Stop! Isa thieves campaign

bagsacash

Please can we knock this ludicrous thread on the head!!!!

If you don't like this thread don't repy if you like this thread keep on replying.:money:

glider3560

bagsacash wrote: »

ISAs were introduced on 6 April 1999, replacing the earlier Personal Equity Plans (PEPs) and Tax-Exempt Special Savings Accounts (TESSAs), which continued to exist only for money already invested in them and for interplan transfers. ISAs were explicitly designed to appeal to a broader range of the population than these earlier products, which were sometimes claimed to be exclusively for the benefit of the middle classes. Other channels for tax-privileged savings exist that also pre-date ISAs, notably the National Savings and Investments, which is a state owned bank offering a range of non-ISA tax free accounts (in addition to its own ISAs.)

http://en.wikipedia.org/wiki/Individual_Savings_Account

Note: "This article needs additional citations for verification."

HouseHuntr

Th OP is just an attention seeking TROLL !

bagsacash

Here's another article worth reading

Britain's consumer champion is demanding a probe into the tax-free nest eggs, which it says are ripping off millions of savers by keeping them in accounts with meagre interest rates. Consumer Focus will lodge a 'super-complaint' with the Office of Fair Trading, in a victory for this newspaper's long-running Money Mail campaign highlighting the unfair treatment from banks and building societies. Around 15m people have a cash Isa, which lets them save up to £3,600 a year into tax-free accounts.

Read more: http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=502085&in_page_id=7#ixzz0lBaxiQNm


Sleepy savers are being urged to vote with their cash to punish greedy banks and building societies which pay them rotten rates on individual savings accounts (Isas).

Following last month’s complaint about low-rate Isas by the watchdog Consumer Focus to the Office of Fair Trading (OFT), independent statisticians Defaqto have identified the worst offenders who pay just 0.1pc – and pointed out where savers could earn 50 times more tax-free and risk-free.
Named and shamed in the 0.1pc club are Alliance & Leicester Branch Isa; Barclays Cash Isa; Dunfermline Soccer Savings Cash Isa; Halifax Variable Rate Isa; Saffron Easy Access Isa; Santander Easy Isa; Virgin Money Virgin Isa and West Bromwich Easy Access Isa.

http://blogs.telegraph.co.uk/finance/ianmcowie/100004902/best-individual-savings-accounts-named-and-rip-off-isas-shamed/

glider3560

bagsacash wrote: »

Here's another article worth reading

Britain's consumer champion is demanding a probe into the tax-free nest eggs, which it says are ripping off millions of savers by keeping them in accounts with meagre interest rates. Consumer Focus will lodge a 'super-complaint' with the Office of Fair Trading, in a victory for this newspaper's long-running Money Mail campaign highlighting the unfair treatment from banks and building societies. Around 15m people have a cash Isa, which lets them save up to £3,600 a year into tax-free accounts.


Read more: http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=502085&in_page_id=7#ixzz0lBaxiQNm

That website is produced by the Daily Mail.

bagsacash

That website is produced by the Daily Mail.

And whats your point - you might not like the daily mail but that certainly does not mean I or anyone else should not like the daily mail

Theres a link to the telegraph up they are more to your taste.

http://blogs.telegraph.co.uk/finance...f-isas-shamed/


Or

A tax break created by Gordon Brown to encourage millions of people to save has degenerated into a £3 billion a year rip-off that enriches the banks, according to a damning verdict from the statutory consumer watchdog.
Consumer Focus has made a formal complaint to the Office of Fair Trading alleging that cash Isas pay derisory rates of interest and that banks use unfair obstacles to stop people from switching to better deals. The OFT has 90 days to respond.

“It beggars belief that in 21st century Britain it takes a month to transfer information and funds from one bank to another,” said Mike O’Connor, chief executive of Consumer Focus. “The average Isa saver is getting a poor deal.”

http://www.timesonline.co.uk/tol/money/savings/article7082138.ece

PC_Gabriel_Kent

Hungerdunger wrote: »

So the bank / Building Society write to you about three weeks before your fixed-rate matures. They tell you what options they have on offer, so that you can look around for a better rate if you want to; they also tell you where they will put your money if they don't hear from you by the maturity date.

Sounds pretty simple to me. Where are the "Crazy" rules and the "rings of fire"?

I really can't see your problem, apart from a dose of Dailymailitis. I'm sure you are able to manage other aspects of your life such as insuring your house and car; maintaining the condition of your house; and I'm pretty sure you'd expect others to do the same. Just what is your problem with taking responsibility for maximising your savings?

Very good point raised here. Some peoples expectations beggars belief as does their frothing at the mouth. Do we expect Tesco to ring you up when the price of beans is lowered? While it may be annoying the rate drops, as an adult it is also upto you to check what is happening with your own accounts.

blueberrypie

bagsacash wrote: »

Why not at the end of the account term have a computer automatically rename the account to the next best paying isa.

Define "next best paying ISA".

Is it the one that has the highest rate? That's likely to be a long-term fixed rate. So the bank puts the funds into that, and six months later, when the customer tries to access the funds, the bank says, "Oh, you can do that, but early withdrawals from this account incur a penalty of six months' interest."

And then the customer posts here complaining that the bank put his money into an unsuitable account.

Or the bank puts the funds into an instant-access ISA. And a year later, when the annual interest is applied, the customer posts here complaining that he could have made more interest on the 3-year or 5-year fix.

The bank does not know your plans, or even your current financial situation (you could have funds or debts elsewhere, you could own property, you could be about to inherit millions), and is therefore not in a position to make financial decisions on your behalf.

lvader

There are 2 things that I find ridiculous, the need to transfer ISA's every year and the need to create a different account for new funds.

cloud_dog

I'm still not sure if bagsofbluster is irritated by he time to transfer or the fact that if you dont provide the institution with instructions they put your ISA in to the easy/instant access ISA :undecided

Perhaps if people are so incompetent at managing their finances they shouldn't put their money in to a fixed term account.

And, what about ordinary fixed rate accounts are they excluded from your wrath?

Bagsofcash, are your dailywail freind going to start a similar campaign on behalf of all those mistreated fixed rate mortgage accounts???

Ooooh, I know what about all those sneaky insurance companies that automatically renew your house buildings, house content, car, (yada, yada) and don't search to see if there is a better or cheaper product out there.

And..... What about those nasty energy companies who keep introducing new tariffs and dont automatically check to see if you are on the best for you.

And..... credit card companies (getting tired now; you get my drift).

And.... why isn't there a law forcing everyone to use saynoto0870 so as to ensure they use the cheapest telephone number to contact businesses. In fact I think saynoto0870 should be prosecuted for not ringing everyone up in the country to ask them if they are using the cheapest telephone number to contact a business.

Just thought of another one (got a second busrt of energy).... Similalry petrolprices.com should be held to account by the highest authority for not ensuring everyone uses their site to find the cheapest fuel in their area.

God damn them they should be hung, drawn, and quartered. I shouldn't have to wear my fingertips to the bone doing all this research somone should do all of this for me.

ITS ALL THEIR FAULT :rotfl: