What would you do?

itsnothing

Hi,

The halifax have a websaver reward where if you pay in £50 or more you get 5.00% AER fixed for a year and what with everything going on do you think its worth it? I have a isa direct which is only paying 4.50% and Im sure that is now going to go down.

What would you do?

Baldur

itsnothing wrote: »

The halifax have a websaver reward where if you pay in £50 or more you get 5.00% AER fixed for a year and what with everything going on do you think its worth it? I have a isa direct which is only paying 4.50% and Im sure that is now going to go down.

5% in a non-ISA account = 4% to a standard rate taxpayer or 3% to a higher rate taxpayer.

Why not transfer your ISA to one which offers a better rate?

itsnothing

Its nice to have everything in once place, but Im thinking different now maybe best to chase the rate!!! I mean everything is going to be coming down in the next few days do you think it is worth while to have one open?

evenasus

What a quandary and minefield savings options are just now.
A lot of people are in the same position.

I have an ISA which has a fair amount of money in, as I've input the total allowance each year since they started. This is now paying less interest than some of my fixed savings accounts after tax has been deducted. I would have moved the ISA but it was in a Members (variable rate) ISA bond which can't be moved till next March. More fool me for not moving it last March to a fixed rate ISA Bond.

evenasus

itsnothing wrote: »

Its nice to have everything in once place, but Im thinking different now maybe best to chase the rate!!! I mean everything is going to be coming down in the next few days do you think it is worth while to have one open?

Open one as quick as you can.

I, foolishly, thought it easier to have the bulk of your money in one place, that is until the Northern Rock fiasco.
Fancy keeping over K250 in one financial institution. :rolleyes:

Now, the problem is keeping track of the accounts.

itsnothing

Has anyone else opened up one of these saver rewards? Or anything similar else where?

Don't know if to do it or not or just leave it and see what the bank are doing to draw people in within the next 3 - 4 weeks as I do not want to fix it!