where are you putting your ISA?

[cm1179]

april is approaching and i've decided to change from barclays ie actually do something to get myself a better rate

a poster on here kindly directed me to lloyds who are currently offering 3.7% fixed for 2 years on anything over £10k or 3.4% on anything under £10k on the same terms.

the best barclays could offer me was 3.05% so it does look attractive, i'm only holding back on my decision as i'm not 100% sure about the 2 year term.

would be grateful if other savers would tell me what they're doing?

 

[cm1179]

http://www.moneysupermarket.com/savings/cash-isas/

second one down is 3.35% with no fixed term

that's a bonus of 2.35% until sept 2013. not bad.

 

[cm1179]

Santander at 3.3% - none of this 'fixed' rubbish, easy access and it accepts Transfers In. Cannot see a better deal - locking your money away for 2 years for a paltry extra 0.5% is not worth it.

by easy access do you mean instant access? more info please, what's the max one can put in?

 

[cm1179]

Or,

http://www.moneysavingexpert.com/savings/best-cash-isa

Is all you need. The info's plainly laid out, tbh.

according to that, the AA are offering 3.5% with no transfer out penalties

 

[cm1179]

Cheeky they say "transfers in for deposits up to £29,999" hmm.... looks like its nationwide at 3.1% then.

if you've got over £30k why would you not take the lloyds 3.7 option and take the penalty should you need access?

 

[cm1179]

Yes. So you check those two sites and identify the best looking ISAs, then check their terms/check the sites, then put your money in the one you want. It really is very simple.

if it was simple, sites like that wouldn't exist

ha got you before your edit

 

[cm1179]

But it is simple, now the sites exist. With those tools available, it's simple.

What I originally said was true (the yes, to your statement), but the edit added relevant info .

but they say no transfer out penalty and then you say the penalty is losing the 3%?

 

[cm1179]

Call me ignorant, but unless you have the likes of £20,000+ isnt using an ISA that can potentially limit your cashflow all for a 3% return a bit... silly? For example 3% interest on £30000 is £900 by my maths, but if you have to run the risk isnt it a very low risk/reward ratio?

it's not silly, one can always get their money out, there's a penalty though.

personally, my ISA is money i can get by without. if i was treading a thin line, i wouldn't be in the position to save. i am and i am grateful for this but that's because i'm careful with my money, hence why i'm asking about an ISA and not who to bet on in tomorrows gold cup

 

[cm1179]

I appreciate that ISAs are useful if you are looking for tax free savings, but if you aren't worried about tax (as in, your income is too low) are there better places to put a lump sum in for saving? Or is it best to just keep putting the maximum into an ISA each year?

I'm terribly ignorant about savings, but need to fix that.

look into bonds your bank offers or see the stocks and shares thread.

bonds are a safer bet and only invest in stocks and shares after taking advice, understanding as best you can and realising what they're about - taking the rough with the smooth and often long term.

 

[cm1179]

I've put my S&S allowance into a Lloyds Corporate Bond, 7.58% and currently trading at .86

how long have you had to leave it in for?

 

[cm1179]

I haven't - its traded like an equity (i.e. on the open market), so you simply buy units (minimum purchase is 1000 units, plus you pay accrued interest). You can sell whenever. Reason its trading at .86 is because the coupon has only recently been reinstated.

i'm a novice at this kind of thing.

any chance you could give me and others a kind of 'idiots guide to...'?

 

[cm1179]

very interesting. thankyou, moses and jamief.