Should I switch account?

Deco

I recently invested my savings into a Barclays 6.1% ISA including a 1.5% end of year bonus.

I've realized 3 things since doing this:

• The bank of England base rate dropped the day after I invested.

This could mean barclays reduce my intrest and I'd be stuck with them as I'd be hoping for that 1.5% bonus to make my deal worthwhile.

• As I'm taking a fulltime degree for three years I can be certain in the fact I will not earn above £6500 hence I will not be taxed and do not need an ISA so may as well get a higher intrest rate than 6.1% with a regular saving account.
• I will spend all this money overtime and the rates may drop so I need the account to be completly clean, bonuses and penalties on withdrawing are definite downpoints.

Should I switch my account?
If so should I sacrifise some intrest (0.2% at most) in order to get a cashback deal?

Thanks for reading

thrupence

Deco wrote: »

I recently invested my savings into a Barclays 6.1% ISA including a 1.5% end of year bonus.

I've realized 3 things since doing this:

• The bank of England base rate dropped the day after I invested.

This could mean barclays reduce my intrest and I'd be stuck with them as I'd be hoping for that 1.5% bonus to make my deal worthwhile.

• As I'm taking a fulltime degree for three years I can be certain in the fact I will not earn above £6500 hence I will not be taxed and do not need an ISA so may as well get a higher intrest rate than 6.1% with a regular saving account.
• I will spend all this money overtime and the rates may drop so I need the account to be completly clean, bonuses and penalties on withdrawing are definite downpoints.

Should I switch my account?
If so should I sacrifise some intrest (0.2% at most) in order to get a cashback deal?

Thanks for reading

The first thing you should do is learn to spell properly.

I know it's not your fault. Your teachers were useless etc.The problem is that Polish grads are generally better at even English than British grads.

It's so very sad.

Are we not spending enuf in edukashion

When I was a student, money and economics were the last thing on my my mind.

We had nothing, but we ate, drank and loved well, oh so wonderfully well....

We were funded by the great workers of Britain, and to them we owe everything.

Thatcher destroyed them, and the wealth they produced.

Then we became dependent on bankers.

Who became the most ridiculous !!!!!!s.

And everyone became the same...

Deco

Thanks for my first reply.

I suspect every forum has someone like you who has nothing better to do than correct people's spellings rather than constructively contributing to the thread.

I come here asking for help and just get insulted.

GlasWolf

Don't drink and post, eh?

Savings rates will drop just as the ISA rates will, so you can probably write that one off to luck either way. Bear in mind that anything you do manage to keep in the ISA (including interest earned) will remain tax-free once you've started working. If you definitely won't have any money left by that time then you can just compare savings and ISAs on an equal footing, do the sums and see where you're best off.