Best savings account?

mattyfez said:
Problem with fixed rate accounts is you'll be locked in at a crap rate...
I had ~40k in my cash ISA but i moved 20k of it out and into my S&S isa last week so now my s&s ISA is bigger than my cash ISA
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A couple of questions


When the BoE base rate drops .does this effect s&s ISA ?

Another question .fixed rate cash ISAs I see earn interest monthly or annually.. if you access the interest earned do you get penalised with withdrawing any interest ? Or do you only get penalised on withdrawing from the balance not the interest ?

Because I have around 80% on what you can get FCA protected on in the cash ISA

Was looking at stocks and shares but I probably.wont (move it) per say unless the rates on the.cash ISA drop hugely.


Stocks and shares again is longer term. I want compounding monthly results or earnings ideally but I do want to test s&s
 
DJMK4 said:
A couple of questions


When the BoE base rate drops .does this effect s&s ISA ?

Another question .fixed rate cash ISAs I see earn interest monthly or annually.. if you access the interest earned do you get penalised with withdrawing any interest ? Or do you only get penalised on withdrawing from the balance not the interest ?

Because I have around 80% on what you can get FCA protected on in the cash ISA

Was looking at stocks and shares but I probably.wont (move it) per say unless the rates on the.cash ISA drop hugely.


Stocks and shares again is longer term. I want compounding monthly results or earnings ideally but I do want to test s&s
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1a. No.. investments are investments - if the stock price goes up, you gain, if it goes down you loose.
1b. Cash held in S&S - not sure but it's still technically an investment - I'd have to check

2. With a cash ISA, if it's a 'flexible' ISA it shouldn't matter, you can take money out and put it back in again - but do check the terms

3. With an 'acc' ETF for example teh money is reinvested automatically but you can see your gains or losses in real time. You can't 'realise' your gains though unless you sell some/all your stocks and take the cash..
For example.. This is my summary since April
 
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mattyfez said:
1a. No.. investments are investments - if the stock price goes up, you gain, if it goes down you loose.
1b. Cash held in S&S - not sure but it's still technically an investment - I'd have to check

2. With a cash ISA, if it's a 'flexible' ISA it shouldn't matter, you can take money out and put it back in again - but do check the terms

3. With an 'acc' ETF for example teh money is reinvested automatically but you can see your gains or losses in real time. You can't 'realise' your gains though unless you sell some/all your stocks and take the cash..
For example.. This is my summary since April
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Thanks

That 8.4% I assume that's on the normal market non stocks and shares ISA?

I don't want to paying tax on earnings
 
mattyfez said:
It's from 2 ETFs I have within the s&s isa.
VWRP and VEUA...
I'm split about 60/40% between the two funds
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How long did it take you to make that £1412 and 8.4% return ? What do you do just keep investing ? Or do you pull it out after you have made money if there is a downward turn?.
 
DJMK4 said:
How long did it take you to make that £1412 and 8.4% return ? What do you do just keep investing ? Or do you pull it out after you have made money if there is a downward turn?.
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I'll keep repeating it for anyone who wants to hear, I am invested in those same funds. I am 0% since January.

Mattyfez was just very lucky he bought during the dip.
 
mattyfez said:
1a. No.. investments are investments - if the stock price goes up, you gain, if it goes down you loose.
1b. Cash held in S&S - not sure but it's still technically an investment - I'd have to check

2. With a cash ISA, if it's a 'flexible' ISA it shouldn't matter, you can take money out and put it back in again - but do check the terms

3. With an 'acc' ETF for example teh money is reinvested automatically but you can see your gains or losses in real time. You can't 'realise' your gains though unless you sell some/all your stocks and take the cash..
For example.. This is my summary since April
Click to expand...

The "rate of return" isn't as simple as it looks on t212.
 
True to form,

I got the email from Tandem (I can't wait to close that account I now longer use for them to "threaten" me with no other accounts with them in the future) at 1609.

T212 waited til 2347.
 
ci_newman said:
I'll keep repeating it for anyone who wants to hear, I am invested in those same funds. I am 0% since January.

Mattyfez was just very lucky he bought during the dip.
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Really so you have not earned anything then ? Not really a money maker then at the moment
 
DJMK4 said:
Really so you have not earned anything then ? Not really a money maker then at the moment
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Well, you dont buy stocks and hope to make money within 6 months, its not really the point. You should only buy stocks (particularly etfs) if your willing to hold your money for a few years.

Im up 11% in my etfs (s&s isa) and 26% in my investing account (play money) in the past year. Your talking a 8-10% yearly average, but doesn't mean its guaranteed every year.

There's a good chance ci_newman will make 5-7% this year and 10% next year.
 
Begbie said:
Well, you dont buy stocks and hope to make money within 6 months, its not really the point.
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True though I did alright when I was being more hands on - but it was too much like a day job without paying like a day job, I also got lucky on Alliance Pharma - bought in before the hype and got out on the peak on a whim before the collapse where loads of people made not insignificant losses.

The only thing doing decently currently is my pension funds.
 
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Rroff said:
True though I did alright when I was being more hands on - but it was too much like a day job without paying like a day job, I also got lucky on Alliance Pharma - bought in before the hype and got out on the peak on a whim before the collapse where loads of people made not insignificant losses.

The only thing doing decently currently is my pension funds.
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Yes money can be made, I have also made money in the short term.

But funds (etfs), are something that (generally speaking, unless your prepared to do a lot of monitoring and work) are best as long term 'savings'.

Just like a pension.
 
Fair enough . Maybe I'll do that next however..I'd have to.wait for a new tax year..


Trading 212 have lowered the rate to 3.85% they didn't waste time ! Usually they leave it till the end of the month when news is announced of a drop .. this was almost immediately

I still think they need to review the rate at which they are cutting these rates! Seems far too many.

I still have an additional 5% savings account with chase but I can only earn £500 interest this tax year without being taxed on savings..although at the moment some of the earnings from that is being used to pay off a tax bill


I guess for the rest of this year then since my ISA.allowance is maxed .my normal savings has about £11k in. I may do some mortgage overpayment lump sums
 
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DJMK4 said:
What do you do just keep investing ? Or do you pull it out after you have made money if there is a downward turn?.
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Yes. No.

You shouldn't be investing unless it's for goals with a 5 year plus horizon. Most people (myself included) invested in these funds will be sat on much bigger returns than 8.4%... for most people short term trading should be seen the same as gambling.
 
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A question for those with flexible ISA's -

How does it work with your 20k allowance if for example, the first tax year you put the full 20k in, over that year it makes 1k interest.

The start of the next tax year you put in say 10k so you've used half your allowance for the year. A few months later you draw 1k from the pot. Does your allowance go up to 11k or does it count the interest you made and it takes it as that is what has been withdrawn and your deposit limit for the year is still 10k?
 
You have a 20k allowance each tax year.
.year 1 you pay in 20k
Year 2 you pay in 10k and withdraw 1k meaning you have 11k still left of that years allowance . Pay £5k in and you have £4k left in the allowance etc

Interest is not included in allowance



With regards to s&s ISA it's just confusing what to go for..I have asked before but which pie exactly are people going for ?

I assume vanguard FTSE all world ? Or vanguard s&p500 dist ? Or emerging markets ?
 
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ljt said:
The start of the next tax year you put in say 10k so you've used half your allowance for the year. A few months later you draw 1k from the pot. Does your allowance go up to 11k or does it count the interest you made and it takes it as that is what has been withdrawn and your deposit limit for the year is still 10k?
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Some accounts allow you to withdraw mid year and then redeposit without affecting your allowance, but others do not allow this.

The interest doesn't count towards the allowance in any case.
 
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