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  • FIRST POST
    • Maureen43
    • By Maureen43 17th Mar 17, 8:58 AM
    • 455Posts
    • 631Thanks
    Maureen43
    Move savings now or wait till new tax year?
    • #1
    • 17th Mar 17, 8:58 AM
    Move savings now or wait till new tax year? 17th Mar 17 at 8:58 AM
    Morning All

    I've got a small pot of £5k sitting in an account which has now reduced the rate to 0.5%.

    I need easy access so was thinking about the West Brom account at 1.05%.

    I'm worried though that if I move they will then drop their rate to something around the 0.5% rate in the new tax year!

    Would you move now or wait and see?

    Many thanks
    M.
Page 1
    • Eco Miser
    • By Eco Miser 17th Mar 17, 9:07 AM
    • 2,678 Posts
    • 2,489 Thanks
    Eco Miser
    • #2
    • 17th Mar 17, 9:07 AM
    • #2
    • 17th Mar 17, 9:07 AM
    If it's easy access, then you can move again when (if) the rate drops. In any case, why should the new financial year have an effect on interest rates?
    And are you already using the 5% and 3% accounts?
    Eco Miser
    Saving money for well over half a century
    • jimjames
    • By jimjames 17th Mar 17, 1:16 PM
    • 11,495 Posts
    • 9,710 Thanks
    jimjames
    • #3
    • 17th Mar 17, 1:16 PM
    • #3
    • 17th Mar 17, 1:16 PM
    Would you move now or wait and see?

    Many thanks
    M.
    Originally posted by Maureen43
    Why would you wait? Move the money as soon as you can to a better paying account
    Remember the saying: if it looks too good to be true it almost certainly is.
    • george4064
    • By george4064 17th Mar 17, 1:42 PM
    • 683 Posts
    • 719 Thanks
    george4064
    • #4
    • 17th Mar 17, 1:42 PM
    • #4
    • 17th Mar 17, 1:42 PM
    Perhaps the OP is talking about fixed rated Cash ISAs..?
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2016 - #045 £10,358.81/£12,000 (86%)
    Save £12k in 2017 - #003 £1,859.19/£12,000 (15%)
    • jimjames
    • By jimjames 17th Mar 17, 1:58 PM
    • 11,495 Posts
    • 9,710 Thanks
    jimjames
    • #5
    • 17th Mar 17, 1:58 PM
    • #5
    • 17th Mar 17, 1:58 PM
    Perhaps the OP is talking about fixed rated Cash ISAs..?
    Originally posted by george4064
    Not sre that would be suitable for them based on this comment
    I need easy access so was thinking about the West Brom account at 1.05%.
    M.
    Originally posted by Maureen43
    Nothing is more easy access than a current account and pays vastly more interest.
    Remember the saying: if it looks too good to be true it almost certainly is.
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