into that - its tax free.

Alternatively maybe look at antiques or artwork or some other asset that will gain value (though you may be clobbered by the new egregious capital gains tax for risking your money fucking lib dems).

 

[old.user4556]

Find The Best Savings Accounts & ISAs | moneysupermarket.com

Use the comparison feature. If you want a good return, you're gonna need to put it somewhere that you can't touch it for a few years (fixed rate bonds etc.).

One word of warning - if you move it out your ISA into a non-ISA account, you can't move it back in one go due to the yearly ISA subscription limits. That may not bother you, but if you savings gets significantly into 5 figures then it will become an problem.

 

[Tom]

Inflation will kill that money. Better to stick it into property IMO.

 

[old.user4556]

Only as a loooooong term investment; I think that credit crunch was a warning shot that quick bucks on the property market are long gone.

 

[00dave]

I'm not after a big return I just want a decent return, £18 on £6500 is so pathetic it's not even worth having an ISA for that, my debit account probbaly makes that much with tax.

 

[Aph3x]

That is a shocking return mate, most banks will give you a decent rate to switch your ISA over, the bank I work for would give you 2% (shit I know) but if you can get up to 9k in there it ups to 2.75% not good I know but if you compare it to the others it comes out quite well.

The best time to look at changing ISA's and getting the best deals is around 2 weeks before and after the change of tax year. All banks and building societies are after your money then and will be competing with eachother to offer the best rates.

 

[Ch3tan]

I'm not after a big return I just want a decent return, £18 on £6500 is so pathetic it's not even worth having an ISA for that, my debit account probbaly makes that much with tax.

the problem is that most ISA's only give a good rate for the first year. If you don't review it every year, you will miss out.

Also remember you may only open one cash ISA per tax year. A transfer counts as that one afaik.

 

[Doh_boy]

The post office has one for 3% but it's a one-year fixed rate one. I think the minimum is 500.

 

[Zenith.UK]

I'm completely serious making this suggestion because you actually have a reasonable amount to invest.

Consider buying gold.

No VAT. No Capital Gains tax.
The market is transparent because holding companies are required by international law to actually hold in their vaults the amount of gold that they trade. The totals have to tally up at the end of each trading day.
The price of gold has skyrocketed in recent years as investors see it as a "safe" stock.

 

[00dave]

I'm completely serious making this suggestion because you actually have a reasonable amount to invest.

Consider buying gold.

No VAT. No Capital Gains tax.
The market is transparent because holding companies are required by international law to actually hold in their vaults the amount of gold that they trade. The totals have to tally up at the end of each trading day.
The price of gold has skyrocketed in recent years as investors see it as a "safe" stock.

sounds complicated

 

[Jail Bait]

Inflation will kill that money. Better to stick it into property IMO.

BS

Stick it in precious metals

 

[ECA]

sounds complicated

You buy the gold, when you want money back you sell the gold, it's pretty easy

 

[Cadelin]

After a pretty pathetic return on my instant cash ISA with nationwide this year, £18 pound on an account with £6500 in it ffs, I've decided to transfer it to another bank with a better interest rate.
So far I think Alliance and leicester have got the best rate for a transfered account but does anyone know of a bank with a better interest rate, a safe bank that is.

All banks are the same. Lots of people just leave their money in one place and so the banks don't need to try hard to keep them. If you make sure you invest your money yearly you will always get a much better return.

I have an e-ISA with nationwide. That's 2.75% for this year, which was the same as any 12 month fixed term deals and I don't want to tie my money up for longer. I think Santander were doing a 3.00% deal.

 

[georgie]

Inflation will kill that money. Better to stick it into property IMO.

Out of curiosity, where can you find a £6518 house?

 

[Litmus]

I'm completely serious making this suggestion because you actually have a reasonable amount to invest.

Consider buying gold.

No VAT. No Capital Gains tax.
The market is transparent because holding companies are required by international law to actually hold in their vaults the amount of gold that they trade. The totals have to tally up at the end of each trading day.
The price of gold has skyrocketed in recent years as investors see it as a "safe" stock.

Gold prices are extremely high at the moment, if anything it will probably be worth less when you get round to sell it.

 

[Jail Bait]

Gold prices are extremely high at the moment, if anything it will probably be worth less when you get round to sell it.

BS

The way the governments of the world keep printing money it has to go up.

I am talking real PM not the Electronic Traded Funds (ETF)

 

[ECA]

Btw I'd recommend 1oz gold coins w/ the lowest premium you can find - so probably Krugerrands but maybe any of the other big name ones as well. ( Britannias/eagles/maples/philharmonicas/nuggets/pandas ( although it changes yearly I mean the chinese year of the whatever ) .

 

[rynnor]

I wouldnt buy Gold today tbh - its at historic highs - you might do alright for a year or two but once the world sorts itself out you'll have a depreciated asset.

I'm quite tempted by Artworks - buy stuff you actually like and even if it doesnt make you big bucks you have years of enjoyment.

 

[ECA]

Do you really think the governments of europe and the USA are going to be able to pay their debts off anytime in the next 10 years?

 

[rynnor]

Do you really think the governments of europe and the USA are going to be able to pay their debts off anytime in the next 10 years?

Golds high on short term fears though - once these are passed it will drop imho but you pays your money you takes your chance

Edit: Oh and there is gold in wales - maybe go panning in the rivers below the goldmine...

 

[Turamber]

Inflation will kill that money. Better to stick it into property IMO.

£6,500 might buy him, what ... a hen house?

Besides if the rumoured CGT changes are going to happen you may as well spend the lot.

 

[Tom]

All I'm saying is that keeping money in the bank is never going to make any money, no matter how attractive the interest rate.

Best to spend it.

 

[Scouse]

Yay Capitalism! Stealing the wealth of savers the world over!

 

[Jail Bait]

Golds high on short term fears though - once these are passed it will drop imho but you pays your money you takes your chance

You believe that this will pass?????

You are a sheeple

Ever wonder why your house is worth more than 20 years ago. It isn't....... The currency of today buys LESS than years ago. Your house is worth LESS because it is used and now 20+ years old but with inflation it appears to be worth more.

 

[ECA]

QFT, we've done nothing to reform the industries and legal situation that caused the financial crisis and we're doomed to repeat it unless we fix a lot of shit that a lot of people with a lot of money don't want fixing.

 

[DaGaffer]

You believe that this will pass?????

You are a sheeple

Ever wonder why your house is worth more than 20 years ago. It isn't....... The currency of today buys LESS than years ago. Your house is worth LESS because it is used and now 20+ years old but with inflation it appears to be worth more.

May be true in Canada, but it certainly isn't in London. Property prices have outstripped inflation by far, even with a couple of downturns in that period.

 

[Jail Bait]

May be true in Canada, but it certainly isn't in London. Property prices have outstripped inflation by far, even with a couple of downturns in that period.

BS

It is all Fake

Fiat currencies created out of thin air

And they just keep printing MORE

Watch now as the informed countries are trying to get their hands on real commodities

Ever wonder why the price of real gold and silver is traded at a higher price than the ETF's. They print ETF's every day but there is a finite amount of gold and silver in the world

 

[DaGaffer]

BS

It is all Fake

Fiat currencies created out of thin air

And they just keep printing MORE

Watch now as the informed countries are trying to get their hands on real commodities

Ever wonder why the price of real gold and silver is traded at a higher price than the ETF's. They print ETF's every day but there is a finite amount of gold and silver in the world

This is just rubbish. Sorry, but you're talking out of your arse. Of course money is "fake", it has been ever since it was moved away from the gold standard. But it doesn't mean money is worth intrinsically less now or that people's goods and incomes are worth less, because they're not. On average, people in the UK are around 20% better off than they were 20 years ago, purely on earned income, and the value of their houses in most cases is also worth a great deal more in real terms. Houses prices in the UK are driven by scarcity far more than they are by RPI. Unlike in countries like Ireland or Spain the UK didn't build excess housing stock and in key areas houses are still at a premium.

It doesn't matter how money is "created", all that matters is "what stuff could I buy with the proceeds of my house or my wages 20 years ago versus now?" And the answer is "I can buy more stuff now".

 

[ECA]

Actually it does mean money is worth less than it was Dagaffer.

While wages may have risen in line and kept purchasing power high it doesn't mean our money hasn't devalued over time.

Fiat currency is a mockery of a sham of a mockery of a sham which is why precious metals are a good investment.