Where is everyone putting their £5,100 on April 1st?

MsDee

Hi everyone,

I've managed to save up my £5,100 ready for my Cash ISA for the new financial year.

I just wondered whether people are putting it in an ISA as a lump sum or whether they're going for a higher rate (not ISA) that after tax might give them a better rate.

Is anyone going for a decent reg savings accounts?

Thank you

Baldur

The new tax year begins on April 6th, not the 1st as per your title.

Wobblydeb

I've got a regular saver on the go at 5% AER.

Not opened it yet, but I'm considering the Newcastle Building Society Balance Builder ISA for 2010/11. It allows transfers in, and pays 3.4% as long as you make 9 monthly payments. I don't have the £5,100 upfront but got quite a bit from previous year's ISAs so maximising the amount on balanced transfer is key for me.

.... and then adding £425 / month suits my plans.

Jake'sGran

Mine will go in a fund, probably Blackrock Continental European or First State
Greater China. I've gone off cash ISAs.

2010

I can`t see how we can decide at the moment until the new tax year ISA deals start appearing.
I would guess a 3.5% fixed or guaranteed for a year would be reasonable.

fatbob10

based on previous years experience - unless there is a pretty decent rate being offered I might wait a few weeks/months until the New Isa rush has ended - otherwise your £5100 can be sitting in your current account for weeks earning you diddly squat as the banks try to process all the applications. Out of season ISA applications are so much less stress!!

DiggerUK

Ms.Dee,
If you have no easy access rainy day fund, then look for highest paying A/C.
Beyond a ready cash A/C I see little, or no, benefit for long term cash savings in an ISA.
The former benefits of Cash ISA's have been done away with by the simple tactic of p1ss poor interest rates that are now behind inflation. May as well put all cash savings in Premium Bonds and pray.

Long term cash should be in Index Linked with National Savings, or gold. Nothing else gets close to protecting what you save.
Best of fortune.

2010

fatb!!!0 wrote: »

based on previous years experience - unless there is a pretty decent rate being offered I might wait a few weeks/months until the New Isa rush has ended - otherwise your £5100 can be sitting in your current account for weeks earning you diddly squat as the banks try to process all the applications. Out of season ISA applications are so much less stress!!

Fatbob,I agree with you on this.
Not only that, you may not be getting the best rate immediately.
Quite often after the initial influx a new ISA account is brought out with a better rate.

Ifts

On the 6/4/10 I will pay (FP) in full 2010/2011 allowance into my Lloyd's FRISA that matures 8/4/10, then on the 9/4/10 the whole amount will transfer out to M&S ISA (3 year fix @ 4%).

welshmoneylover

I'm going to put mine into index linked saving certificates, I really don't like the look of interest rates right now.

sheslookinhot

Ifts wrote: »

On the 6/4/10 I will pay (FP) in full 2010/2011 allowance into my Lloyd's FRISA that matures 8/4/10, then on the 9/4/10 the whole amount will transfer out to M&S ISA (3 year fix @ 4%).

Intend to do exactly the same.