Fixed Rate ISA.
Welshgirl77
Posts: 10 Forumite
Hello
I have had an ISA account for a number of years. The other day I popped into the bank and was told my ISA was on a very low interest rate, thus should update it, which I did online. I had the option of the Fixed rate ISA for 2 years or another one which I can't remember but had lower interest rate. I did opt for the Fixed rate ISA, but am now wondering if should have gone for other ISA. I read that if I withdraw money I could lose more than what I put in. How likely is this? I have planned to save £200 into this account. TIA
I have had an ISA account for a number of years. The other day I popped into the bank and was told my ISA was on a very low interest rate, thus should update it, which I did online. I had the option of the Fixed rate ISA for 2 years or another one which I can't remember but had lower interest rate. I did opt for the Fixed rate ISA, but am now wondering if should have gone for other ISA. I read that if I withdraw money I could lose more than what I put in. How likely is this? I have planned to save £200 into this account. TIA
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Comments
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Which ISA with which bank?0
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Welshgirl77 wrote: »I read that if I withdraw money I could lose more than what I put in. How likely is this?0
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Welshgirl77 wrote: »I have planned to save £200 into this account. TIA
I think you might need to review the accounts you're using. If you are using a cash ISA to put £200 in then I think you are using the wrong account. Tax status is irrelevant for such sums and you will be far better off using a current account, regular saver or even a bog standard savings account. With a current account or regular saver you'll get up to 5% interest which is likely to be 10 or 20x more interest than your cash ISA.
How much is in your ISA overall?Remember the saying: if it looks too good to be true it almost certainly is.0 -
Lloyds Bank0
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Sorry that was meant to say £200 a month0
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Welshgirl77 wrote: »Sorry that was meant to say £200 a month
If it's a fixed rate ISA then it may not be suitable anyway as many do not allow deposits after an initial period.
Even for £2400 per year a cash ISA is pointless when you can get 5% on that amount outside an ISA.Remember the saying: if it looks too good to be true it almost certainly is.0
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